Water is wet, the sky is blue, and crypto has scams. And sadly, it appears Zavcoin is just one more fraudulent crypto exchange to add to the pile.
The prevalence of scams in crypto is legendary, and yet people still get caught out all the time.
In fact, in 2021 alone, it was estimated that 46,000 people were scammed, and many believe these numbers to be low as many people are too ashamed to report the scam.
But there is nothing to be ashamed of.
Scammers will go to great lengths to steal people’s money, but you can avoid this if you know what to look out for.
In this article, we are going to cover the Zavcoin scam, show you how to avoid it, and tell you what to do if you get scammed.
Table of Contents
What is Zavcoin?
First off, let’s go through what Zavcoin is and show you how to spot the warning signs of a scam.
Zavcoin claims to be an Australian-based crypto exchange that, on its homepage, asks you to “be calm about your cryptocurrency assets.”
From the word go, the website is attempting to construct an image of a calm, orderly crypto exchange that you can put your faith in. On the surface, it appears to be a fairly standard exchange.
However, if you spend some time looking around, there are a few warning signs.
What to Look Out For
Firstly, there is no information about the creator or creators, they will only rather ominously refer to them as “The Creator.”
Now, many companies choose to keep parts of their staff, or even the entirety of their staff, private. While this isn’t a great indicator, it doesn’t necessarily mean it’s a scam.
But you’ll notice something else off in the “About Us” section.
To quote: “World’s first we created system, which helps you to buy, sell, transfer your funds inside our exchange in few seconds, you don’t need to wait blockchain confirmation any more.”
As you can see, it’s full of grammatical errors, poor syntax, and structural issues that are likely the result of the writings of a non-English speaker or, most likely, an auto translator. It’s possible that perhaps it’s just an oversight on the part of the creator, but in light of other problems, it’s not a good sign.
Next, let’s look at the roadmap.
As you can see, it’s threadbare, vague, and abruptly ends in 2019.
Any one of these signs alone is reason enough for you to be skeptical about the legitimacy of a service.
But to put the nail in the coffin, let’s look at what others are saying about Zavcoin.
Is Zavcoin Legit?
When it comes to crypto, it’s extremely important that you DYOR.
Just looking up the phrase “Is Zavcoin Legit” in Google or some other search engine will go a long way to telling you that something is up with the Zavcoin service.
Websites like reportscambroker.com, TrustPilot, Scam Advisor, or even Reddit will show you that Zavcoin is very likely to be some kind of scam.
The warning signs are all there. The platform is unregulated and has no license for brokerage.
So what is the Zavcoin scam exactly?
It seems that the Zavcoin scam is some form of the classic “you’ve won 1 free BTC, but you need to send some money first” scam.
In most cases, users are approached on Discord or Telegram.
Here, they will claim that you have won a free Bitcoin, but you will have to pay a fee to get it, somewhere in the region of $350-$1000.
But of course, there is no Bitcoin, and they just keep the money.
In reality, no company would ever reach out to a person through a social media platform like this, unsolicited.
If you take to websites like TrustPilot or even just Reddit, you can learn a lot from the experiences of others who have had run-ins with Zavcoin.
And unsurprisingly for Zavcoin, it has received poor reviews and dire warnings across the board.
Accept one very suspicious 5-star review, written in suspiciously similar English to Zavcoin’s “About Us” page. Strangely enough, besides the 5-star review, they also recommended that you send Zavcoin more money.
Before you use any website or crypto service, take a look at what other people are saying, reach out to other users, and use good judgment before parting with your money.
What to Do If You Get Scammed
Sadly, even the best of us make mistakes, so if you have been scammed, there are a few things you should do.
First off, see if you can cancel whatever payment was stolen. Often, credit card companies or even some crypto services allow for chargeback options if you fill out a report promptly.
Secondly, you can report the scam to the police or financial authorities.
You can fill out a report at various locations, like:
Different jurisdictions have different authorities, so make sure to find the one that’s relevant to you.
It may not seem like much, but these reports can go a long way toward helping authorities shut down these websites.
Finally, post a review on TrustPilot, Reddit, or some other forum and let other people know about your experience. You’ll be amazed at what kind of help people can offer, and at the very least, you might be able to warn somebody else.
How to Prevent Getting Scammed
There are a few key things to keep in mind if you want to avoid getting scammed, so let’s go through a short list.
- Never accept invites or information from unverified sources online.
- Never hand over private information about you, your private keys, or anything else to anyone online.
- It is extremely unlikely that anyone would be giving away free crypto.
- Crypto exchanges, financial authorities, or government bodies will not reach out to you via unverified text or email. If in doubt, contact these agencies yourself via a number you’ve sourced.
- Be wary of online romantic offers. Some scammers will spend weeks or months fostering a relationship to steal your crypto.
- Do not take financial advice from random YouTubers or celebrities. They either don’t know what they’re talking about, are trying to sell you something, or are scammers themselves.
Scams are no fun, and they erode the trust so many legitimate companies are trying so hard to build. Crypto is money, and that means it should be safe, easy, and reliable to use.
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