Trader almost trapped on CoinDesk’s fairy site

Crypt-currency fraud is a common thing, and in 2019 alone it caused investors $ 4 billion in losses. Leon Fu of TaiFu Indexes almost lost a significant amount due to fraudulent three fake sites. Fortunately, he was saved by additional security measures.

On 19 November, Fu published a tweet describing how he accessed CoinDesk’s fake site without noticing the change in the „e“ in the domain name.

This fraudulent URL is almost identical to the real URL used by Bitcoin Method.

The fake site contained the bait co link by clicking on which the user was caught in the imitation of the Cardano Foundation website, although the word „fund“ was misspelled and the domain „.io“ was replaced by „.org“.

Ha this website offered users the AdaLite stacking.

„The only thing that saved me from losing all my ADAs was that I always perform a test transaction on the first transaction.

Fortunately, Fu’s error was limited to the loss of several hundred dollars. Although he did not notice any fraudulent domains or misprints, the security measures taken protected him from serious losses.

Cryptographic fraud is so prevalent that in 2018 the SEC launched its own fake ICO, taking people to a page with tips on how to avoid fraud.

Thanks to the information provided, investors need to be particularly careful when clicking on links that involve entering financial data and making transactions. In addition, URL checking will help prevent losses.

Using a hardware wallet is also a good way to work with larger amounts. Finally, as Fu suggests, it is useful to make test transactions before transferring the entire amount – another good way to avoid fraud.

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