Updated: 9/20/21
Cryptocurrency has grown tremendously lately and along with this comes the growth of scams as well. Some of these scams are pretty obvious to some individuals and other scams are completely invisible to everyone until the scam is revealed. We won’t be able to prevent all scams but we can at least try to stop as many as possible, which will hopefully send a message to the scammers that it won’t be much good to spend their time or effort trying to run a scam.
Check here to see how to take precautions to protect yourself against scams.
There are several different types of scams which include; Fraud, Phishing, Exit Scams, Theft and Hacks, just to mention some of the most popular ones. I plan on informing people about some of these possible scams. This will help people protect themselves and take precautions as needed. If you hear about a scam that you think I should put up here, feel free to contact me.
I don’t mean to discourage anyone from this exciting world, I just want to bring this topic to light to help keep people from getting scammed. My point from posting these are if it sounds way too good to be true, then it probably is, take all precautions that you can and use your resources and do some homework before investing.
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Old scams that you might want to know about. Some of these scams are infamous, you may hear individuals referencing some of these on Twitter, Facebook, Reddit, etc. The Mt. Gox scam is the gift that keeps on giving. After the shutdown of Mt. Gox, the cryptocurrency that was seized was turned over to the government for selling so they could recover some of the funds. Some of those Bitcoins were sold last week, but because of the way the sale was conducted, it helped put the market in a sell-off which caused a tremendous drop in the market of over 100 million dollars.