🛑🛑🛑 ALARMING NEWS ALERT ⛔⛔⛔

The cryptocurrency world is unfortunately riddled with scams, as fraudsters continually develop new ways to deceive investors. Here's an overview of some of the biggest scams you should be aware of:

1. FTX: This exchange collapsed in November 2022 after mismanaging billions in customer funds. Founder Sam Bankman-Fried received a 25-year sentence for fraud.

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

3. QuadrigaCX: The death of founder Gerald Cotten in 2018 left $215 million inaccessible, later exposing it as a Ponzi scheme.

4. Africrypt: In 2021, this scam defrauded investors of 70,000 BTC. Founders Ameer and Raees Cajee are currently under investigation for money laundering.

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

6. Proodeum: This project vanished in 2018, leaving investors with nothing, marking it as an exit scam.

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

8. Celsius Network: This platform paused withdrawals in 2022 and filed for bankruptcy, owing $4.7 billion, and is now working to return assets to customers.

9. Centra Tech: This scam raised $25 million in 2017 with fraudulent promises, leading to prison sentences for the founders.

10. Mining Max: This project defrauded investors of $250 million in 2017, spending only a fraction on mining, impacting 18,000 investors.

To safeguard yourself, conduct thorough research, verify the credentials of the team, avoid offers that seem too good to be true, diversify your investments, and avoid storing all your funds in one place. Stay vigilant and invest wisely to reduce the risk of falling victim to scams in the cryptocurrency market.

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