Crypto Scams now the second largest in the world

[TheUltraElite]

The rapid development of crypto makes anyone interested in investing in crypto, this is what makes scammers target crypto as a target for scams, they think that with crypto they can multiply money quickly, and nowadays more and more projects are being used for scam purposes and we should always be vigilant and not be too easy to put money in projects that are not clear.

Very few crypto projects are that clear that you can invest without risk. Most of them have some sort of word-jugglery in order to fool investors into putting in more money than they can afford.

In reality, the IPO/fiat market is way more regulated and safer compared to crypto ICOs. But then scams will be everywhere you try to look.

Truely, projects that say they can multiply money in short period of time are scam but newbies like to believe in them.

[bitterguy28]

According to the report from Better Business Bureau scams involving cryptocurrency are the most prominent and riskier one after the online purchase scams which accounts 37% of world's total scams. Earlier cryptocurrency was placed at the seventh position on this list, and during the year 2020 it has moved to the second position. Only 2% of the scams around the world account to cryptocurrency scams, but the amount involved seems to be high. On an average it is found to be around $1200. With cryptocurrency Scams/frauds Rug Pulls are very common.

What is "Rug Pull"
This is a process of creating new cryptocurrency. A person or group create and establishes whole new cryptocurrency or token that investors can put their money into. They garner all the funds they need, and right when the token appears to be reaching a new price peak, the executives run off with all the cash, leaving investors with bruised egos and empty pockets.

Crypto Scams now the second Deadliest in the world :BBB

Lets look at this as a Momentum because this proves one thing that when there are Scammers then there are possible victims and if there is possible victims meaning the market is healthy and profitable right?

I may at some part hate this thing but part of me also says that we must be thankful because this is the proof of how our crypto market is becoming popular around the world with the amount of scams taken each time.

[Grendal]

I am currently being scammed and would like any insight into what to do.

[Vaskiy]

Very few crypto projects are that clear that you can invest without risk. Most of them have some sort of word-jugglery in order to fool investors into putting in more money than they can afford.

In reality, the IPO/fiat market is way more regulated and safer compared to crypto ICOs. But then scams will be everywhere you try to look.

Truely, projects that say they can multiply money in short period of time are scam but newbies like to believe in them.

The scammers around the market keeps increasing with time as a result of increased demand for cryptocurrency investment. When people think of making easy money, they easily get trapped. This isn't with cryptocurrency, the same happens with other markets too. Mostly in the name of MLM most of the scams were organised. Traditional IPO is way more regulated which keeps them at lower risk against crypto projects.

Newbies were introduced to cryptocurrency as a way to make money in a very short time period. This shouldn't be done. One need to be introduced to cryptocurrency with the description of its risks. This is why most of the newbies gets landed on multiplier project scams and never find cryptocurrency market trusted.

[awik p]

The rapid development of crypto makes anyone interested in investing in crypto, this is what makes scammers target crypto as a target for scams, they think that with crypto they can multiply money quickly, and nowadays more and more projects are being used for scam purposes and we should always be vigilant and not be too easy to put money in projects that are not clear.

Very few crypto projects are that clear that you can invest without risk. Most of them have some sort of word-jugglery in order to fool investors into putting in more money than they can afford.

In reality, the IPO/fiat market is way more regulated and safer compared to crypto ICOs. But then scams will be everywhere you try to look.

Truely, projects that say they can multiply money in short period of time are scam but newbies like to believe in them.

What is attractive about crypto is the multiplication of money in a fast time. but it contains a risk that many novice investors are aware of in the end. and many of the stories in crypto have sad and happy endings, a lot of us hear the news of people getting rich suddenly and they are still young. it's like moving assets in the near future. It's not a prohibition to invest that has a high risk, but we must have sufficient knowledge before starting

[kotajikikox]

According to the report from Better Business Bureau scams involving cryptocurrency are the most prominent and riskier one after the online purchase scams which accounts 37% of world's total scams. Earlier cryptocurrency was placed at the seventh position on this list, and during the year 2020 it has moved to the second position. Only 2% of the scams around the world account to cryptocurrency scams, but the amount involved seems to be high. On an average it is found to be around $1200. With cryptocurrency Scams/frauds Rug Pulls are very common.

What is "Rug Pull"
This is a process of creating new cryptocurrency. A person or group create and establishes whole new cryptocurrency or token that investors can put their money into. They garner all the funds they need, and right when the token appears to be reaching a new price peak, the executives run off with all the cash, leaving investors with bruised egos and empty pockets.

Crypto Scams now the second Deadliest in the world :BBB

How sad to see this kind of News imagine there are so much happening in the world but crypto becomes the most scamming area in regards to profiting ?
maybe it is indeed but also I can see this to be a positive one because look at how many market we have in the world yet crypto become the ranked number  1 in scam so there are many people here that interested in the market because there are lots of money inside and this is very healthy .

[Oasisman]

According to the report from Better Business Bureau scams involving cryptocurrency are the most prominent and riskier one after the online purchase scams which accounts 37% of world's total scams. Earlier cryptocurrency was placed at the seventh position on this list, and during the year 2020 it has moved to the second position. Only 2% of the scams around the world account to cryptocurrency scams, but the amount involved seems to be high. On an average it is found to be around $1200. With cryptocurrency Scams/frauds Rug Pulls are very common.

What is "Rug Pull"
This is a process of creating new cryptocurrency. A person or group create and establishes whole new cryptocurrency or token that investors can put their money into. They garner all the funds they need, and right when the token appears to be reaching a new price peak, the executives run off with all the cash, leaving investors with bruised egos and empty pockets.

Crypto Scams now the second Deadliest in the world :BBB

Lets look at this as a Momentum because this proves one thing that when there are Scammers then there are possible victims and if there is possible victims meaning the market is healthy and profitable right?

I may at some part hate this thing but part of me also says that we must be thankful because this is the proof of how our crypto market is becoming popular around the world with the amount of scams taken each time.

Possible victims? Nah, you call them "willing victims". The increasing number of altcoins including those stupid meme coins is enough of a reason that some people in crypto space likes to gamble with high risk high return kind of investments.
But then again, they are not called possible victim, instead they are the willing victim.
It's not supposed to be that Bitcoin and crypto is going to be popular because of the high rate of scams, and there's nothing to be thankful about that lol.
Bitcoin is supposed to become popular because of its border less transactions, decentralisation, and anonymity.

[tygeade]

How sad to see this kind of News imagine there are so much happening in the world but crypto becomes the most scamming area in regards to profiting ?
maybe it is indeed but also I can see this to be a positive one because look at how many market we have in the world yet crypto become the ranked number  1 in scam so there are many people here that interested in the market because there are lots of money inside and this is very healthy .

Unfortunately, the fact that if you get scammed, there is a big chance that you will never see that money back again, and people do not even work for it is the main reason. Don't get me wrong, there are scams in the regular world everyday as well, but there is at least courts for that and even though you can't get your money back most of the time there, you will also end up putting that person in jail or make them a fugitive which is something you could feel a bit better about, not enough but at least something, in crypto there isn't even that most of the time.

This is why scammers prefer crypto these days, since they know they may get away with it without even getting sued.

[JohnBitCo]

Unfortunately, the fact that if you get scammed, there is a big chance that you will never see that money back again,

Even, the scams which are outside of crypto, you will not be able to get your money back either.

cryptocurrency market scam cases are reducing every year, i don't know about this research but what i see is a very significant reduction every year, in 2016 to 2019 people easily fall for scam ICO projects, then also easily people invested in scam altcoins and used scam exchanges, but today people are more selective in projects and exchanges because there is already a lot of information that they cannot use exchange scam and that they should be careful with scam projects

Statistics says just the opposite, number of scams is multiplying year by year. And it has sense as crypto market is still growing significantly: you can think that comparatively there are less frauds but in absolute terms there are much more different scam projects including different local projects which are not so known outside of local communities. Moreover scammers still think that they will not be punished for crypto frauds and suppose it would be safe for them (it is far from truth but their confidence makes them scam harder).

Actually crypto is still in its early stages and scammers are easily able to fool the newbies in this field. People jump into crypto without much knowledge and scammers used this to their advantage. Also crypto is decentralized and not regulated, both of these things are exploited by the scammers.

[dataispower]

I am currently being scammed and would like any insight into what to do.

I don't think you track or retrieve any amount of funds you being scammed from scammers, because right scammers always being advance every time, and mostly what makes people to being scammed is because unverified investment platforms they join for them to make profit, I don't think their is way ou can redeem your funds as you i said before, no insight that will be better than avoiding scam project or investment

[jokers10]

Actually crypto is still in its early stages and scammers are easily able to fool the newbies in this field. People jump into crypto without much knowledge and scammers used this to their advantage. Also crypto is decentralized and not regulated, both of these things are exploited by the scammers.

Since most scammers are using trust frauds, yes, they are trying to confuse those who are them aimed to cheat. And they usually use hypic topics in which few people understand at the moment. Cryptocurrencies are both polular and not understood enough by majority. That's why we are working on spreading the word about crypto so more people can know enough not to be deceived.

[yazher]

A few days ago another Ponzi Scheme has been busted by the authorities in our country where they again promise their investors a high percentage ROI and runs with the money but thankfully they were got caught they will face multiple charges. The famous rug pull I've ever known was the face Squid game coins which many have fallen victim to and they still losing hope to recover back their funds because the coin was fake and has no promises to return.

[ChiBitCTy]

Working in finance one thing that I’ve been taught / take financial licensing exams for is how to watch out for scams, and it’s honestly never been a surprise to me that bitcoin /cryptocurrency have become such huge scam havens. So few people take the time to study how it works but think they can get rich quick so they hop in blindly.

[xSkylarx]

Working in finance one thing that I’ve been taught / take financial licensing exams for is how to watch out for scams, and it’s honestly never been a surprise to me that bitcoin /cryptocurrency have become such huge scam havens. So few people take the time to study how it works but think they can get rich quick so they hop in blindly.

As long as money is involved, you really watch out for scams. I agree that bitcoin will be used for this, but what I have noticed is that way back in 2016, I really saw a lot of scams using this, but people always fell for it. It is unlike now that people are aware of it and knew that it would be a scam, but here in our place, I don't know what is happening. Scammers are really approaching you in real life or real accounts on social media to present any ponzi schemes, and a lot of people got scammed by it. When they hear about bitcoin, they are eager to invest their money in it.

[taufik123]

-snip-

Bitcoin or cryptocurrency becomes a tool that can be used for anything, such as for fraud. Scammers use cryptocurrencies as a field to spread their fraudulent territory in all kinds of ways, presenting Ponzi schemes, investing with unreasonable profits and persuading to enter their circle.
Ordinary people may be interested in Bitcoin but they are not aware that they are being targeted by scams.

Therefore, there is a need for education so that they know and can distinguish which investments are truly profitable and which are scammers that are really detrimental.

[Oilacris]

Working in finance one thing that I’ve been taught / take financial licensing exams for is how to watch out for scams, and it’s honestly never been a surprise to me that bitcoin /cryptocurrency have become such huge scam havens. So few people take the time to study how it works but think they can get rich quick so they hop in blindly.

As long as money is involved, you really watch out for scams. I agree that bitcoin will be used for this, but what I have noticed is that way back in 2016, I really saw a lot of scams using this, but people always fell for it. It is unlike now that people are aware of it and knew that it would be a scam, but here in our place, I don't know what is happening. Scammers are really approaching you in real life or real accounts on social media to present any ponzi schemes, and a lot of people got scammed by it. When they hear about bitcoin, they are eager to invest their money in it.

If we do tend to severity of scams back in the past and comparing to now then we could definitely say that people do really become even more wiser when it comes to investment.It might not totally

get ridding of it but the numbers had really lessen out all over the years which does indicate that we are really that becoming more aware on how scams and frauds do really happen on this market.

Watch out for scams because they are everywhere.Dont make yourself greedy to be fooled enough on something like this.

[tabas]

A few days ago another Ponzi Scheme has been busted by the authorities in our country where they again promise their investors a high percentage ROI and runs with the money but thankfully they were got caught they will face multiple charges.

Many are still victimized by these ponzis because they all think the same that they can get money easily and earn from it.
But these victims are greedy and that's the reason why they keep on becoming victims of these. As for the scammers, they see this weakness of the people and they're bringing the same scams with different names since these people are not learning from their experience.

[fara_buduk]

As a cryptocurrancy commodity that is most in demand and growing rapidly, I think it's only natural that it occupies number 2 for now because there are many factors that give fraudsters the opportunity to trap fish into the net.
the large number of newcomers, influenced by the existing fomo and the nature of greed is one of the causes.
And including many new projects left by the team due to lack of planning by an inexperienced and incompetent team so many lose their money, this is not a scam but mentally investors will feel cheated

[Rengga Jati]

This is the reason why you need to avoid shitcoins and pick only Bitcoin if you want to start to invest on crypto space. After 13 years created, Bitcoin never ever scam anyone until now.

People who know well crypto investment must follow what you stated. Unfortunately, many beginners who don't have enough knowledge of crypto, are interested in the promotion of those shitcoins on varied social media. Sweet promises from shitcoins armies, lead many amateurs to buy at a nonsense rate. They always said that investing in those shitcoins will make you rich quickly, investing in Bitcoin needs a lot of time to gain profits. 

[CaVO32]

This is the reason why you need to avoid shitcoins and pick only Bitcoin if you want to start to invest on crypto space. After 13 years created, Bitcoin never ever scam anyone until now.

People who know well crypto investment must follow what you stated. Unfortunately, many beginners who don't have enough knowledge of crypto, are interested in the promotion of those shitcoins on varied social media. Sweet promises from shitcoins armies, lead many amateurs to buy at a nonsense rate. They always said that investing in those shitcoins will make you rich quickly, investing in Bitcoin needs a lot of time to gain profits. 

Because a lot of these people are hoping that their initial investments will increase many folds. This is why they want to invest in like pump and dump coins. But the risk is very high in this type of coin. If you want an assurance that your money won't disappear, better opt for bitcoin. These fraudsters are the reasons why noncrypto users have negative connotation when it comes to bitcoin or crypto. But for example, bitcoin itself is not a scam. It is the people who are using it to their own gain are scammers.