đ¨ ALERT: Beware of Major Cryptocurrency Scams đ¨
The cryptocurrency market, while offering huge potential returns, has been hit with several scams over the years. Fraudsters are constantly coming up with new ways to trick investors. Here are some of the biggest scams in the crypto world:
FTX: This exchange collapsed in November 2022 after mishandling billions of dollars in customer funds. The founder, Sam Bankman-Fried, was sentenced to 25 years for fraud.
Luna and TerraUSD: In May 2022, these cryptocurrencies lost $60 billion, and their founder, Do Kwon, was arrested in March 2023.
QuadrigaCX: After the death of its founder Gerald Cotten in 2018, $215 million became inaccessible, and it was later revealed to be a Ponzi scheme.
Africrypt: In 2021, 70,000 BTC were stolen from investors, and the founders, Ameer and Raees Cajee, are under investigation for money laundering.
Other notable scams include **SafeMoon**, **Proodeum**, and **Pincoin**, which left investors with nothing after raising millions. **Celsius Network** paused withdrawals in 2022, filing for bankruptcy and owing $4.7 billion. **Centra Tech** and **Mining Max** also tricked investors with false promises, leading to major losses.
To protect yourself, always do thorough research and verify the people behind any project. Be cautious of offers that seem too good to be true. Being careful can help you avoid falling for these scams.
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