🚨🚨🚨‼️ ALERT ‼️🚨🚨🚨
The cryptocurrency market has been hit by several significant scams, illustrating ongoing challenges for investors. Here are some notable instances:
1. FTX: The exchange collapsed in November 2022 due to mishandling billions in customer funds, with founder Sam Bankman-Fried sentenced to 25 years for fraud.
2. Luna and TerraUSD: These cryptocurrencies suffered a $60 billion loss in May 2022, leading to founder Do Kwon's arrest in March 2023.
3. QuadrigaCX: Founder Gerald Cotten's death in 2018 left $215 million inaccessible, revealing a Ponzi scheme.
4. Africrypt: Investors lost 70,000 BTC in 2021, with founders Ameer and Raees Cajee facing money laundering investigations.
5. SafeMoon: Executives withdrew over $200 million for personal use in 2021, facing SEC fraud charges.
6. Pro-deum: A 2018 exit scam where investors lost all funds.
7. Pincoin and iFan: These 2018 ICOs by Modern Tech raised $660 million via a Ponzi scheme before disappearing.
8. Celsius Network: In 2022, it paused withdrawals, filed for bankruptcy owing $4.7 billion, and is now returning assets.
9. Centra Tech: Raised $25 million in 2017 with false promises, resulting in prison sentences.
10. Mining Max: Defrauded investors of $250 million in 2017, impacting 18,000 investors with minimal mining activity.
To protect yourself, research thoroughly, verify team credentials, avoid unrealistic promises, diversify investments, and avoid consolidating funds. Stay vigilant and make informed decisions in the volatile crypto market.
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