🚨 Urgent Warning: Cryptocurrency Scams on the Rise 🚨
The cryptocurrency world is filled with opportunities, but it’s also a breeding ground for significant risks. Scammers are constantly evolving their methods to take advantage of unsuspecting investors.
Here’s a look at some of the most notorious scams that have rocked the crypto industry:
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FTX Collapse: Once a major exchange, FTX crumbled in November 2022 after mishandling billions in customer funds. This led to the conviction of its founder, Sam Bankman-Fried, who was sentenced to 25 years for fraud.
Luna and TerraUSD Crash: In May 2022, the collapse of Luna and TerraUSD wiped out $60 billion, culminating in the arrest of their founder, Do Kwon, in March 2023.
QuadrigaCX Ponzi Scheme: In 2018, investors were left in turmoil when $215 million became inaccessible after the death of its founder, Gerald Cotten. It was later revealed to be a Ponzi scheme.
Africrypt Heist: In 2021, Ameer and Raees Cajee, the founders of Africrypt, allegedly defrauded investors of 70,000 BTC. They are currently under investigation for money laundering.
Proodeum Exit Scam: In 2018, Proodeum disappeared overnight, leaving investors empty-handed.
Modern Tech ICO Fraud: The team behind Pincoin and iFan ICOs vanished after swindling $660 million from investors.
Celsius Network Bankruptcy: In 2022, Celsius Network's bankruptcy froze $4.7 billion in customer assets. Efforts are ongoing to return the funds to investors.
Centra Tech Fraud: In 2017, Centra Tech raised $25 million on false promises, resulting in the imprisonment of its founders.
Mining Max Scam: Also in 2017, Mining Max defrauded investors of $250 million, with most of the funds never used for mining as promised.
To protect yourself from such fraudulent schemes, it’s vital to thoroughly vet any cryptocurrency project and its team.
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