Fake Cryptocurrency Scams: The Case of TrumpFel Coin and other cryptocurrencies linked to Donald Trump
In recent years, the cryptocurrency market has attracted not only investors and enthusiasts, but also scammers who see an opportunity to scam unsuspecting people. Notable examples of fraudulent cryptocurrencies are TrumpFel Coin and cryptocurrencies named after Donald Trump. These cases serve as a warning about the dangers associated with investing in digital currencies without due diligence.
These scams generally follow a similar pattern:
Deceptive Marketing: Scammers promote cryptocurrencies through aggressive marketing campaigns, often using fake or misinformed social media and celebrities to attract attention. The promise of big returns and the connection with a well-known public figure are the main attractions.
Initial Sale: Investors are encouraged to purchase the cryptocurrency during an initial offering (ICO) or on exchange platforms. Rushing is encouraged with the promise that the price will increase quickly.
Block Sales: Once investors buy the coins, they discover that they cannot sell them. Scammers can block transactions or limit the sellability of cryptocurrencies, keeping investors' funds tied up.
How to Protect Yourself from Cryptocurrency Scams
Proper Research: Conduct detailed research on the coin, its founders, and the company behind it. Be wary of promises of quick and high returns.
Reputation Check: Look for information from trusted sources and participate in cryptocurrency discussion forums to check the reputation of the coin and developers.
