The world of cryptocurrency offers massive profit potential, but it's also crawling with scammers looking to steal your hard-earned cash. To keep your investments safe, hereâs a look at some of the biggest crypto scams that rocked the market:
FTX Fallout: In November 2022, FTX imploded, losing billions in customer funds due to major mismanagement. Founder Sam Bankman-Fried is now serving a 27-year sentence for fraud. Itâs a reminderâalways double-check where youâre putting your money.
Luna and TerraUSD Crash: In May 2022, Luna and TerraUSDâs collapse wiped out $58 billion in value. Founder Do Kwon was arrested in March 2023 for his role in this disaster. This case showed just how quickly things can unravel in the crypto space.
QuadrigaCX Scandal: After founder Gerald Cottenâs mysterious death in 2018, $200 million in customer funds disappeared. Turns out, it was a Ponzi scheme all along. Lesson? Always be cautious, even with well-known platforms.
Africrypt Vanishes: In 2021, Africrypt investors lost a staggering 65,000 BTC. The founders, Ameer and Raees Cajee, are now under investigation for laundering the funds.
But these arenât the only schemes to watch out for. Others like SafeMoon, Prodeum, Pincoin, and iFan have left investors with empty wallets after promising the moon and delivering nothing. Even Celsius Network and Centra Tech are cautionary tales of platforms that once seemed legit but left investors burned with billions lost.
How to Protect Your Investments:
âȘïžAlways research the team behind any crypto project.
âȘïžBe wary of any promises of guaranteed high returns, if it sounds too good to be true, it probably is.
âȘïžDo your due diligence and stay alert. The best way to keep your money safe is by staying informed and cautious.
Crypto can offer incredible rewards, but only if you know how to avoid the pitfalls!
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