More than 46,000 people reported losing over $1 billion in cryptocurrency scams since the start of 2021.
Thousands of crypto scams are added daily on the most popular crypto websites. Why they still allow it?
About half of the people who reported being scammed said it started with an ad, post, or message on a social media platform. Instagram, Facebook, WhatsApp, and Telegram all topped the list of social media sites reported as the source of the scams.
The other half who reported being scammed said it started on the most popular crypto sites, like Coinmarketcap, Poocoin etc. Should popular websites like Coinmarketcap od Poocoin take any serious steps before people can list their crypto coin on this popular websites?
Most of the crypto scams on those sites are easily added, even getting ads, which will show it on the main page they are easily allowed, despite being a real project or a scam.
The reported losses in 2021 were nearly sixty times more than what was reported in 2018, and this stats in the upcoming years will just keep increasing.
The worst part about crypto scams is, according to the FTC, since crypto isn’t centralized in a bank, there’s no entity to report fraud or suspicious activity to, and the transactions can’t be reversed.
How to avoid crypto scams?
Simple crypto scam.
Never send cryptocurrency to giveaways under the guise of address verification.
Be skeptical of all giveaways and offers found on social media. Do not trust screenshots in reply messages as images can be forged and altered.
Use your favorite search engine to do research on any entity soliciting you on social media. If the offer sounds too good to be true, it probably is.
