This heading rings truer in the socials of a project involved in cryptocurrency and this warning comes from the developers and admins in the socials of chats like Telegram and should be taken very seriously and with good reason.

 

With all the elaborate scams being committed in the world of crypto investing we need to take as much precaution to prevent inviting the scammers into your circle of trust and one step to stop this is to never respond to a developer if they have reached out to you without announcing it in the main chat first. Now, why is a developer reaching out to you necessarily a bad thing, in most cases, it’s not but when the developer is a scammer posing as a developer it opens you up to all sorts of financial threats. I have personally seen this act take place where a simple plight for help in the main chat of a telegram group resulted in an admin member reaching out to offer some assistance, now in most normal situations you would welcome the help but when they are not a team member and their sole purpose in life is to steal your money, you can only imagine the result if you do not keep your wits about you.

 

A well-planned scammer will always start by letting you know who they are, “this is the active admin” “how may I help you”, now you will be feeling a sense of relief that someone is willing to help you out in your time of need but it is at this point you really should be asking why have they contacted me personally and not tried to help in the main chat. If you do make the rash decision to take up a conversation with the so-called admin you need to start to watch out for key signs that they are trying to steal from you and the first is if they start to talk to you about your wallet and its validation. There should be absolutely no need for any validation of any sort if you are using Pancake Swap or Uniswap for example, these Dex do not need anything more than your wallet to be connected and this is something you can take care of and it clearly shows if you are connected or not. If you are using a Cex then if you are in your private wallet and are connected once again no need for any so-called validation.

 

Then we move on to the most important rule that everyone should know “you never give out your seed phrase”, now if you are not familiar with what a seed phrase is then I suggest you take some time to do some research to find out how crucial it is to your investments and being able to keep them safe. The seed phrase should never be brought up in any conversation with anyone there is just no need for that to be mentioned at all unless you have ulterior motives, and unfortunately for my friend and his lack of knowledge and language breakdown he was convinced rather quite easy to hand over his seed phrase in the hope that his new knight in shining armour would help fix a simple problem. But there was to be no help, only for him to become a victim of a scam, within seconds of this person receiving the seed phrase his entire wallet was drained of all his tokens leaving him a balance of zero. He lost around $20k in the space of a few minutes and this just highlights how quick these fraudulent people are once they have the keys to access your vital information, now I know there will be people reading this and thinking how stupid that guy was to hand over his seed phrase, but in the heat of the moment and a lack of knowledge, this person was not thinking straight and just wanted to resolve a problem that in the end turned out to be nothing more than the network lagging. It’s also safe to say that FOMO (Fear Of Missing Out) had also settled in as the market was shifting quite quickly, so he needed to move quickly to maximise his results, but in the end, this is what can cause you to lose focus when in fact this is the time to be more aware and alert while we are amongst these scammers that are always looking for their next victim.

 

Not that the whole experience was bad enough to lose all his money in the blink of an eye, he was told by the scammer that the problem would be fixed so he then thanked the scammer for his help to only receive a thumbs-up emoji, after he had discovered all his tokens were gone, he reached out for an explanation to only receive silence. We all work hard to build our portfolios and to have them ripped from underneath our noses cuts even more deeply, even more so than if you had made a bad trade or the market dives. It’s an elaborate scam that is quite effective to the untrained eye made even more difficult to spot when they use the same logos and names as the legitimate team, so my advice would be to ask your questions in the main chat and wait for a response from someone in the main chat, do not wait for someone from the team to reach out to you for “I WILL NOT DM FIRST”.

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