Cryptocurrency Scams: A Warning and a Wake-Up Call 🚨⚠️🙄

Stay vigilant and informed to avoid falling prey to fraudsters in the crypto space! Here are some notable scams to be aware of:

FTX: Collapsed in November 2022 due to mismanagement of customer funds, resulting in a 25-year prison sentence for founder Sam Bankman-Fried.

Luna and TerraUSD: Suffered a $60 billion loss in May 2022, leading to the arrest of founder Do Kwon in March 2023.

QuadrigaCX: Founder Gerald Cotten's death in 2018 left $215 million inaccessible, later revealed to be a Ponzi scheme.

Africrypt: Scammed investors out of 70,000 BTC in 2021, with founders Ameer and Raees Cajee under investigation for money laundering.

SafeMoon: Executives withdrew over $200 million for personal use in 2021, leading to SEC fraud charges.

Pro-deum: Vanished in 2018, leaving investors with significant losses.

Pincoin and iFan: Modern Tech's ICOs raised $660 million in 2018 through a Ponzi scheme, with the team disappearing after collecting funds.

Celsius Network: Paused withdrawals in 2022 and filed for bankruptcy owing $4.7 billion, now working to return assets to customers.

Centra Tech: Raised $25 million in 2017 with fraudulent promises, resulting in prison sentences for the founders.

Mining Max: Defrauded investors of $250 million in 2017, with only a fraction spent on mining, affecting 18,000 investors.

To protect yourself:

Conduct thorough research on the project and team

Verify the team's credentials and expertise

Be cautious of unrealistic promises and guarantees

Diversify your investments to minimize risk

Refrain from storing all funds in one place

Stay up-to-date with market news and trends

By being aware of these scams and taking necessary precautions, you can mitigate the risk of falling victim to fraud in the crypto market. Always invest wisely and stay cautious!

#Alert🔴 #Warning #Write2Earn! #CPI_BTC_Watch #Ethereum_ETFs_Expected_Date