๐จ ALARMING NEWS ALERT ๐จ
#CryptoScams #StaySafe #InvestSmart
โ ๏ธ Major Cryptocurrency Scams to Watch Out For โ ๏ธ
The crypto market is full of opportunities, but also rife with scams. Stay alert! Here are some of the biggest scams in the crypto world:
๐ฅ **FTX**: Collapsed in Nov 2022 after mishandling billions in customer funds. Founder Sam Bankman-Fried sentenced to 25 years for fraud.
๐ฅ **Luna and TerraUSD**: Catastrophic $60 billion loss in May 2022. Founder Do Kwon arrested in Mar 2023.
๐ฅ **QuadrigaCX**: Founder Gerald Cotten's death in 2018 left $215 million inaccessible. Later revealed as a Ponzi scheme.
๐ฅ **Africrypt**: Investors scammed out of 70,000 BTC in 2021. Founders Ameer and Raees Cajee under investigation for money laundering.
๐ฅ **SafeMoon**: Executives withdrew over $200 million for personal use in 2021, leading to SEC fraud charges.
Other notable scams include:
- **Pro-deum**: Exit scam in 2018, team vanished with investors' money.
- **Pincoin and iFan**: Modern Tech raised $660 million in 2018, then disappeared.
- **Celsius Network**: Paused withdrawals in 2022, filed for bankruptcy owing $4.7 billion.
- **Centra Tech**: Raised $25 million in 2017 on false promises, founders imprisoned.
- **Mining Max**: Defrauded investors of $250 million in 2017, affecting 18,000 investors.
๐ **Protect Yourself**:
- Conduct thorough research
- Verify the team's credentials
- Be wary of promises that seem too good to be true
Stay informed and invest wisely!