Cryptocurrency Scams

Cryptocurrencies such as Bitcoin, Ethereum, and other altcoins are digital money without any physical existence. You can transfer cryptocurrencies to someone online, but there will be no intermediary like a bank or other financial institution. Although cryptocurrencies are meant for digital payments, avoiding transaction fees, and for investment purposes, they are also used to commit fraud. We can witness thousands of cryptocurrency scams and Initial Coin Offering (ICO) scams every year.

You might be aware of the Bitcoin boom when it became extremely popular due to its continuous price rise in recent years. People are getting more and more interested in cryptocurrencies, but scammers have also used them as a means for committing fraud. Some scammers are fake cryptocurrency brokers who lure you with unrealistic returns and fanciful proposals.

Red Flags – Never Trust a Broker Who:

• Assures you of guaranteed returns.
• Promises to double or multiply your money in a short time.
• Is unregistered or unregulated, with negative reviews.
• Continuously calls and pressures you to invest more money.

Hidden Mining Scams

Many cryptocurrency scammers use your computer for mining cryptocurrency without your permission. This is done by sending malicious code to your device, allowing them to secretly connect and use your computing power.

Stay Safe

Only cryptocurrency recovery services may be able to help retrieve stolen crypto. Always conduct thorough research about a broker before trading. Ensure they have:

• Valid regulation.
• A positive reputation.
• Clear and fair terms & conditions.

Read the broker’s website carefully and fully understand their terms before investing.