Ethereum Is The Most Preferred Platform Used By Scammers

Ethereum Is The Most Preferred Platform Used By Scammers

February 6, 2019 Off Maheen Hernandez By Maheen Hernandez

Unsuspecting patrons have been scammed using Ponzi schemes and other tricks.  A research report from Chain Analysis states that Ethereum is the most commonly used platform that organizes these scams.

A whooping $36 million has been stolen in ETH-based scams in the year 2018.  This amounts to 0.01% in total ETH circulation.

Chain analysis reports that “More than 2000 ETH addresses have been used to steal more than 40,000 users in the network.”

Scammers used to be using phishing techniques, ICOs, and Ponzi Schemes.  They have as well changed their Modus Operandi now.  During the year 2017, Phishing scams were very common.  However, awareness among users has led to a decline in the efficiency of phishing scams.  A whooping $2 billion has been lost ever since the beginning of this week.

An analysis of the Ethereum trend chart, reveals that the price of Ethereum has been trending in the ranges of $105 through $110 versus the USD.  The support positions of $106.50 through the 2-hour chart reveals that there is a crucial breakout in the trend-line.

The ETH/USD pair formed a correction in the lower range and later tested the 0.0310BTC support spot.

The analysis also revealed that at a technical level, the 2-hour chart indicator is set to remain below the midline at the bearish territory.

There were just a few ranges moving in the ETH/USD range beyond the $106 support area in the early sessions today.

The ETH pair has been making many attempts to gather the strength beyond $108.00 resistance point.  However, it failed.  Eventually, the price of the digital asset corrected in the lower range.  The ETH/BTC pair did not test the 0.0315BTC resistance.

The support has tested the 0.0310BTC position.  There is likely to be a downside extension near 0.0308BTC.

Infura is one of the back-end infrastructures that can be used to build dapps on the Ethereum Blockchain.  The service is provided by a company called “Consensys.” This is a method used to connect the Ethereum network without the need to run a full node.  There is a significant number of dapp traffic that is being run using Infura, considering the comfort of usage.  There is no need to run a full node locally; thus the pain of having to maintain the node is also reduced.

There is a straightforward dashboard available for evaluating the metrics of the network providing for a simple tool that can help with whitelisting the smart contracts used by a dApp.  What Ethereum has to offer is not set to stop, no matter what.