MORE THAN $32 MILLION LOST TO CRYPTOCURRENCY SCAM

[smyslov]

These circumstances make us become better investors, and makes us developed an insight, now we do not have to take it easy we have to use more time and exert a lot of efforts, you will be late, and you will be left behind if you cannot keep up if you do not upgrade and educate yourself .

[Jonking]

i think its not only like that amount as there are so many projects last 2018 that scammed people.. some earned almost 5 to 10 million dollars in their ICO's.. its not kinda surprise now as we all know that these fraud/scammers are everywhere

[buyasicru]

this number is not an accurate - just think how many "slow scam" projects (that just lose 95% of ATH but do fake activity)

[zenhu]

This why we must learn first before decided to enter the cryptocurrency industry, knowledges are required to everyone. Don't think when you're an investor, it will be easy to get return of investment. Many bad people have ideas to steal another person's money with give them promises profit when they buy the ICO.

[CryptoIyke]

I am sure majority of the scam should be via ICO scam, I can remember a lot of projects that launched their ICO in 2017 and today are no more and the accumulated Millions of dollars and disappeared eventually, some investment programs too.

[martychubbs]

People get scammed in this cruel business. Especially a newbie, and these projects will continue to find new ways to lure people in and scam them. We just have to make sure to be thorough in our research and not give in to this endless fight.

[Little Mouse]

What about the scam which has been done in online with other payment method? Or with the traditional banking system? I don't think it's necessary to highlights the scam with cryptocurrency.

[unusualfacts30]

It is no longer news or new to the cryptocurrency world that we saw several thousands of cryptocurrency project in the year 2018 but unfortunately, most of them died before their inception as a result of bad planning and implementation by the project team. Some of the are actually well planned scams prepared to extort fund from the unsuspecting newbies in the cryptocurrency investment.
Financial Conduct Authority (FCA) reported that over £27million equivalent to over $32million was lost to such scam in the year 2018 alone.
The purpose of this is to encourage the investors to be extremely careful in making a future cryptocurrency investment.

Phishing scams cost businesses half a billion per year and it's not related to crypto but we're not talking about it. Scams will continue to exist as long as there are people but I think bigger thing is what it teaches the system and how it protects itself from it in the future.

[CoinsOrDie]

This is huge and disheartening, in the last few months, cryptocurrency enthusiasts recounted losses from quadrigaX and cryptopia. Sometime I think the cryptocurrency community is not doing enough to curtail these hacks and protect the itself from it which is totally wrong

[robelneo]

It is no longer news or new to the cryptocurrency world that we saw several thousands of cryptocurrency project in the year 2018 but unfortunately, most of them died before their inception as a result of bad planning and implementation by the project team. Some of the are actually well planned scams prepared to extort fund from the unsuspecting newbies in the cryptocurrency investment.
Financial Conduct Authority (FCA) reported that over £27million equivalent to over $32million was lost to such scam in the year 2018 alone.
The purpose of this is to encourage the investors to be extremely careful in making a future cryptocurrency investment.

I think the figure could be higher than that and it's not the final calculations because many more newbies are coming without prior knowledge on  how to invest properly and many more scam coins are coming, they are getting better and can make their projects look legit, even old investors can get scam.

[Drai]

Most of the time, while people get scammed is that they get dragged into FOMO rather than using their head when it comes to investment decisions, this is very bad because as an investor, you owe it to yourself to thoroughly research a project before ever investing into it.

[odukoyaewatomi27]

I think the figures stated is a bit under stated because research have it that 80% of ICOs in 2018 were scam, which means that they took a whole lot of money from investors. The best way to solve this is ico regulations which will protect investors.

[carrigan]

So sad to hear that. We can see the prospect of some coins. However, it is likely normal losing big amounts in the crypto world. However, of the curse, it must not be twice or more than once because it will influence bad in our fund. So far, scams become a big problem for all crypt holders. And we must be careful enough to avoid being scammed. It is difficult but it must be.

[mr_random]

It is no longer news or new to the cryptocurrency world that we saw several thousands of cryptocurrency project in the year 2018 but unfortunately, most of them died before their inception as a result of bad planning and implementation by the project team. Some of the are actually well planned scams prepared to extort fund from the unsuspecting newbies in the cryptocurrency investment.
Financial Conduct Authority (FCA) reported that over £27million equivalent to over $32million was lost to such scam in the year 2018 alone.
The purpose of this is to encourage the investors to be extremely careful in making a future cryptocurrency investment.

Scam projects are more than reported here. Some projects aim to leave the market after raising a few millions but recognizing these projects is not hard as way back to 2018. Investor confidence is not going up because of the shady history of ICOs. New IEO model is more desirable than ICOs but it also doesn't guarantee any possible leak. 

[mdgabrielzim]

I believe this number must be much larger than what this research points out. Here in the forum for example every 10 projects 8 are scams.

[LbtalkL]

Most of the victims of this scam projects are those who are new to cryptocurrency world. There are some good actors they even exist on blockchain conferences take photo with their CEO on popular crypto enthusiast making false hype, fake partnership to fool new investors, so as an investor we need to be critic and dig more info.

[xiboothrezi]

Indeed, there are many who invest in projects whose sources are unclear, and in the end they do scams. But now investors are more familiar with which projects are really serious about running their business, and which ones will commit scams. If you see in 2017 there are also many project scams. But nothing details. I think investors are now smart.

Losses due to fraud do exist in all fields, not just cryptocurrency. That is why we have to do an in-depth analysis to minimize the risk. Knowledge and experience, as you explained, are very necessary as a fortress of fraudsters who are increasingly smart to take advantage of opportunities and cover up their ugliness. My advice, never invest money that you can't afford to lose.

[ali115112]

As you know various ICO was scams and now also launching new ICO that are scams, so investor should invest in IEO other than ICO and should check all the ranking before investment.