The crypto world offers huge returns but is also rife with scams. Scammers constantly devise new ways to exploit investors. Here are some of the biggest scams to watch out for:
1. FTX: Collapsed in November 2022, losing billions of customer funds. Founder Sam Bankman-Fried received a 25-year sentence for fraud.
1. Luna and TerraUSD: Lost $60 billion in May 2022; founder Do Kwon was arrested in March 2023 for his role in the crash.
1. QuadrigaCX: After founder Gerald Cotten’s death in 2018, $215 million vanished. Later, it was revealed as a Ponzi scheme.
1. Africrypt: In 2021, 70,000 BTC were stolen, and founders Ameer and Raees Cajee are under investigation for laundering.
Other scams include:
- SafeMoon
- Proodeum
- Pincoin
- Celsius Network
- Centra Tech
- Mining Max
All of these left investors with major losses.
How to Protect Yourself:
Always research thoroughly, verify team credentials, and beware of promises that sound too good to be true. Caution is your best defense against these schemes.
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