URGENT NEWS ALERT

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Beware of Major Cryptocurrency Scams The cryptocurrency market, known for its potential high returns, is also a hotspot for scams and fraudulent schemes. Scammers are constantly evolving their tactics to exploit unsuspecting investors.

Below are some of the most notorious scams that have shaken the crypto world:

FTX: This exchange infamously collapsed in November 2022 due to mismanagement of billions in customer funds, leading to the conviction of founder Sam Bankman-Fried, who received a 25-year sentence for fraud.

Luna and TerraUSD: These digital assets were at the center of a catastrophic $60 billion crash in May 2022, culminating in the arrest of founder Do Kwon in March 2023. QuadrigaCX: The sudden death of founder Gerald Cotten in 2018 left $215 million inaccessible, later revealed to be part of a Ponzi scheme.

Africrypt: In 2021, this scam resulted in the theft of 70,000 BTC, with founders Ameer and Raees Cajee now under investigation for money laundering. **SafeMoon:** Another scheme that has drawn attention due to its dubious practices.

Other notable frauds include Proodeum, an exit scam in 2018 where the team vanished, leaving investors empty-handed, and Pincoin and iFan, where Modern Tech swindled $660 million through ICOs before disappearing, another Ponzi operation.

Celsius Network paused withdrawals in 2022 and filed for bankruptcy with a $4.7 billion debt, though they are now working on returning assets to customers. To safeguard yourself from these kinds of scams, it's crucial to conduct extensive research and verify the legitimacy of any project’s team.

Be particularly cautious of offers that seem overly promising. By staying vigilant, you can reduce the risk of falling victim to fraudulent schemes in the cryptocurrency space.

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