Don’t Fall For This Cruel Crypto Scam

Some scammers will try to lure you into executing code by promising insane crypto gains

With the giant steps cryptocurrencies took toward mass adoption in the last few years, more and more less tech savvy people are looking to jump on the crypto train. Unfortunately, because cryptocurrencies are still massively unregulated, they also provide a myriad of opportunities to scammers for profiting from people without fearing legal consequences.

There’s one very popular scam going around right now on YouTube and on many popular blogging platforms such as Medium. This ploy takes advantage of people’s lack of knowledge in programming by making victims believe they’ll make insane amounts of profits if they run a script provided by the scammer.

The concept these scammers are leveraging is called flash loan arbitrage.

What is flash loan arbitrage?

Flash loan arbitrage is a real technique in crypto and it can be used to make big profits when applied correctly by someone who knows what they’re doing.

In general, whether it’s in the crypto world or in the traditional banking system, if someone wants a loan, they’ll first need to provide some kind of collateral. But when transactions are made…