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Binance Learn and Earn how to spot crypto scams quiz answers today & Share of £10,000 in BNB prizes

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Learn & Earn: How to Spot Crypto Scams Terms & Conditions

  • Learn & Earn Quiz has 25 questions (100 points)
  • Those that get higher than 90% will win an equal share of £10,000 in BNB prizes
  • You can only submit once, so be sure you have double-checked all answers before you submit. 
  • The deadline to complete the Quiz is Friday 2nd September 2022 at 17:59 UTC. 
  • Those that score 90% or more will share a prize pool of £10,000 in BNB. Rewards will be distributed to the winner’s Binance accounts within 14 days. Note that you will be disqualified if you enter the wrong Binance User ID. 
  • The scores will be released on Friday 2nd September 2022 at 18:00 UTC. If you scored 90% or higher than you win a shared prize pool of £10,000 in BNB - providing you do not get disqualified. 


 Activity Period: 2022-08-26 09:00 (UTC) to 2022-09-02 17:59 (UTC)

Binance Learn and Earn how to spot crypto scams quiz answers today

Binance Learn and Earn how to spot crypto scams quiz answers today

1. True or false: A Crypto scam is a scheme designed to deceive and trick someone out of Crypto*
False
True
Correct Answer is : True


2. Why are Crypto scams riskier than traditional scams involving fiat?*
Crypto scams are riskier because price is more volatile
Crypto scams are riskier because more money is stolen
Crypto scams are riskier because transactions are irreversible
Crypto scams are riskier because only criminals use Crypto
Crypto scams are riskier because it uses the internet
Correct Answer is : Crypto scams are riskier because transactions are irreversible


3. Out of the following three options, which one is the most likely reason for why Crypto scams are rising?*
Cryptocurrencies is regulated so it is legal to scam users using Crypto
Fraudsters are taking advantage of FOMO and technical inexperience of newcomers
Regulators can protect customers if they get scammed in Crypto
Correct Answer is : Fraudsters are taking advantage of FOMO and technical inexperience of newcomers


4.How much was lost in crypto related fraud in 2020?*
£1.2B
£864M
£146M
£646M
£464M
Correct Answer is : £1.2B


5. Tick all the common types of Crypto scams from below:*
Project/Token Frauds
Malware Installation
Fake Crypto sites/wallets
Phony Job Offers
Giveaway/Airdrops Scams
Fake Crypto investments
Wallet/Account Hijacking
Correct Answer is : all of the above


6. What are the two main ways for Crypto Project teams to fund their projects?*
Public Offerings
Bank Loans
Self-Funding
Private Fundraising
Correct Answer is : Public Offerings & Private Fundraising


7. What does ICO stand for?*
Internet Company Officer
Initial Company Offering
Initial Coin Offering
Internet Coin Officer
International Coverage Ombudsman
Correct Answer is : Initial Coin Offering


8. What is one of the differences between ICO and IPO?*
The assets in ICOs are shares and in IPOs are Tokens
ICOs are fully regulated and are always safe whereas IPOs are not
ICOs have no risk whereas IPOs are risky
ICOs have little to no investor protection whereas IPOs are regulated
Correct Answer is : ICOs have little to no investor protection whereas IPOs are regulated


9. What is an IEO?*
Initial Exchange Officer
Internet Exchange Officer
Initial Exchange Offering
Internet Exchange Offering
The Independent Evaluation Office
Correct Answer is : Initial Exchange Offering


10. True or False: Fraudsters often impersonate official websites (or emails) such as Binance to lure victims into sending them money?* False
True
Correct Answer is : True


11. True or False: Fraudsters will often post as celebrities, influencers or hack into social media accounts to lure victims into sending them money*
False
True
Correct Answer is : True


12. Are Crypto giveaways safe?*
Of course - crypto giveaways are always safe
Sometimes - but some crypto giveaways can be scams/fraudulent
Never - crypto giveaways are never safe
Correct Answer is : Sometimes - but some crypto giveaways can be scams/fraudulent


13. True or False: Will Binance Customer Support contact you via a Phone call?*
False
True
Correct Answer is : False


14. What are the four main methods to protect yourself from scams? Tick all that apply:*
Distinguish between official and fake communication
Research and do your due diligence into project/tokens
Send Crypto to people you don't know
Secure your crypto accounts with 2FA
Avoid clicking on Phishing or Suspicious Links
Correct Answer is : All of the above


15. True or False: SIM Swapping can only occur if you physically lose your Phone?*
False
True
Correct Answer is : False


16. Where can you locate the Binance Verify page?*
Only through Telegram
Only through Whatsapp
Only though Binance website: https://www.binance.com/en/official-verification
Only through YouTube
Only through Phone Call
Correct Answer is : Only though Binance website: https://www.binance.com/en/official-verification


17. True or False: Scammers can often gain access to your Crypto by purposefully making you download malware (harmful software) via your mobile or computer service?*
False
True
Correct Answer is : True


18. What questions do you need to ask during due diligence checks before investing in Projects/Tokens?*
Does the project needs fundraising?
Does the project needs fundraising?
Who are the team members behind the project?
Is the Project Whitepaper legitimate?
Does the project have real followers?
All of the above
Correct Answer is : All of the Above


19. True or false: Anti-Phishing code is an additional security feature provided by Binance that allows users to add an extra layer of security to their account?*
False
True
Correct Answer is : True


20. What is 2FA?*
Two Form Approach
Two Friends with Apples
Two Firmware Admin
Two Factor Authentication
Two Federal Agency
Correct Answer is : Two Factor Authentication


21. What methods of 2FA are you recommended to use? Tick all that apply:*
Use VPN (Virtual Private Network) like NordVPN to keep your internet connection hidden
Use Trusted Antivirus Program (and Firewall)
Protect your Login Credientials with a Strong Password
Keep a separate/dedicated computer/phone just got Crypto accounts
Correct Answer is : Select all of the above


22.True or False: Phishing is one of the most wide-spread and common cyber attack technique. It is a type of social engineering attack that involves psychological manipulation and relies on human failures.*
False
True
Correct Answer is : True


23. What is a Rug Pull?*
Crypto Project team buy rugs for each investor
Crypto Project team buy all the Tokens in the market which results in token price essentially going up.
A document released by a crypto Project that gives investors technical information about its concept, and a roadmap for how it plans to grow and succeed.
Crypto Project team sell all their Tokens in the market which results in token price essentially going to zero
Correct Answer is :. Crypto Project team sell all their Tokens in the market which results in token price essentially going to zero


24. What is Binance doing to help mitigate Scams? Tick all that apply:*
Implementing Strict Security Measures
Making KYC (Know Your Customer) Mandatory
Working with Law Enforcement
Correct Answer is : Selection all of the above


25. Should you contact your Local Police/Action Fraud if you have been scammed?*
True
False
Correct Answer is : true

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