đđđALARMING NEWS ALERT âŒïžđš
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The cryptocurrency market has unfortunately been plagued by numerous scams, with fraudsters continuously devising new schemes to deceive investors. Hereâs an overview of some of the most significant scams you need to be aware of:
FTX: This exchange collapsed in November 2022 after mishandling billions of dollars in customer funds. Founder Sam Bankman-Fried received a 25-year prison sentence for fraud.
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.
QuadrigaCX:
Founder Gerald Cotten's sudden death in 2018 left $215 million inaccessible, later revealed to be part of a Ponzi scheme.
Africrypt:
In 2021, investors were scammed out of 70,000 BTC. Founders Ameer and Raees Cajee are now under investigation for money laundering.
SafeMoon:
Executives withdrew over $200 million for personal use in 2021, resulting in SEC fraud charges.
Pro-deum:
This exit scam in 2018 saw investors lose all their funds.
Pincoin and iFan:
These ICOs by Modern Tech raised $660 million in 2018 through a Ponzi scheme before the team disappeared.
Celsius Network:
In 2022, this platform paused withdrawals and filed for bankruptcy, owing $4.7 billion. They are now working to return assets to customers.
Centra Tech
: This company raised $25 million in 2017 with false promises, leading to prison sentences for its founders.
Mining Max:
In 2017, this scam defrauded investors of $250 million, with only a small portion spent on actual mining, impacting 18,000 investors.
To protect yourself, ensure you conduct thorough research, verify the credentials of the team, avoid investments that promise unrealistic returns, diversify your investments, and do not store all your funds in one place.
Stay vigilant and make informed decisions to safeguard your investments in the volatile cryptocurrency market.
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