🚨🚨🚨Emergency alert!
Recently, the cryptocurrency market has been turbulent, and many major fraud cases have occurred frequently, which has sounded the alarm for investors. Here are a few typical cases:
FTX Exchange: In November 2022, it collapsed due to improper handling of billions of customer funds, and founder Sam Bankman-Fried was sentenced to 25 years in prison for fraud.
Luna and TerraUSD: In May 2022, the two cryptocurrencies lost up to $60 billion, and founder Quan Daoheng was arrested in March 2023.
QuadrigaCX: In 2018, the death of founder Gerald Cotten made $215 million in funds inaccessible, and revealed the nature of its Ponzi scheme.
Africrypt: In 2021, investors lost 70,000 bitcoins, and founders Amir and Rais Kaji faced money laundering investigations.
SafeMoon: In 2021, executives allegedly embezzled more than $200 million for personal use and are currently facing fraud charges from the U.S. Securities and Exchange Commission (SEC).
Pro-deum: An exit scam in 2018, investors lost all their funds.
Pincoin and iFan: In 2018, these two ICO projects launched by Modern Tech disappeared after raising $660 million through a Ponzi scheme.
Celsius Network: Suspended withdrawals in 2022, filed for bankruptcy, and is currently returning assets with a debt of $4.7 billion.
Centra Tech: Raised $25 million under false promises in 2017, which ultimately led to the imprisonment of relevant personnel.
Mining Max: Defrauded investors of $250 million in 2017, affecting 18,000 investors, with very little actual mining activities.
To protect their own rights and interests, investors should conduct in-depth research, verify the qualifications of the team, avoid believing in unrealistic promises, diversify their investments, and avoid excessive concentration of funds. In the volatile cryptocurrency market, it is crucial to stay vigilant and make smart decisions.
