🚨 Alarming News Alert 🚨

Beware of Major Cryptocurrency Scams

The cryptocurrency market, while offering significant returns, is also rife with scams. Fraudsters constantly develop new tactics to exploit investors. Here are some of the most notorious scams in the crypto world:

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

Luna and TerraUSD: These cryptocurrencies suffered a devastating $60 billion loss in May 2022, leading to founder Do Kwon's arrest in March 2023.

QuadrigaCX: After founder Gerald Cotten's death in 2018, $215 million became inaccessible, later revealed as part of a Ponzi scheme.

Africrypt: In 2021, investors lost 70,000 BTC, and founders Ameer and Raees Cajee are under investigation for money laundering.

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

Other notable scams include:

Proodeum: This exit scam in 2018 left investors with nothing after the team vanished.

Pincoin and iFan: Modern Tech raised $660 million in 2018 through ICOs, only to disappear, marking it as another Ponzi scheme.

Celsius Network: This platform halted withdrawals in 2022 and filed for bankruptcy, owing $4.7 billion. Efforts are underway to return assets to customers.

Centra Tech: Raised $25 million in 2017 on false promises, leading to the founders' imprisonment.

Mining Max: Defrauded investors of $250 million in 2017, with only a fraction used for actual mining, impacting 18,000 investors.

To protect yourself from these scams, always conduct thorough research, verify the team's credentials, and be cautious of promises that seem too good to be true. Vigilance can help you avoid falling victim to these fraudulent schemes in the cryptocurrency market. Invest wisely and stay informed.

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