Crypto Scammers Target Metalheads 🤖

Good Morning Switchers 🤗

👋Welcome to Switch Daily.

We’ve got a question for you. Do you love the metaverse? Do you believe that it is the future of digital transformation? If your answer is heck yes, hit us up with a ✋. Coz guess who else chose to jump on the team metaverse—Asia’s Rich Billionaire, Chairman and MD of Reliance Industries—Mukesh Ambani.

In his recent speech at the infinity forum, Ambani endorsed blockchain technology and DeFi. He said that the metaverse could unlock a new decade of “tremendous value creation.” Not sure about you, but we’re going to count the business tycoon’s endorsement as a win for Web3 in India. 🏆

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Here’s what we’ve got for you:

• Market pulse

• How to avoid a crypto giveaway scam

• Hot and spicy news

• Meme Mania

Market pulse 📈

The market is gloomy like a rainy day ☔

Erasing most of Monday’s gains, the crypto market is starting Tuesday with a 1.29% dip. BTC and ETH registered day-on-day corrections of 1.38% and 2.17%, respectively.

Notable gainers include DeFi project Numeraire (NMR), with 48% gains, and gaming project Axie Infinity (AXS) with a 19.47% upmove. The sentiment tracking Fear and Greed Index is at 25, down by 1 point since yesterday.

Scammers target metalheads 🤖

Good news: If you are a heavy metal fan, Metallica—one of the most well known heavy metal band is releasing its new album called 72 Seasons on April 14 next year. 🥳

That’s all. Were you expecting a Metallica NFT drop? Aww, sorry, let’s see; maybe they will drop one next time.

Now the bad news: Metallica made the new album launch announcement last week, and ever since, crypto scammers have begun targeting metalheads (apparently, that’s what heavy metal fans are called) with fake ‘Metallica crypto giveaways’ on Social Media platforms like Youtube, Telegram, Twitter, etc.

These fake giveaways made so much noise that Metallica noticed it and had to put out a word of caution to its fans.

Also, you may know this already, but this is not the first time scammers have targeted innocent folks who are invested in a big event.

For example, when FTX crashed, several deepfake videos were making rounds on Social Media. These videos posed as Sam Bankman Fried offering FTX users compensation for their loss. Scammers even used the Queen of England’s death to lure people into crypto scams.

What is a crypto giveaway scam?

A crypto giveaway scam is a fraudulent scheme in which a scammer poses as a legitimate person or entity on Social Media and offers free cryptocurrencies to their followers or subscribers.

Here’s how it works! The scammer typically asks you to send a small amount of cryptocurrency to a specified address to receive the larger giveaway. However, once the victim sends the funds, the scammer does not provide the promised giveaway and instead keeps the victim's funds for themselves.

How to spot a crypto giveaway scam and avoid it?

Here are some common tell-tale signs that help you identify if a message you received is a scam:

• Unrealistic promises or guarantees of high returns on investment.

• Requests for personal information or login credentials.

• Requests to send a small amount of cryptocurrency to a specified address to receive the larger giveaway.

• Unverified or suspicious accounts that offer the giveaway.

• Lack of transparency or information about the person or entity offering the giveaway.

When you come across any of these signs in a giveaway program, you may want to tread cautiously and DYOR on the organization conducting the giveaway. If you are unsure about the legitimacy of the giveaway, it is better to err on the side of caution and not participate.

What’s making the headlines? 🗞️

🎵Polygon, Warner Music and LGND plan to launch Web3 music platform

Select Warner Music Group artists will be able to launch digital collectibles on both the app and desktop platforms as a result of the partnership. Creators will also be able to interact with their fans through curated experiences and special content.

🔗Chainlink launches staking

Chainlink, a blockchain oracle network, has introduced staking to help increase the economic security of the platform's oracle services.

🦧Apecoin staking is a hit

Staking rewards for APE are on the way, and the price is rising as token and NFT holders prepare to begin earning. Apecoin was up by 6% in the past 24 hours.

Meme of the day!

Thank You,

See you tomorrow, folks. 👋

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