Cryptocurrency has transformed financial landscapes, providing new investment opportunities. However, it is also fraught with risks, including scams that have resulted in substantial losses. Statistics show billions lost to fraudulent activities. The article delves into various scams, particularly highlighting Finiko, a Ponzi scheme that attracted investors with promises of high returns, ultimately collapsing and preventing users from withdrawing funds. It stresses the need for investor caution and awareness of the increasing frequency of crypto-related crimes, even amid technological advancements in security.
According to Crystal Intelligence, since June 2011 there have been 785 reported incidents, including security breaches, DeFi hacks, and fraud scams. In total, nearly $19 billion has been stolen.
Despite advances in security, crypto crime continues to rise, reminding investors of the importance of vigilance and caution. We'll explore some of the worst crypto scams ever.
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