🚨 Urgent Warning: Cryptocurrency Scams on the Rise 🚨
The cryptocurrency world, while full of opportunities, is also riddled with significant risks. Scammers are continuously refining their tactics to prey on unsuspecting investors. Below is a summary of some of the most notorious scams that have rocked the crypto landscape:
FTX Collaps
e (2022): Once a leading exchange, FTX imploded in November 2022 after mishandling billions in customer funds. Its founder, Sam Bankman-Fried, was sentenced to 25 years for fraud.
Luna and TerraUSD Crash (2022): In May 2022, the collapse of Luna and TerraUSD erased $60 billion, leading to the arrest of their founder, Do Kwon, in March 2023.
QuadrigaCX Scandal (2018): Investors were left in limbo when $215 million became inaccessible following the death of founder Gerald Cotten. It was later revealed as a Ponzi scheme.
Africrypt Fraud (2021): Brothers Ameer and Raees Cajee allegedly defrauded investors of 70,000 BTC. They are currently under investigation for money laundering.
Proodeum Exit Scam (2018): Proodeum abruptly disappeared, leaving investors with nothing.
Modern Tech ICO Fraud (2018): The team behind Pincoin and iFan vanished after swindling $660 million from investors.
Celsius Network Bankruptcy (2022): The bankruptcy of Celsius Network froze $4.7 billion in customer assets. While efforts are ongoing to recover funds, many investors remain in limbo.
Centra Tech Deception (2017): Centra Tech raised $25 million on false promises, leading to the imprisonment of its founders.
Mining Max Scam (2017): Mining Max scammed investors out of $250 million, with most of the funds never used for mining as promised.
To protect yourself from such scams, it’s crucial to thoroughly research any cryptocurrency project and its team.
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