Definition ∞ Confidence schemes are deceptive practices designed to trick individuals into voluntarily parting with their assets or information. These schemes rely on psychological manipulation, building trust with victims before exploiting them. In the digital asset space, they often involve promises of unrealistic returns or impersonation of legitimate entities. Victims are persuaded to send cryptocurrency or reveal private keys under false pretenses.
Context ∞ The anonymous and borderless nature of cryptocurrency transactions makes confidence schemes a prevalent threat, frequently reported in security alerts and news. Scammers exploit limited user understanding and the irreversible nature of blockchain transfers. Education and skepticism towards unsolicited offers are crucial defenses against these financial deceptions.
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