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Cryptocurrency risk: Guide to understanding the “carpet” and how to protect yourself
Cryptocurrencies have been a huge popularity in recent years and attract millions of investors worldwide. While offering the promise of decentralized financial systems and increased transparency, this revolution has a darker side – the risk of pulling the carpet.
In this article, we dive into what the carpet pulls, how it works, and most importantly: how to avoid the victims of these fraud.
What is the pulling of the carpet?
The carpet pulling, also known as the Ponzi system or cryptocurrency scam, is an online investment fraud where the promoter claims to offer an unusually high yield of profitable financial opportunities. The fraudster promises guaranteed profits to investors, often with false reports and misleading marketing materials.
The term “carpet” comes from the term “kicked up”, used by early cryptographers to describe the method of encryption of text with a series of HASH functions. In this context, carpet pulling is a cryptographic attack that takes advantage of the vulnerability of software or systems.
How does the carpet work?
Carpet pullers usually follow this structure:
- Promotion Hype : The cheater creates a buzz around an investment option, often using social media and online ads.
- False reports : The fraudster claims to have collected reports from “successful” investors who have made significant profits.
- Unusually high yield : The fraudster promises unusually high yields to investors, often little or no at all.
- Lack of transparency : The fraudster refuses to provide clear information about investment or underlying technology.
Warning signs
To avoid the victims of the carpets:
- Take care of unusually high yields promising investments.
- Check that the promoter is transparent about their investment and its technology.
- Find false reports from “successful” investors who can be encouraged by promoting investment.
- Thoroughly investigate investments, including reading reviews, checking ratings and seeking consultancy for financial experts.
to protect yourself
To stay before pulling the carpet:
- Be informed : Stay up to date with the latest cryptocurrency news and trends.
- Diversify your portfolio : To minimize risk, distribute your investments to different asset classes.
- Be careful from unsolicited offers : Take care of investment opportunities that occur through social media or online advertising.
- Seek advice from experts : Consult financial consultants such as registered investment consultants (RIAS) or Certified Financial Designers (CFP) who can provide guidance to invest in cryptocurrencies.
In summary, carpet attractions pose a significant risk in the cryptocurrency region. By understanding what the carpet is pulling and careful about unsolicited investment offers, you can protect yourself from being a victim of these fraud. Always do research, stay informed and diversify your portfolio to minimize risk.
