🚨 Alarming News Alert: Crypto Scams You Must Know Abou

The world of cryptocurrencies is not without its dangers, with numerous scams exploiting unsuspecting investors. Here are some of the most notorious cases to stay aware of:

1. FTX Collapse: In November 2022, FTX fell apart due to mishandling billions of dollars in customer funds. Its founder, Sam Bankman-Fried, received a 25-year prison sentence for fraud.

2. Luna and TerraUSD Crash: These cryptocurrencies suffered a $60 billion loss in May 2022. The founder, Do Kwon, was arrested in March 2023.

3. **QuadrigaCX Ponzi Scheme**: The death of founder Gerald Cotten in 2018 left $215 million inaccessible. It was later uncovered as a Ponzi scheme.

4. **Africrypt Theft**: In 2021, Africrypt scammed investors out of 70,000 BTC. Founders Ameer and Raees Cajee are under investigation for money laundering.

5. **SafeMoon Fraud**: In 2021, executives withdrew over $200 million for personal use, leading to SEC fraud charges.

6. **Pro-deum Exit Scam**: In 2018, Pro-deum vanished with all investor funds.

7. **Pincoin and iFan Scam**: Modern Tech's ICOs raised $660 million in 2018 through a Ponzi scheme. The team disappeared with the funds.

8. **Celsius Network Bankruptcy**: In 2022, Celsius Network paused withdrawals and filed for bankruptcy, owing $4.7 billion. The company is now working to return assets to customers.

9. **Centra Tech Fraud**: In 2017, Centra Tech raised $25 million with fraudulent promises, resulting in prison sentences for the founders.

10. **Mining Max Scam**: In 2017, Mining Max defrauded investors of $250 million, with only a fraction spent on mining, affecting 18,000 investors.

**How to Protect Yourself:**

- **Research Thoroughly**: Always conduct in-depth research before investing.

- **Verify Credentials**: Ensure the legitimacy of the team's background.

- **Avoid Unrealistic Promises**: Be wary of promises that seem too good to be true.

- **Diversify Investments**: Spread your investments across different assets.

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