1: No social media platform dedicated to crypto users
As a crypto user myself, If I have to keep myself updated about the latest news & updates about my favorite project. I have to check Twitter, Discord / telegram, and Youtube for video content and while I am doing that, i come across multiple scams pretended to be:
-Fake Admin in Discord
-The Famous Whatsapp guy on youtube
-Twitter accounts were boosted with bots, pretending to be the real project account
2: Scams & Bots
Due to these multiple accounts and being overwhelmed by the information, The average is at risk of getting scammed by fake accounts or sometimes by the admins and later claiming to be hacked.
The Monkey Kingdom suffered a considerable setback when hackers succeeded in accessing the project’s Discord chat admin account, stealing approximately $1.3 million from users in the process.
In an announcement posted on December 21, the project explained: “Since [this] morning, our Discord was flooded with thousands of bots impersonating Monkey Kingdom or Baepes announcements. They DM-ed our users directing them to suspicious websites that require them to connect their wallets…”
Essentially, the hackers went ‘phishing’ – sending out a seemingly legitimate link to users of the Discord chat, just as Monkey Kingdom was launching its new sale. Supporters were duped out of SOL 7,000, the equivalent of nearly $1.3 million.
This is just one example of the many crypto market scams. This put the founders reputation at risk, Loss of valuable resources and overall loss of faith in crypto space.
Federal Trade Commission report states that cryptocurrency scammers have stolen over $1 billion from 46,000 people since the start of 2021.
3: User interaction & nontech founders
Just to get a simple reward for being a loyal Nft holder or get an airdrop for doing tasks, an average user has to check multiple websites and still doesn't simply get their reward.
Nontech founders or a small business trying to launch a new nft community or Nft token. For example, right now if a small business lets say a pizza restaurant is trying to use cryptocurrency as their paying method, they will have to buy a hosting, pay a developer to create website, pay blockchain developer to create smart contract and finally a website maintenance guy to manage all this. This cost thousands of dollars and time wasted, which could be used to scale the business.
Crypto users face these problems daily, and Blockchain companies are busy creating more Financial Freedom tokens.