KrakenBet Scam Alert: How to Avoid Being Scammed

04/07/2023 01:46 • Blockchain Briefs • 130 views

According to reports, according to CertiK monitoring, the KrakenBet project has been confirmed as a scam. Do not contact hxxps://krakenbet.xyz interaction. Since February, the Wallet Container contract address (0x0785ab399Ae207cE2c7A3eAC18eda16177fAD588) associated with the website has stolen approximately 1275 ETHs (approximately $23000).

The KrakenBet project is a scam, and the associated contract address has stolen approximately 12.75 ETHs

KrakenBet has been embroiled in controversy recently, with reports confirming that the project is a scam. According to the CertiK monitoring team, the KrakenBet project has been flagged as a fraudulent operation that seeks to defraud unsuspecting investors. This article discusses the specifics of the KrakenBet scam, how it operates, and what you can do to avoid being scammed.

How the KrakenBet Scam Works

The KrakenBet scam works via a smart contract that is designed to mislead investors into depositing ethereum (ETH) into a wallet container. Once the money is in the smart contract, the scammer then transfers the funds to their own address, making it almost impossible to trace.
The scam started in February when the Wallet Container contract address (0x0785ab399Ae207cE2c7A3eAC18eda16177fAD588) associated with the website was used to steal roughly 1275 ETH worth around $23000. Reports suggest that the scammer behind the KrakenBet project is still active and looking for more unsuspecting investors.

How to Spot a KrakenBet Scam

There are several ways to spot a KrakenBet scam before you deposit money into the platform. Some of the tell-tale signs of a KrakenBet scam include:
1. **No Whitepaper**: A legitimate project should have an official whitepaper that outlines the goals and objectives of the project. However, KrakenBet doesn’t have a whitepaper, which is a red flag.
2. **Anonymous Team**: The KrakenBet project team members are anonymous, which makes it almost impossible to identify the culprits behind the scam.
3. **Lack of Transparency**: KrakenBet lacks transparency about their business practices, and the company doesn’t have a clear roadmap or project timeline.
4. **Too Good to Be True Returns**: KrakenBet promises investors high returns on their investment, which is a common tactic used by scammers to bait unsuspecting investors.

How to Avoid the KrakenBet Scam

The best way to avoid the KrakenBet scam is to do your due diligence before investing in any platform. Here are some tips that can help you avoid becoming a victim of the KrakenBet scam:
1. **Research the Project**: Before investing in any project, do your research thoroughly. Check the project’s website, social media accounts, and forums to see what other investors are saying about it.
2. **Identify the Team Members**: Find out who the team members are, what their experience is, and if they have any social media accounts. Legitimate projects will have a strong online presence that is easy to identify.
3. **Check the Smart Contract**: Always check the smart contract address before investing in a project. If you notice any unusual activity, like large sums of ethereum being transferred out, it could be a red flag.
4. **Use Trusted Platforms**: Only invest in projects that are listed on trusted platforms that verify the legitimacy of the projects they list.

Conclusion

KrakenBet is a scam, and it’s important to be cautious when investing in any project. Use the tips provided in this article to avoid becoming a victim of the KrakenBet scam. If you have already invested in KrakenBet, contact the authorities immediately and report the incident. Remember, it’s better to be safe than sorry.

FAQs

1. How much ethereum has been stolen in the KrakenBet scam?
– A: Approximately 1275 ETH worth $23000 have been stolen.
2. How can I avoid the KrakenBet scam?
– A: Do your due diligence before investing in any platform, identify the team members, check the smart contract, and use trusted platforms.
3. What should I do if I have invested in the KrakenBet scam?
– A: Contact the authorities immediately and report the incident.

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