EP. 02 The Dark Side of Crypto with Bradley Peak from Cointelegraph

SwapSpace Huddle

In this episode of SwapSpace Huddle, host Turpal sits down with Bradley Peak, a prominent writer for Cointelegraph and well-known crypto advisor, to discuss the darker side of the Crypto World. They dive deep into the world of crypto scams, rug pulls, and influencer-driven pump-and-dumps. Bradley shares insights on the ease of creating fraudulent tokens, the rise of anonymous scam projects, and how top influencers unknowingly promote these schemes. The conversation also covers the challenges of crypto regulation, anonymity in the space, and why legal enforcement is so difficult. If you're curious about how crypto scams operate, what vulnerabilities exist, or how to avoid falling victim, this episode is packed with must-know information and real-world examples.

Key Time Codes:

1. 00:00:00 - Introduction and disclaimer: Bradley Peak joins to talk about crypto scams and the dark side of the industry.

2. 00:01:17 - Bradley’s background: From Cointelegraph writer to crypto advisor and his extensive knowledge of the space.

3. 00:03:08 - Bradley talks about the rise of scams on the darknet and how crypto’s pseudo-anonymity attracts malicious actors.

4. 00:04:09 - How easy it is to create a rug pull token: Bradley explains the steps to launch and pump a fake crypto project.

5. 00:06:48 - Centralised token distribution: A major red flag in crypto projects, with 90% of tokens held by a few addresses.

6. 00:07:14 - GameFi scams: The unsustainable tokenomics of play-to-earn games like Hamster Combat and how they deceive users.

7. 00:09:28 - Influencer-driven scams: How influencers are paid to promote crypto projects they don't fully understand, fueling scammy token sales.

8. 00:12:43 - Bradley’s view on Bitcoin: Why he believes Bitcoin lacks utility compared to Ethereum and is propped up by whales.

9. 00:14:10 - Comparing Bitcoin to MLM (Multi-Level Marketing): Bradley argues that Bitcoin operates like a pyramid scheme.

10. 00:16:00 - MLM schemes in crypto: Discussing how many tokens with zero utility function as glorified MLMs.

11. 00:26:03 - Influencer marketing scams: The notorious Logan Paul CryptoZoo example and how influencer hype drives rug pulls.

12. 00:27:52 - Behind the scenes: Bradley shares stories about influencers promoting projects purely for profit, despite not liking or understanding crypto.

13. 00:33:13 - Why rug pulls aren't technically illegal: Turpal and Bradley compare the crypto market to traditional stocks and explain the legal grey areas.

14. 00:39:05 - The SEC and cryptocurrency regulation: How the lack of clear regulation creates a risky environment for investors.

15. 00:42:36 - The Squid Game scam: Bradley shares a personal story about a person who lost $40,000 in the infamous Squid Game rug pull.

16. 00:50:04 - Real-world scam stories: Scammers exploiting elderly people through Bitcoin ATMs, and Kraken’s collaboration with KitBoga to spread awareness and fight back.

17. 00:57:21 - Social engineering in crypto scams: Bradley talks about how scams target non-tech-savvy individuals using fake apps and social manipulation.

18. 01:01:32 - How to avoid crypto scams: Bradley’s top tips for staying safe, including sticking to centralised exchanges, using cold storage for your private keys, and withdrawing funds periodically.

19. 01:02:19 - Bradley shares a personal story of having $30,000 frozen on Binance and how to avoid similar risks .

Tags: #crypto #bitcoin #blockchain #ethereum #defi #nft #cryptocurrency #podcastlife #podcastcommunity #podcastinterviews #cryptoscams #security #safety #finance #assets