URGENT ALERT 🚨🚨⚠️⚠️ Beware of Major Cryptocurrency Scams ⚠️⚠️🚨🚨

While the cryptocurrency space offers immense opportunities for gains, it has also become a target for scammers who use increasingly sophisticated methods to exploit investors. Below are some of the biggest scams that have rocked the crypto world:

FTX: This major exchange collapsed in November 2022 after mishandling billions in customer assets. Its founder, Sam Bankman-Fried, was sentenced to 25 years in prison for fraud.

Luna and TerraUSD: These stablecoins led to a massive $60 billion wipeout in May 2022, and founder Do Kwon was later arrested in March 2023.

QuadrigaCX: Following the sudden death of founder Gerald Cotten in 2018, $215 million in investor funds disappeared, eventually revealed to be part of a Ponzi scheme.

Africrypt: In 2021, 70,000 BTC vanished in a major fraud, and founders Ameer and Raees Cajee are now under investigation for money laundering.

Other schemes to be cautious of include Proodeum and Pincoin — both exit scams from 2018 that left investors high and dry. Celsius Network froze withdrawals and filed for bankruptcy in 2022, with $4.7 billion in liabilities, while Centra Tech and Mining Max swindled millions from investors with false promises and fraudulent operations.

To protect yourself, always verify the legitimacy of any project before investing. Double-check the backgrounds of those involved, and remember—if an offer sounds too good to be true, it probably is. Staying vigilant is your best defense against becoming the next victim in these fraudulent schemes.

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