👾 Stay Away from these 5 Cunning Tricks

And Gala gains 140% in 7 days

Author

Nisha Ramesh
January 11, 2023

Good Morning, Switchers 🌞

👋Welcome to Switch Daily.

Gamers in the house, c’mon, make some noise. Coz, GALA, the native token of a decentralized blockchain gaming ecosystem, is ripping off the charts with incredible gains. 🎉

Over the last week, the price of GALA gaming tokens has more than doubled. It is up 18.6% on the day and was briefly up 232% from its low of $0.0154 on December 30.

But, a deeper look into the coin’s tokenomics reveals that Gala’s aggressive token distribution could make this pump a temporary one. So, DYOR!

BTW, if you like reading this newsletter, give us a shout-out on Twitter and get your friends to subscribe. It will mean a great deal to us!

Here’s what we’ve got for you today:

  • Market pulse

  • 5 tricks scammers used in 2022

  • Steaming news

  • Meme of the day

Market pulse 📈

The market is climbing the ladder 🪜

The crypto market continued the bullish momentum in Tuesday’s session, with Nasdaq uptick and Fed’s stance on rate hike supporting the market.

The total market cap is above the $850 billion mark. BTC is trading above one of its key resistance levels at $17,400. For ETH, a break above the $1,340 level will be positive. The Fear & Greed Index looks steady, fueling hopes of BTC going past the $18K level.

5 tricks scammers used in 2022

Has a Nigerian prince ever approached you for money because he is trapped?

Have you ever received a random message on Twitter saying, ‘Congratulations, you won 100BTC, enter XXX details and claim it’?

Has someone sent you a link and said, ‘Click to mint free NFT’?

Well, then there is a good chance that someone has tried to scam you. If you did not, boss are you in the crypto world even! 🥲

Anyway, the point is not about getting such scam requests, but about staying away from them. But, how do we spot a scam? Slowmist, a blockchain security company did a detailed investigation on Blockchain security and published a report with the five major tricks that scammers have used to drain funds from investors in 2022.

Here’s the five common tricks scammers used in 2022:

👾 Browser Bookmarks

Malicious browser bookmarks are a type of attack that can be used to gain unauthorized access to a your device or personal information. The attacker typically tricks you into clicking on a malicious link that appears to be a legitimate bookmark to gain access to your discord or Twitter account.

👾“Zero Dollar Purchase” NFT Phishing

These type of scams are the most common in the NFT market. Usually, the attacker does a phony sales call and tricks you into signing up for an NFT sales contract. Once you do that, they have the control to buy your NFT at any price they want (mostly at $0).

👾 Trojan Horse Currency Theft

In this type of phishing attack, you may receive a message that convinces you to download a small file that comes attached in the message. Once you download the file, the attacker can gain access to all your crypto wallet key addresses and other personal information.

👾 “Blank Check” eth_sign Phishing

When you land on a website that promises you some sort of an exclusive invite on signing into your Metamask wallet, you are probably being eth_sign scammed. Once you sign in, the attackers can access your private keys and sign any transaction they want.

👾 TransferFrom Zero Transfer Scam

In this type of scam, the attackers ‘airdrop’ small amounts of crypto like 0.001 USDT to victims with addresses ending in similar numbers. The idea is to trick you into copying the wrong address in your transfer history. If you are not careful while copying, there are chances that you may lose all your assets.

So, the next time you get a free airdrop out of nowhere or a downloadable file in your messages, you know where it maybe from.

To keep away from being scammed, here are two simple things you can do:

  1. Stay Trustless - Basically, stay skeptical and wary of anything related to your money.

  2. Verify and Validate - Make sure to do your due diligence before taking any action.

Also, this is only a gist of the entire report that covers blockchain attacks, rug pulls, phishing scams etc. We recommend you to check out the entire report by Slowmist for deeper understanding.

Wokay, just avoid scams and stay SAFU! ✌️

Note: None of this is financial advice, and we’re not financial advisors. We’re merely your fellow investors who share information on the go. 

What’s brewing? ☕

BONK, Solana's memecoin now dropped 69% since peaking at $0.00000487 on January 5, less than a week ago. However, the token's price is up 86% in the last week, with those opposing double-digit figures indicating how volatile the market has been.

Beacon, a Web3 accelerator backed by Polygon founder Sandeep Nailwal, has completed its first cohort with 13 graduating companies and provided a platform for project founders to demo their blockchain-based startups.

e-Money, a stablecoin project in the Cosmos ecosystem, will stop issuing its EURR euro stablecoin on March 6. The team cited a lack of real world applications for the stablecoin as a reason for this decision.

Meme of the day!

Thank You,

See you later, folks. 👋

How did you like our content today?

Login or Subscribe to participate in polls.

Loving Switch Daily? Make sure to share it with your friends and spread the love 💙