Nobody wants to fall victim to a scam. Here are some common crypto scams and best practices to avoid them.
is an incredibly valuable asset to criminals. It’s liquid, highly portable and, once a transaction has been made, it’s almost impossible to revert it. As a result, a wave of scams has flooded the digital realm.1. Social Media Giveaway Scams
Suffice it to say, you should just ignore these. If you’re really convinced they are legit, take a closer look at the profiles and you’ll see the differences. You will soon realize that the Twitter handle or the Facebook profile are fake. Consider, for instance, a service that promises 10% returns in a month. You could contribute $100. The organizer then ropes in another ‘client’, who also invests $100. Using this newly-acquired money, he can pay you $110 at the end of the month. He would then need to entice yet another client to join, in order to pay the second one. The cycle continues until the inevitable implosion of the scheme.In a pyramid scheme, there’s a bit more work required by those involved.
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