Crypto scams have been rampant since bitcoin-like cryptocurrency surges in price these years. As cryptocurrencies gain popularity and its underpinning technology blockchain grows, crooks are taking advantage of the nascent and trendy concepts to scam innocents.
According to a previous report by 8btc, as of April 2018, 421 fake cryptocurrencies have been detected by a unit serving for the country’s internet watchdog. The number has still been on increase along with the phenomenal growth of cryptocurrencies.
A bigger regulatory and legal crackdown aimed at outright fraud have been in action. In the past few years, especially since 2018, China’s push to crack down on crypto scams has brought with it a serial of arrest within the country, including the notorious OneCoin scam which amassed €1.9 billion, $3 billion Ponzi scheme PlusToken, $193 million IAC, $46 million HeroChain (HEC), GGT, YouBank, YES… Suspected scams including VDS, CloudToken, wotoken, LCF, etc, have been repeatedly exposed by local media.
For cryptocurrency investors looking to make the most of these nascent investment opportunities, be careful and away from these scams…