MetaMask user money put at risk by a phishing attack – Crypto-Upvotes experts

Cybercriminals send emails on behalf of Metamask cryptocurrency wallet support

New phishing attack targeting MetaMask crypto wallet users was detected by cybersecurity company Halborn. Scammers send a phishing link to your email. And they look like they were written to you by official Metamask support.

This email looks like a real message from MetaMask. It uses a logo of cryptocurrency wallet with a picture of a fox. And in this message there is a link to an open appeal to support. This email contains a demand to verify your wallet by August 30.

When user clicks on proposed link he is redirected to a scam site. Which is similar to MetaMask page. This site prompts the user to enter a Seed phrase (a unique set of words) from their wallet.

Team Halborn notes that their sender’s name and email address contain a spelling mistake. Their name is Metamaks instead of MetaMask. Scammers also use a fake domain (metamaks.auction) and a server unicarpentry.onmicrosoft.com. Which has nothing to do with the real wallet support service. Earlier in mid-July, FBI reported that American investors who used fake crypto-apps and websites. According to FBI data, 244 people were victims of scammers who created copies of web-pages and mobile wallets of famous companies.

Important

Our Crypto-Upvotes experts warn you. Never click on unverified links that you received to your email. Carefully read who sent you email and look for spelling mistakes in names or links you received. Because scammers use similar names of large companies. But they are different if you look closely and compare names. You should also go to official website of any company on behalf of which scammers have written to you. And check whether there are official important notices with any requirements for users. If there are no important announcements, you can delete this email. Remember an important detail, dear MetaMask users. Scammers can steal your funds. If only you tell them your secret Seed phrase. So never give this information to anyone.

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Crypto Market Manipulation: How Whales Make Money from Us – Crypto-Upvotes

Why it’s not a good idea to buy a rapidly growing asset and use highly leveraged debt. And under what conditions do most new users lose money because of Whales

Many cryptocurrency users believe that big investors, known as Whales. They use media hype and technical manipulation of cryptocurrency exchanges for their own profit. It is believed that the income received from such actions, Whales receive at the expense of losses of many smaller investors.

Crypto-Upvotes experts told us what schemes Whales use to manage prices in crypto markets. And how not to fall into a trap prepared by them.

Our experts tell us what manipulation schemes Whales use

Whales use the same schemes to manipulate the price of an asset. As do most famous investment funds or banks on the stock market. In exchange trading and speculation, psychological factors always matter. It is enough to leak FUD about problems of this or that crypto-platform. As their tokens begin to decline in price. Also our Crypto-Upvotes experts give an example of tweets of Elon Musk. After which the value of some “meme” cryptocurrencies quickly rises.

Another popular method of manipulation is through volume sales or purchases of assets. Selling can stimulate a decline in the value of BTC and other coins. Or be a signal that the price will start to fall. A large purchase of an asset by an institutional investor could be the result of insider information. And predict a rapid rise in price of coin.

There are quite a lot of opportunities to manipulate the price. Informedness of exchanges themselves allows Whales to create conditions for short-term price changes. Clients of some exchanges say that after making the first serious profit on margin accounts (futures contracts). They have problems with opening “sell stop” and “buy stop” orders. Which automatically and unnoticeably for trader change to other types of orders. For example when BTC quotes were balancing near $20,000. FTX clients began to complain about the inability to place buy orders below that level. Because their prices “are out of the range calculated by this platform”.

Another way to manipulate without direct sales. Is to create “walls” of buying or selling. By setting high volumes to sell at lower market limits. It forces those who want to sell to lower their prices quickly. After that price falls and the “wall” goes even lower. In fact, Whale is not even directly involved in trades in this scheme. But he provokes other traders to conduct transactions under much worse conditions for themselves.

How not to fall into trap prepared by Whale and not to lose your money

A huge number of bull and bear traps are created specifically to take money from new investors. Therefore, investors without experience are advised to engage in long-term investments.

Therefore, we should not be focused on actions of large investors. You have to follow their actions, but don’t try to repeat all their actions yourself. That way there is less chance that Whales will use you for their own goals. And forcing you to buy or sell something. Make your own decision, not influenced by tweets from Elon Musk.

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