For some, the key feature of cryptocurrency is that it is largely untouched by world governments. That state of being comes with certain inherent risks, and recent creative crypto scams illustrate some specific things that investors need to be prepared for. A scam that played on the popularity of the Squid Game franchise demonstrates how the psychological effects of “fear of missing out” (FOMO) can override the thinking of even informed and careful investors, and one that targeted Google Ads provides a warning that threat actors will adapt their old tried-and-true tactics to attack this lucrative market.
Each decade appears to have its own influential series that involves people hunting each other in some sort of dystopian game run by an authoritarian government. The popular Netflix series Squid Game stepped forward to fill that niche for the 20s.
The runaway popularity of the South Korean series has created at least one real world threat; a crypto scam that leveraged its brand name to sucker in over $3 million in investments that were summarily stolen. The scheme was a classic pump-and-dump, using internet hype to quickly raise the price while making it very difficult for those who had bought in to sell their stake.
Of course, this had nothing to do with the actual Squid Game brand; intellectual property theft and abuse is just another possibility that is wide open in an unregulated market. The parties behind the crypto scam remain unknown, but were able to tap into...
Read Full Story: https://www.cpomagazine.com/cyber-security/squid-game-and-google-ads-crypto-scams-illustrate-the-risks-of-an-unregulated-marketplace/
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