šØ Urgent Warning: Cryptocurrency Scams on the Rise šØ
The cryptocurrency world, while full of opportunities, is also riddled with significant risks. Scammers are continuously refining their tactics to prey on unsuspecting investors. Below is a summary of some of the most notorious scams that have rocked the crypto landscape:
FTX Collaps
e (2022): Once a leading exchange, FTX imploded in November 2022 after mishandling billions in customer funds. Its founder, Sam Bankman-Fried, was sentenced to 25 years for fraud.
Luna and TerraUSD Crash (2022): In May 2022, the collapse of Luna and TerraUSD erased $60 billion, leading to the arrest of their founder, Do Kwon, in March 2023.
QuadrigaCX Scandal (2018): Investors were left in limbo when $215 million became inaccessible following the death of founder Gerald Cotten. It was later revealed as a Ponzi scheme.
Africrypt Fraud (2021): Brothers Ameer and Raees Cajee allegedly defrauded investors of 70,000 BTC. They are currently under investigation for money laundering.
Proodeum Exit Scam (2018): Proodeum abruptly disappeared, leaving investors with nothing.
Modern Tech ICO Fraud (2018): The team behind Pincoin and iFan vanished after swindling $660 million from investors.
Celsius Network Bankruptcy (2022): The bankruptcy of Celsius Network froze $4.7 billion in customer assets. While efforts are ongoing to recover funds, many investors remain in limbo.
Centra Tech Deception (2017): Centra Tech raised $25 million on false promises, leading to the imprisonment of its founders.
Mining Max Scam (2017): Mining Max scammed investors out of $250 million, with most of the funds never used for mining as promised.
To protect yourself from such scams, itās crucial to thoroughly research any cryptocurrency project and its team.
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