Cryptocurrency has become a breeding ground for scammers and malicious individuals creating more and more inventive ways to steal money from crypto enthusiasts looking to increase their investment portfolio. Since Binance (BNB) has reported that scams are on the rise, they have been more rigorous in their hunt to expose these scams, and some other cryptocurrencies are also putting measures in place to reduce the possibility of success for these scams, such as Solana (SOL) and DogeMiyagi (MIYAGI).
Binance: Fighting Negative Press
Binance (BNB) have reported that they have been experiencing a rise in the number of fraudulent scams on their platform, and have been endeavoring to educate their users in the best possible ways to avoid these scams. On their website, they have an FAQ page, with an entire section dedicated to cautioning users on the rising number of crypto scams. They encourage users to do their own research and warn them to be wary of projects that offer unrealistically high rewards. As well as this, BNB gives users advice on typical spaces which scammers inhabit, like social media sites such as Facebook or Instagram. Recent developments such as a high-profile court case against the platform due to an $8 million Tinder-based scam and the announcement that BNB would be suspending Australian dollar fiat services due to concerns about scams have meant that the platform has come under scrutiny to ensure that they are protecting the crypto community, and more measures are sure to come into play as the situation continues.
Solana: Bug-Watching
Solana (SOL) has also been targeted as a potential platform for scammers, and similarly, there is a lot of information on how to avoid these, by doing research of your own and questioning deals that seem too good to be true. SOL also has various applications in place to help improve the security of the platform, such as offering ‘Bug Bounties’, where security researchers can report any bugs in SOL’s system that they have found that could compromise the security of the platform. To incentivize the reporting of these bugs, those who find them are rewarded handsomely, and the SOL development tackles these issues as a point of urgency.
DogeMiyagi: Power in Numbers
DogeMiyagi (MIYAGI) is also dedicated to the security of its currency, and by building on the Ethereum (ETH) blockchain, which is well-known for its security, they have ensured that the possibility of any breaches in security is reduced. The ETH system that MIYAGI uses is full of technology to prevent any security breaches, as well as a wealth of information to educate its users to avoid scams. Furthermore, as MIYAGI is dedicated to building a strong community of investors during its presale stage, and by creating this community of crypto lovers, there is security in numbers where any potential scams can be flagged within the community to protect one another.
Cryptocurrency platforms have a responsibility to protect their users from the risk of scams or other security issues, and Binance (BNB), Solana (SOL), and DogeMiyagi (MIYAGI) are making sure that they do the best they can for their communities to keep them safe. In any case, it is important for crypto investors to educate themselves with the resources available, and ensure that they become active within the various crypto communities to keep themselves in the know.
DogeMiyagi:
Website: https://dogemiyagi.com
Twitter: https://twitter.com/_Dogemiyagi_
Telegram: https://t.me/dogemiyagi
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.