Holders of TenX PAY tokens may have noticed their value skyrocket during the midst of today’s Bitcoin pullback. Unfortunately, it was not due to TenX recently shipping new cards to EU territories or any of its other positive developments, but instead due to a scam.
In intraday trading TenX, popular crypto pay facilitator, jumped from a low USD valuation of $3.30 to today’s high of $5.33 before falling to normal levels.
Beware of the website tenxwallet.co and the corresponding Twitter handle. These entities were designed to closely mimic the real TenX website and Twitter account in an effort to con investors out of their Ethereum and TenX tokens. Around 7 AM GMT +8, the malicious account released the following tweet claiming to be issuing 38 PAY tokens per Ether and .3 PAY tokens per PAY token held via air drop.
The perpetrators asked for private keys in order to award the funds. Please do not navigate to the link provided, they is known to be malicious.
Crypto Trading Safety Crash Course
The crypto space is still in its infant stage. Inherent extreme volatility provides ample opportunity for investors to make quick profits, but it also introduces significant risk. As with any other asset, investors should carefully research projects before investing and only invest if they can stomach bear runs and potential losses.
Emerging markets always seem to draw scammers, and the crypto space is no exception. Scams present themselves in a variety of ways in the form of phishing, malware, doubling, fake apps, and pump-and-dumps. For a full breakdown of each and how to avoid them, visit our guide on how to avoid scams here. If you see someone on Facebook advertising insane return on your Bitcoin investment, steer clear.
The most important thing to know is NEVER GIVE UP YOUR PRIVATE KEYS! Your private key is a secret number corresponding to your wallet that authorizes Bitcoin or other digital currency to be spent. You should keep them protected at all times. If this key is compromised, someone else is able to send or spend your coins. No one with innocent intent will ever ask for your private keys.
Alternatively, public keys may be shared safely. Public keys are used to specify where funds are to be sent, but they are encrypted to keep your funds safe. Only your private key may be used to decrypt the public key.
More on TenX
If this is your first time hearing of TenX, don’t let the unfortunate circumstances turn you away. TenX is not associated with the fake air drop in any way.
TenX does, however, solve an important problem. Many of us have Bitcoin or other digital currency but have difficulty spending it due to lack of mainstream adoption. The TenX card makes it very easy to use cryptocurrencies for daily transactions through its payment card. It can be used anywhere Visa is accepted.
Presently, its use is unavailable in US-sanctioned countries, but according to its roadmap, US availability is a top priority. TenX is also in the process of obtaining a banking license which would allow them to be their own card issuer.
Dr Julian Hosp, CEO of TenX, is a very active community representative. He frequently releases videos to update TenX holders on recent developments or bring us information that is important to the overall market. If you haven’t had the privilege of hearing his take on the state of Bitcoin, check him out on Twitter or LinkedIn!
Although the TenX project is live and growing, its token price has not been met with parabolic response like other altcoins in recent weeks. Instead, it has seen slow growth towards its previous high of $5.88. Breaching that high will complete a cup that has been developing since August, and this formation could lead to a bullish breakout. If TenX is able to obtain its banking license or scale its platform in 2018, we can certainly expect some solid growth.
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