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Here are three types of cryptocurrency scams to watch out for – and how to protect yourself. ... This scam relies on hyping a coin and getting more people to buy into it. As the price rises ...
From phishing texts to ‘pig butchering’ romance scams, cryptocurrency fraud is on the rise. Here’s how to spot scams before it’s too late. The FBI says crypto fraud cost Americans $5.6 ...
7. Crypto Ponzi: Mining or Staking Pool Scams. In the cryptocurrency space, Ponzi scams often target mining and staking pools, taking advantage of investors eager to engage with blockchain technology.
For example, a report by Satis Group estimates that 80% of all initial coin offerings that took place in 2017 were scams of this type. [ 7 ] [ 8 ] This would ultimately be surpassed by the Wall Street Market exit scam of 2019, which had $14.2 million worth of cryptocurrencies stolen just before the site was seized by the authorities. [ 9 ]
These earned tokens were purportedly exchangeable for other cryptocurrencies or national currencies, further fueling the excitement around Squid Coin. [3] However, as the value of Squid Coin skyrocketed, [8] [9] concerns began to surface. Investors who had bought into the cryptocurrency soon discovered that they were unable to sell their tokens.
Prosecutors said the scammers spent about three months persuading a 66-year-old man to invest in cryptocurrency. The man, prosecutors said, invested $170,000 but became suspicious when the ...
In 2018, around US$1.7 billion in cryptocurrency was lost to scams, theft and fraud. In the first quarter of 2019, such losses rose to US$1.2 billion. [ 6 ] 2022 was a record year for cryptocurrency theft, according to Chainalysis , with US$3.8 billion [ 7 ] stolen worldwide during 125 system hacks, [ 8 ] including US$1.7 billion stolen by ...
The FBI, in its first public national estimate of the scope of the problem, told OCCRP that losses in the U.S. from scams carried out via crypto ATMs exceeded $120 million in 2023.