Dogecoin has no doubt taken great privilege of Tesla founder and a billionaire too; ‘ Elon Musk’ in having its price increased gradually in Cryptocurrency exchange market, immediately after his tweets. A threat is now been generated for the last few months on rapid increase in doubtful domain registrations concerning Cryptocurrency coins.
Dogecoin was outcome of joke but it made its recognition in a short span due to Elon Musk. People started investing in Dogecoins rapidly as it was backed by a strong investor and value of such a coin was also at a noticeable hike. Many people were interested in calling Dogecoin as memecoin and their attraction towards it were making them prone to various scams concerning Cryptocurrency with this coin mainly, apart from any other coin.
Although Ethereum was also under suspicion to be listed fraudulently according to report submitted by Brandshield that some online threat was searching the company, Dogecoin was to be the next in the row. Doubtful Domain registrations in concern with Cryptocurrency exchanges was a threat for prospective coin holders.
CyberThreat For Investors
Investors are the target for cybercriminals as they are in search of ample money and potential investors holding valuable wallet for cryptocurrency trading. They try to target retail investors with a wide range of fake schemes. Amongst various companies, Brandshield’s CEO has also reported the fraudulent threat to investors trading in cryptocurrency or any currency for that matter online.
As discussed earlier, due to the impact of Elon Musk tweets; Dogecoin has achieved significant progress in terms of its price hike. It has further increased the risk since last few months of ‘Doubtful Domain Registrations’.
The scammers of crypto are involved in copying the behaviour of top shot investor Elon Musk and so fraud is being faced by unsuspected customers. Even Elon Musk was running around 205 fake Facebook accounts, resembling his behaviour aspects and by using his name was defrauding prospective investors. Not only this, he was involved in faking his ID on LinkedIn, Instagram, many other social platforms as per to BrandShield.
Therefore, it’s high time that individual investors influenced by Elon Musk tweets should get themselves aware of the scams before investing in Dogecoin.
Since August 2020, crypto scams being faced by CoinBase by 1728% and Binance by 616% basically in doubtful domain registrations. So, scammers are popularly in hunt of crypto trading platforms for scamming.
To help save investors from such scams, various social media companies have been responsible to show such frauds on their platform. Various brands and cryptocurrencies are having self regulations on protecting their followers and to vanish fraud done by cybercriminals.
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