The cryptocurrency market, despite its high profit potential, is plagued with numerous scams. Scammers are constantly developing new tactics to fool unwary investors. Here are some of the most important scams in the cryptocurrency world:

FTX: This exchange collapsed in November 2022 after mismanaging billions of dollars of customer funds. Founder Sam Bankman-Fried was sentenced to 25 years for fraud. Luna and TerraUSD: These cryptocurrencies experienced heavy losses of $60 billion in May 2022, leading to the arrest of founder Do Kwon in March 2023. QuadrigaCX: After the death of its founder Established by Gerald Cotten in 2018, $215 million was unaccounted for, later revealed to be a Ponzi scheme. Africrypt: In 2021, investors were defrauded of 70,000 BTC. Founders Ameer and Raees Cajee are currently under investigation for money laundering. The moon is safe.

Other notable scams include Proodeum, a 2018 exit scam that left investors with nothing after the team disappeared, and Pincoin and iFan, where Modern Tech raised $660 million in 2018 through an ICO before disappearing, marking another Ponzi scheme. Degree Network halted withdrawals in 2022 and filed for bankruptcy, owing $4.7 billion, but is now working to return assets to customers. Centra Tech raised $25 million in 2017 on false promises that landed its founders in jail, and Mining Max defrauded investors of $250 million in 2017, only a fraction of which was used for actual mining, affecting 18,000 investors.

👉 To protect yourself from such scams, always conduct thorough research and verify the credentials of the team behind any project. Be wary of promises that seem too good to be true. Being cautious can help minimize the risk of falling victim to these scams in the cryptocurrency market.