🚨🚨ALARMING NEWS ALERT
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💥💥Major Cryptocurrency Scams to Watch Out For
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👉The cryptocurrency market, while offering significant potential returns, is also fraught with scams. Fraudsters are continually devising new ways to deceive investors. Here are some of the most notable 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 $60 billion loss in May 2022, leading to founder Do Kwon's arrest in March 2023.
🔷️QuadrigaCX: Following founder Gerald Cotten's death in 2018, $215 million became inaccessible, later revealed to be part of a Ponzi scheme.
- **Africrypt**: In 2021, investors lost 70,000 BTC. Founders Ameer and Raees Cajee are under investigation for money laundering.
🔷️SafeMoon: This scheme drew significant attention but eventually faced scrutiny for its business practices.🕊
🔷️Proodeum: An exit scam in 2018, where the team vanished, leaving investors with nothing.
🔷️Pincoin and iFan: Modern Tech raised $660 million in 2018 through ICOs before disappearing, marking another Ponzi scheme.
🔷️Celsius Network: Paused withdrawals in 2022 and filed for bankruptcy, owing $4.7 billion, but is working to return assets to customers.
🔷️Centra Tech: Raised $25 million in 2017 on false promises, resulting in 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 such scams, always conduct thorough research and verify the credentials of the team behind any project. Be wary of promises that seem too good to be true. Exercising caution can help mitigate the risk of falling victim to these fraudulent schemes in the cryptocurrency market.
