ALARMING NEWS ALERT

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The world of cryptocurrencies has unfortunately seen its share of scams, with fraudsters constantly finding new ways to deceive investors. Here's a rundown of some of the largest scams to stay vigilant about:

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

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

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

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

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

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

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

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

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

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

To protect yourself, conduct thorough research, verify the team's credentials, avoid unrealistic promises, diversify your investments, and refrain from storing all funds in one place.

Stay cautious and invest wisely to mitigate the risk of falling victim to scams in the crypto market.

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