Cryptocurrency Scams

As technology evolves, so do the bad guys. It’s not enough to rob a bank or steal an elderly woman’s purse anymore. Scammers are everywhere, and when they’re not after your credit cards, they’re after your cryptocurrency. 

The Cause 

Victims are unaware of frequently used cryptocurrency scams such as email blackmail, online chain referrals, or illegitimate business opportunities. 

The Disease Deterioration 

Scammers convince innocent people to send money via Bitcoin or other cryptocurrencies, and they never see any kind of return on their investment; their money’s gone. 

How Do You Feel

Victims feel cheated, used, and, quite frankly, a little dumb to have fallen for a scam and lost their hard-earned money. 

How Do I Know if I Have Been Infected?

If a victim has sent money to an evasive party who has promised money back quickly or “free” money, and this party has mysteriously disappeared following the submittal, you may have been infected.

How to Avoid ?

Stay away from social media messages that promise money for cryptocurrency, and thoroughly research any online investments and companies. 

Solution if Infected

If you’ve found yourself infected, contact Scam Doctor to connect with the recommended funds recovery company. 

Cryptocurrency Scams

Cryptocurrency hit the market in the form of Bitcoin back in 2009. In the past 12 years, the online currency market has expanded, adding new forms of currency such as Litecoin, Ether, and many more. 

However, expansion is not the only activity that the cryptocurrency world has experienced. Though the price of just one Bitcoin was valued at $1,000 in 2013, the currency market saw a huge crash, and prices began to decline. 

While the market was rebuilding, scammers began reeling their ugly heads. The market was wrought with anonymity and a significant lack of control, making it highly attractive to ne’er do wells looking to snag a few extra bucks.

Thus, cryptocurrency scams were born. 

In fact, the scams across this digital currency world became so prevalent that we actually have infamous examples. The 2014 Mt. Gox scam saw 850,000 Bitcoins scooped up and vanished, earning an anonymous scammer somewhere in the realm of $450M. 

More recently, in 2020, a defiance project called Yfdex. Finance scammed $20M from investors. It only took the company two days of online promotions to make their fortune before they exited the scene. 

These cryptocurrency scams, also known as exit scams, rope in naive investors by expertly promoting what seems like profitable opportunities online. The process for these scammers is really rather simple. A company launches a new crypto platform. They initiate a marketing concept, often using social media and email to secure participants. 

These businesses can spend any amount of time raising money – as much time as they’re willing to risk. Once they’re satisfied with their haul, they will abruptly disappear, and investors will never hear from them nor see their money ever again. 

Taking caution when considering any kind of online cryptocurrency investment is critical in avoiding these scams. If you think you may have been a victim of a cryptocurrency scam, Scam Doctor can offer you a free consultation and get you in touch with a funds recovery company ASAP.