šØ Urgent Crypto Alert: Beware of Major Scams! šØ
The cryptocurrency world offers incredible opportunities but is also rife with scams designed to deceive. Stay informed and protect yourself from these notorious schemes:
š“ FTX: Once a titan in the crypto space, FTX collapsed in November 2022 due to massive mismanagement. Founder Sam Bankman-Fried now faces 25 years in prison for fraud.
š“ Luna & TerraUSD: In May 2022, these tokens saw a catastrophic $60 billion crash. Founder Do Kwon was arrested in March 2023 as the fallout continued.
š“ QuadrigaCX: After the death of founder Gerald Cotten in 2018, $215 million vanished, later exposed as a Ponzi scheme.
š“ Africrypt: Investors lost 70,000 BTC in 2021, with founders Ameer and Raees Cajee now under investigation for money laundering.
š“ SafeMoon: Under the spotlight for dubious practices and lack of transparency.
Other noteworthy scams include:
- Proodeum: An exit scam that left investors high and dry in 2018.
- Pincoin & iFan: Modern Tech swindled $660 million in 2018 before disappearing.
- Celsius Network: Filed for bankruptcy in 2022 with $4.7 billion in debt, now working to return assets to customers.
- Centra Tech: Raised $25 million on false promises in 2017, leading to the founders' imprisonment.
- Mining Max: Defrauded $250 million in 2017, with only a small portion used for actual mining, impacting 18,000 investors.
š Stay Safe: Always research and verify any crypto project. Be cautious of promises that seem too good to be true.
Stay informed, stay alert, and safeguard your investments!
#CryptoSafety #Binance #InvestSmart #CryptoScams #StayInformed
