Ever seen those flashy NFT ads while scrolling through your social media feed? Well, news flash! Most likely, some of them were total scams.
In the last year, over $110 million got swiped in NFT scams, and who knows how much more is at risk. Let's chat about the usual NFT scam tricks and how to dodge them to stay safe in the NFT jungle.
⚠️Rug Pull (and it's the right answer for yesterday's story😉)
Artificial hype is created around an NFT collection. Then the creators take all the money from the project and forget about it.
How to avoid it
On-chain analysis will help, but a good information field with quality insights is also very important.
⚠️Phishing
Scammers spread malicious links that resemble official applications to gain access to your account.
Influencer Kevin Rose fell for phishing last year and lost $1.1 million in NFTs. It happens to the best of us.
How to avoid it
Use different wallets: one for activities and one for savings.
⚠️Wash Trading
The rise or fall in the price of an NFT collection is artificially created to increase volume.
How to avoid it
Here, only on-chain analysis will help. Also, use services like Dune and UnleashNFT for additional research.
⚠️Copies
Many scammers create fake collections and try to sell them as genuine NFTs.
How to avoid it
Almost every NFT marketplace marks NFTs from the original collection with a star, but just in case, you can check the token contract.
📌Enjoy reading about scams? Check out this post and find out how scammers hook newbies with phony seed phrases.
Have you ever come across NFT scams?
🔥 – Unfortunately, I have
👍 – Never! Lucky me:)
In the last year, over $110 million got swiped in NFT scams, and who knows how much more is at risk. Let's chat about the usual NFT scam tricks and how to dodge them to stay safe in the NFT jungle.
⚠️Rug Pull (and it's the right answer for yesterday's story😉)
Artificial hype is created around an NFT collection. Then the creators take all the money from the project and forget about it.
How to avoid it
On-chain analysis will help, but a good information field with quality insights is also very important.
⚠️Phishing
Scammers spread malicious links that resemble official applications to gain access to your account.
Influencer Kevin Rose fell for phishing last year and lost $1.1 million in NFTs. It happens to the best of us.
How to avoid it
Use different wallets: one for activities and one for savings.
⚠️Wash Trading
The rise or fall in the price of an NFT collection is artificially created to increase volume.
How to avoid it
Here, only on-chain analysis will help. Also, use services like Dune and UnleashNFT for additional research.
⚠️Copies
Many scammers create fake collections and try to sell them as genuine NFTs.
How to avoid it
Almost every NFT marketplace marks NFTs from the original collection with a star, but just in case, you can check the token contract.
📌Enjoy reading about scams? Check out this post and find out how scammers hook newbies with phony seed phrases.
Have you ever come across NFT scams?
🔥 – Unfortunately, I have
👍 – Never! Lucky me:)
👍591❤191🔥69🕊39🤔36
We’ve been waiting so long for this to happen and finally, this day has come. We are super thrilled to announce that Cryptomania is now available for iOS!🎉
IPhone users, rejoice as lots of new awesome features are waiting for you in the fresh version of Cryptomania!
What’s new?
👑 Invest Empire. Strategically invest your play money in diverse properties across 6 continents. The key to success: upgrading your property! Invest, upgrade, and boost your rental profits!
💰All crypto pairs available. In this update, you can trade with any trading pairs you want. No exclusives, just open trading for everyone.
🪙 New in-app currency: coins. Use them to upgrade and repair your properties, buy cool items, refresh your daily challenges and snag fantastic goodies without touching your hard-earned trading capital.
🛍 Revamped In-app shop. Enjoy more products, exciting special offers, and various payment options. Ready for a shopping spree?
⭐️ New rating system. It's not just about the size of your wallet anymore; your rating points matter too! Conquer challenges, tackle daily tasks, expand your empire, and climb the leaderboard like a champ.
🥇Trading certificates. Win tournaments and earn real trading certificates! Print them out, hang them on your wall, and flex your trading skills with pride.
🫶 Also, don't miss out on this awesome opportunity to get your referral bonus! Share your referral link with your iPhone-using friends and enjoy rewards!
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We've shared a lot of useful information about crypto over the past few months and you sure have learnt a lot. It’s time to flex those brain muscles and see how much you've learned!💪
Each question is a straight shot — just one right answer.
Share this quiz with your pals to see who's the biggest crypto nerd among you!🤓
Grab your thinking cap, and let's roll! ⬇️
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What does the term 'DeFi' mean?
Anonymous Quiz
52%
Distribution of data across multiple devices
26%
The process of dividing cryptocurrency into smaller units
22%
Banking without banks on the blockchain
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Stop Loss and Take Profit are
Anonymous Quiz
59%
Risk management strategies: Stop Loss limits potential losses and Take Profit secures profits
25%
Two types of cryptocurrencies used for speculative trading
16%
Names of algorithms used in automated trading
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Just another day of a busy landlord😅
⚡️Update Cryptomania on your device and start building your own Invest Empire!
➡️ iOS
➡️ Android
Have you already tried buying property in Cryptomania?
🔥 — Yes, of course!
👍 — Not yet, but planning to start soon!
⚡️Update Cryptomania on your device and start building your own Invest Empire!
➡️ iOS
➡️ Android
Have you already tried buying property in Cryptomania?
🔥 — Yes, of course!
👍 — Not yet, but planning to start soon!
👍850❤285🔥203
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Stop Loss & Take Profit are the simplest yet most crucial and helpful tools in any trader's toolbox.
⛔️ What exactly are they?
Think of Stop Loss and Take Profit as safety nets for your trades: they activate automatically when your loss/profit reach set levels.
• Stop Loss (SL) order comes into play to prevent further losses when the market dips below a certain point.
• Take Profit (TP) order secures your gains when the market peaks.
📝Best risk management advices
There are no hard-and-fast rules for the level at which stops should be placed. It depends on your investing style.
For most traders, setting Stop Loss levels typically hovers around 10% of their trade, while Take Profit tends to sit closer to 20%.
📈 Putting it into practice
Cryptomania uses a simplified version of TP/SL orders: you just need to set the amount you plan to earn and the amount you are ready to lose.
Let's say you're trading ETH and you've entered the market at $100. To secure profits, you might set Take Profit at $20 (20% of $100=$20) so your position will close automatically once that target is hit.
To minimize potential losses, you might want to set a Stop Loss at $10 (10% of $100=$10). So when ETH's price suddenly drops, your position will close automatically, safeguarding you from further loss.
🎓 Now, let's check how well you've absorbed the new knowledge! Apply your newly gained wisdom in the poll below⬇️
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You’re placing an order for $500 in Cryptomania. What would your Stop Loss be?
Anonymous Quiz
43%
$50
46%
$600
11%
$20
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Chinese New Year predictions are already here!
1️⃣ – You’ll become the best trader in Cryptomania!
2️⃣ – Unmatched success in Invest Empire is waiting for you this year!
3️⃣ – Your capital is destined to grow by 5 times!
Tap your number below to make predictions real! 🤩
1️⃣ – You’ll become the best trader in Cryptomania!
2️⃣ – Unmatched success in Invest Empire is waiting for you this year!
3️⃣ – Your capital is destined to grow by 5 times!
Tap your number below to make predictions real! 🤩
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What is FUD and how to deal with it
😱 FUD stands for "Fear, Uncertainty, and Doubt”.
It can be seen as the opposite of FOMO — the Fear Of Missing Out. This concept is very common in the cryptocurrency community. When someone mentions FUD, they're typically calling out other investors for their perceived unwarranted negativity.
🌪 FUD is like a storm cloud looming over the market, often fueled by negative rumors or fabricated news. Imagine someone spreading gossip about a company's stock, hoping to drive its price down so they can profit. That's FUD in action.
Take the case with the Huobi exchange, for instance. Analyst Adam Cochran discovered that the exchange had only $63 million in assets against $630 million in liabilities. The whereabouts of the remaining $567 million were unclear. Panic ensued and people started withdrawing their funds, fearing the worst.
How do you handle FUD?
1️⃣ DYOR. Don't just follow the crowd. Take the time to research and verify information from reliable sources. Be smarter! Knowledge is your best defense against fear-induced decisions.
2️⃣ Listen to alternative opinions. Engage in crypto chats and listen to what other enthusiasts and skilled crypto traders have to say. The key is to fact-check and not give in to panic.
3️⃣ Diversify your portfolio. We can’t stress it enough: don't put all your eggs in one basket. This way, if fear and uncertainty strike, you won't risk losing all your capital.
❌ There's no magic button to instantly stop the panic that FUD can induce. The most important thing in dealing with FUD is avoiding rash decisions fueled by fear. Because that’s exactly what this tactic is aimed at.
Keep a cool head and stay calm like a rock. Don’t let those sneaky FUD moves blur your vision.
Are you influenced by FUD?
🔥 — No, I approach crypto with a cool head
👍 — Yes, it's my main trigger
😱 FUD stands for "Fear, Uncertainty, and Doubt”.
It can be seen as the opposite of FOMO — the Fear Of Missing Out. This concept is very common in the cryptocurrency community. When someone mentions FUD, they're typically calling out other investors for their perceived unwarranted negativity.
🌪 FUD is like a storm cloud looming over the market, often fueled by negative rumors or fabricated news. Imagine someone spreading gossip about a company's stock, hoping to drive its price down so they can profit. That's FUD in action.
Take the case with the Huobi exchange, for instance. Analyst Adam Cochran discovered that the exchange had only $63 million in assets against $630 million in liabilities. The whereabouts of the remaining $567 million were unclear. Panic ensued and people started withdrawing their funds, fearing the worst.
How do you handle FUD?
❌ There's no magic button to instantly stop the panic that FUD can induce. The most important thing in dealing with FUD is avoiding rash decisions fueled by fear. Because that’s exactly what this tactic is aimed at.
Keep a cool head and stay calm like a rock. Don’t let those sneaky FUD moves blur your vision.
Are you influenced by FUD?
🔥 — No, I approach crypto with a cool head
👍 — Yes, it's my main trigger
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👋 Welcome to the official Cryptomania app channel!
We’ll teach you crypto trading without making you bored. Expect memes, quizzes, events, exclusive rewards, and more. Don’t miss out — join the gang!
▼USE HASHTAGS TO NAVIGATE THE CHANNEL!▼
#Cryptomania_learn — simple lessons for your trading brain
#Cryptomania_lingo — crypto terms explained in simple words
#Cryptomania_poll — vote, guess, and share your opinion
#Cryptomania_news — updates & new features
#Cryptomania_meme — all jokes and lols
#Cryptomania_digest — important crypto events covered weekly
#Cryptomania_quiz — fast challenges to test your knowledge
#Cryptomania_funfact — weird, fun & surprising crypto facts
🤝 Jump in, level up, and have fun. You’re one of us now!
We’ll teach you crypto trading without making you bored. Expect memes, quizzes, events, exclusive rewards, and more. Don’t miss out — join the gang!
▼USE HASHTAGS TO NAVIGATE THE CHANNEL!▼
#Cryptomania_learn — simple lessons for your trading brain
#Cryptomania_lingo — crypto terms explained in simple words
#Cryptomania_poll — vote, guess, and share your opinion
#Cryptomania_news — updates & new features
#Cryptomania_meme — all jokes and lols
#Cryptomania_digest — important crypto events covered weekly
#Cryptomania_quiz — fast challenges to test your knowledge
#Cryptomania_funfact — weird, fun & surprising crypto facts
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$4,4m lost in a few clicks 😱
A trader, let's call him Bob, had a digital fortune of $4.4 million. Bob decides to secure it in his cold wallet, a task as familiar to him as his favorite song.
💨 Although Bob had his wallet address memorized perfectly, he felt too lazy to enter it manually. So he opts for a quick copy-paste from his transaction history. Confident in his action, he scans through previous transactions until eyes lock onto the last 4 digits of the familiar address. CTRL+C, CTRL+V. He sends the wealth off and waits.
As minutes pass with no transaction confirmation, Bob's anxiety grows. A quick check on Etherscan confirms his worst fear: he’s sent his money to an address that wasn't his.
In an instant, $4.4 million slipped through his fingers just like that. How could that happen??
What happened to his money? Share your theories!
❤️ — An accident: he just got the addresses mixed up
🔥 — Not an accident: he fell victim to some sort of scam
A trader, let's call him Bob, had a digital fortune of $4.4 million. Bob decides to secure it in his cold wallet, a task as familiar to him as his favorite song.
💨 Although Bob had his wallet address memorized perfectly, he felt too lazy to enter it manually. So he opts for a quick copy-paste from his transaction history. Confident in his action, he scans through previous transactions until eyes lock onto the last 4 digits of the familiar address. CTRL+C, CTRL+V. He sends the wealth off and waits.
As minutes pass with no transaction confirmation, Bob's anxiety grows. A quick check on Etherscan confirms his worst fear: he’s sent his money to an address that wasn't his.
In an instant, $4.4 million slipped through his fingers just like that. How could that happen??
What happened to his money? Share your theories!
❤️ — An accident: he just got the addresses mixed up
🔥 — Not an accident: he fell victim to some sort of scam
👍787❤363🔥108🤔97⚡78
If you voted for the scam theory, you were absolutely right. Bob really fell victim to a scam scheme called "Address Poisoning" 🐍
How it works
🔀 Scammers use a tactic known as "vanity address generation" to make fake wallet addresses. But instead of generating addresses at random, they customize particular parts of the address creating a sort of a bad twin of your real address.
☠️ The scam works like this: the fraudster sends small amounts of money from this doppelgänger address to your real one, effectively "tainting" your transaction history with this similar-looking but absolutely fake address.
For example, the intended destination for the funds is:
0xbA83cE92A03d2FEf24f36DB9FC04f8BA3305c0E6.
But the funds are mistakenly sent to a similar yet fraudulent address:
0xbA8BA758357D82A2862e1369D51C983A2A05C0e6.
🔻 The scam involved matching the first 5 and last 6 characters of the wallet address, misleading the victim into thinking they had the correct address upon a quick check. The takeaway is clear:
— Always thoroughly verify the entire address before sending money.
— Before sending big amounts, consider doing a quick safety check and try a small test transfer first.
— Using an Ethereum Name Service (ENS) can also simplify this process, replacing complex addresses with easy-to-remember domain names, for example, cooladdress.eth.
Was this post helpful? Hit 🔥 if you agree.
How it works
🔀 Scammers use a tactic known as "vanity address generation" to make fake wallet addresses. But instead of generating addresses at random, they customize particular parts of the address creating a sort of a bad twin of your real address.
☠️ The scam works like this: the fraudster sends small amounts of money from this doppelgänger address to your real one, effectively "tainting" your transaction history with this similar-looking but absolutely fake address.
For example, the intended destination for the funds is:
0xbA83cE92A03d2FEf24f36DB9FC04f8BA3305c0E6.
But the funds are mistakenly sent to a similar yet fraudulent address:
0xbA8BA758357D82A2862e1369D51C983A2A05C0e6.
🔻 The scam involved matching the first 5 and last 6 characters of the wallet address, misleading the victim into thinking they had the correct address upon a quick check. The takeaway is clear:
— Always thoroughly verify the entire address before sending money.
— Before sending big amounts, consider doing a quick safety check and try a small test transfer first.
— Using an Ethereum Name Service (ENS) can also simplify this process, replacing complex addresses with easy-to-remember domain names, for example, cooladdress.eth.
Was this post helpful? Hit 🔥 if you agree.
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Can you tell where the object in the picture is located?
Anonymous Quiz
38%
🇲🇽 Acapulco, Mexico
18%
🇦🇷 Buenos Aires, Argentina
32%
🇪🇬 Giza, Egypt
12%
🇵🇭 Sebu, Philippines
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What is leverage in crypto trading?
Leverage (or multiplier) in crypto trading is a tool that allows traders to increase potential profit (or loss) by using borrowed funds. Imagine you're playing poker, and you have the opportunity to increase your bet by borrowing money from a friend, but with this, the risk increases proportionally to the potential gain.
📝 How it works
Let's say you're trading ETH and you've entered the market at $100. By using 10x multiplier, your initial $100 investment allows you to trade $1,000. If the value goes up by 10%, you don't just make $10 like you would without leverage; you make $100, because you're working with $1,000, not just your $100. However, there's a catch: if the price dips, your losses also get a tenfold boost, which can quickly deplete your deposit.
😎 Tips for trading with leverage
• Always use Stop Loss. Without it, you might lose more than what you initially invested.
• Be sure to DYOR (Do Your Own Research). Leverage is not a toy, but a very effective, yet ruthless tool. Always conduct thorough analysis of the market and the coin before using.
• Don’t invest all your funds in one trade. Leverage is precisely meant to increase maximum profit without investing all your money in one asset.
Do you use leverage/multiplier in Cryptomania? Hit 🔥 if you do.
Leverage (or multiplier) in crypto trading is a tool that allows traders to increase potential profit (or loss) by using borrowed funds. Imagine you're playing poker, and you have the opportunity to increase your bet by borrowing money from a friend, but with this, the risk increases proportionally to the potential gain.
📝 How it works
Let's say you're trading ETH and you've entered the market at $100. By using 10x multiplier, your initial $100 investment allows you to trade $1,000. If the value goes up by 10%, you don't just make $10 like you would without leverage; you make $100, because you're working with $1,000, not just your $100. However, there's a catch: if the price dips, your losses also get a tenfold boost, which can quickly deplete your deposit.
😎 Tips for trading with leverage
• Always use Stop Loss. Without it, you might lose more than what you initially invested.
• Be sure to DYOR (Do Your Own Research). Leverage is not a toy, but a very effective, yet ruthless tool. Always conduct thorough analysis of the market and the coin before using.
• Don’t invest all your funds in one trade. Leverage is precisely meant to increase maximum profit without investing all your money in one asset.
Do you use leverage/multiplier in Cryptomania? Hit 🔥 if you do.
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You've probably heard of “BTC halving”. Let's break it down and see why it's a big deal.
🔍 What Is BTC Halving?
Bitcoin halving is a major event that occurs roughly every 4 years or after every 210,000 blocks, cutting the rate of new bitcoins in half.
💡 Why does BTC Halving happen?
Bitcoin halving reduces the creation of new bitcoins to keep their total number under 21 million. This makes bitcoins more rare over time, potentially increasing their value.
Following the last halving on May 11, 2020, the price of Bitcoin skyrocketed, reaching $60k.
📅 When Is the next BTC Halving?
Mark your calendars! The next Bitcoin halving is set for April 2024, following the last one in May 2020.
✍️ Why is halving important?
The trend suggests that BTC's price reaches a new all-time high with each Halving. However, the pre-Halving rally has gotten smaller and smaller over the years.
Do you believe BTC will hit $100k after the next Halving? Hit 🔥if you feel bullish.
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💰 What was the biggest profit you made from a single trade in Cryptomania?
Anonymous Poll
37%
>$50
19%
$50-500
21%
$500-1000
23%
$1000+
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