Tag: common types of crypto scams

6 Common Crypto Scams and How to Avoid Cryptocurrency Fraud
Risk, Security

6 Common Crypto Scams and How to Avoid Cryptocurrency Fraud

The increase in cryptocurrency's acceptance has also given scammers additional opportunities to take advantage of the industry's vulnerabilities and con gullible individuals. Cryptocurrencies fraudsters stole more than $7.8 billion in cryptocurrency in 2020; this amount increased to over $14 billion in 2021 as a result of their success. Every day, new varieties of cryptocurrency scams emerge, and if you're not vigilant, you can wind up falling for one of them. According to estimates from the US Federal Bureau of Investigation (FBI), cybercriminals stole cryptocurrency worth more than US$1.3 billion between January and March 2022. Given that by mid-2022, the market capitalization of all cryptocurrencies combined was just under US$1 trillion, it is a considerable sum. How cryptocur...