Cryptocurrency investment scam

Today, many people are concerned about the volatile status of the cryptocurrency market and the influence it will have on the future of trade. As ordinary investors, speculators, and all sorts of investment firms continue to devote their focus to the profitable bitcoin and other cryptocurrencies, so do fraudsters and cheaters. Investing in cryptocurrencies entails accepting risks, however one of them should not be becoming a victim of a cryptocurrency investment scam. According to reports to the Federal Trade Commission’s Consumer Sentinel, fraudsters are capitalizing on the bitcoin hype and enticing individuals into phony investment offers in unprecedented numbers.

As per the statistics reported in the above figure from the reports created toward the Federal Trade Commission, Since October 2020, the number of complaints has risen, with about 7,000 consumers claiming losses of more than $80 million as a result of these frauds. Their stated average loss was $1,90 0. It’s easy to conclude that over the years, criminals have not failed to find ways to invade the fortunes of Bitcoin and cryptocurrency, resulting in numerous cryptocurrency investment scams.

Here’re a few tips to help you avoid a cryptocurrency investment scam:

The only true value in your investment is the amount of cryptocurrency you own. It will remain the only holder of value in your investment. The purpose will always remain the same, to buy cheap and sell high, promises of guaranteed returns through any other approaches is a prospect for cryptocurrency investment scam.

Don’t give away your personal details to promises of fortune and felicity. The end goal of most scams is to retrieve a portion of your personal details, which may lead to the leaking of secret keys. Those scams may take the form of giveaways, online dating, phishing and fake emails. Criminals will idolize their weapons as much as possible to help them get perceived as legitimate, by using fake testimonials, names of popular domains, etc… 

Double-check your resources while following popular members of the cryptocurrency community. Impersonating celebrities is another method that succeeded in scamming people off over $2,000,000, said CNBC. That’s what a giveaway cryptocurrency investment scam is, in which con artists act as celebrities or well-known members in the cryptocurrency community. They offer to “multiply” the bitcoin sent by investors, but actually pocket it.

Many have fallen victim to cryptocurrency investment scams, from exit schemes to phishing attacks but don’t let that hold you back from embracing the future. If anything, it’s a clue that you need to do enough research and educate yourself using all the available tools and resources to boost your chances of becoming the next crypto millionaire.

our solutions