Hackernoon logoSaving Cryptocurrency from Scammers: Interview with Crypto Vigilante by@Ishan Pandey

Saving Cryptocurrency from Scammers: Interview with Crypto Vigilante

Author profile picture

@Ishan PandeyIshan Pandey

Technology Lawyer working on code and everything law. Founder : Blockchain Research

I think the ICO run is past us. We will not see a crazy market like we did in 2017. Scammers are very sophisticated and are always coming up with new ways to scam. 

1. Hi Crypto Vigilante, welcome to our "Behind the Startup" series. Tell you about yourself and your journey into the cryptocurrency industry? 

Before I started the CryptoVigilante channel, I was anticipating a major financial crisis and had very high hopes with Bitcoin and Crypto. With the recent events of the coronavirus pandemic, we have seen that situation quicken. 
However, what I discovered was a community filled with corruption and frauds from top to bottom. Crypto is the best opportunity in the worst place. My channel is dedicated to exposing those kinds of people.

2. What led you to become a crypto vigilante? I would love to hear about your story and your experience. 

I like many others, would call crypto media not very reliable when it comes to staying safe from frauds. I understand they have to deal with libel laws, so I decided to start an anonymous channel which does not have to deal with those legal hurdles.

3. According to you, how big is the problem of fraud and scam in the cryptocurrency industry, and how can we solve it? 

A report published by the Better Business Bureau (BBB) says that cryptocurrency-related scams are continually growing, becoming the second most risky of 2019 among North Americans.
Some scams occurred because consumers purchased, stored, or traded cryptocurrencies on an exchange that was vulnerable to hackers.
The first thing we have to do is have more open and honest dialogue about it. Plenty of people with large followings are paid to promote scams. We have to identify those people and boycott them. 

4. Do you get threatened by fraudsters?

Absolutely if I'm not getting threatened, then I'm not doing my job right. 
Threatened, blackballed, and sometimes even booted from communities. 

5. I bet you get a lot of support and messages also thanking you. Is that what keeps you going? What is your vision and mission? 

If I ever revealed the number of people who thanked and appreciated me, it would be a longer list than Obama's drone strike victims.
I have major plans for expanding what I do. You will have to stay tuned to find out.

6. Do you file complaints and contact enforcement authorities also to inform them about these scams? 

Yes, I have a variety number of professionals who assist me anonymously. They range from legal, media, coding, analytical, etc.

7. Do you fear that with another ICO craze or bull run the scammers would pop-up again? How would we defend the crypto community then? 

I think the ICO run is past us. We will not see a crazy market like we did in 2017. Scammers are very sophisticated and are always coming up with new ways to scam. 
One person cannot save Crypto it has to be collectively done. The best way to fight them is to have a large community of informed people, who are willing to pass that knowledge on to others.

8. According to you, how can we increase investor education and awareness? 

The main thing we need to stop doing is depending on YouTube and Twitter personalities to do our homework for us. 

9. Has coronavirus pandemic according to you given rise to fraud activities out of desperation?

According to chain analysis coronavirus has erased 33% of crypto scammers revenue. At the same time, the FBI is warning they expect a rise in cryptocurrency frauds in the age of coronavirus. With that being said, the biggest fraud is still the US Federal Reserve System.
The purpose of this article is to remove informational asymmetry existing today in our digital markets by performing due diligence and by equipping readers with knowledge to make informed decisions. The views in these articles are purely personal and educational, and does not constitute any investment, financial or legal advice. Please do your research and due-diligence before investing in digital asset, token or cryptocurrency. The writer does not have any vested interest in crypto vigilante.
******



Tags

The Noonification banner

Subscribe to get your daily round-up of top tech stories!