🚨⚠️ Crypto Scams: Stay Vigilant ⚠️🚨

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The world of cryptocurrencies has seen numerous scams, with fraudsters continuously devising new ways to deceive investors. Here’s a rundown of some of the largest scams to stay vigilant about:

FTX: Collapsed in November 2022 due to mishandling billions in customer funds. Founder Sam Bankman-Fried was sentenced to 25 years for fraud.

Luna and TerraUSD: Suffered a $60 billion loss in May 2022, leading to the arrest of founder Do Kwon in March 2023.

QuadrigaCX: Founder Gerald Cotten's death in 2018 left $215 million inaccessible, later revealed to be a Ponzi scheme.

Africrypt: Scammed investors out of 70,000 BTC in 2021. Founders Ameer and Raees Cajee are under investigation for money laundering.

SafeMoon: Executives withdrew over $200 million for personal use in 2021, leading to SEC fraud charges.

Pro-deum: Vanished in 2018 with investors losing all their funds, marking it as an exit scam.

Pincoin and iFan: Modern Tech's ICOs raised $660 million in 2018 through a Ponzi scheme. The team disappeared after collecting the funds.

Celsius Network: Paused withdrawals in 2022 and filed for bankruptcy owing $4.7 billion, now working to return assets to customers.

Centra Tech: Raised $25 million in 2017 with fraudulent promises, resulting in prison sentences for the founders.

Mining Max: Defrauded investors of $250 million in 2017, with only a fraction spent on mining, affecting 18,000 investors.

Tips for Protecting Yourself

Conduct Thorough Research: Always verify the legitimacy of a project before investing.

Verify the Team's Credentials: Check the backgrounds and track records of the project's team members.

Avoid Unrealistic Promises: Be wary of projects that promise guaranteed returns or seem too good to be true.

Diversify Your Investments: Don’t put all your money into one project or asset.

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