Bitcoin Scams News

Bitcoin scams (and other cryptocurrency scams) are an unfortunate aspect of this burgeoning industry. Bitcoin (BTC) was invented as an open, permissionless alternative to the traditional financial system, but with this freedom to transact beyond borders and central administration came opportunities for criminals to exploit this system. 

Legacy financial and monetary systems are certainly rife with scams, but victims are (usually) able to seek recourse and justice in the traditional banking system. Bitcoin, however, does not have insurance policies or a customer support line. 

Bitcoin scams can take many forms, including Ponzi schemes designed to enrich a few at the expense of many, cloud mining schemes promising accessibility and profitability in a centralized mining operation with little capability to deliver on either, and phishing scams designed to steal an unsuspecting individual’s cryptocurrency. 

As regulatory agencies are tasked to enforce frameworks that protect consumers, there is an important distinction between acknowledging and preventing scams within the Bitcoin ecosystem and classifying the cryptocurrency itself as a scam. 

According to the bank, potential cryptocurrency investors usually make an average of three payments before recognizing they’ve fallen victim to a scam.
UK cryptocurrency scams jump 23%, young investors prime targets: Lloyds Bank
Amaka Nwaokocha
To avoid impersonation scams in crypto, verify online profiles, be cautious of overly enticing offers, and employ multi-signature wallets for added security.
Impersonation scams in crypto, explained
Dilip Kumar Patairya
Artist Nelson Saiers’ “Rug Pull” highlighted the victims of crypto rug pulls and perceived SEC inaction in safeguarding investors.
Meet the guerilla artist who staged a crypto ‘rug pull’ in front of the SEC
Vittoria Benzine
A crypto exchange claiming $1.7 billion in daily trades on its website and $1.4 billion in daily trading volume on CoinMarketCap had reportedly displayed false ...
Crypto exchange claiming $1.4B trading volume uses reportedly fake license data
Helen Partz
Australian crypto exchange Swyftx said it had identified a rise in demand for crypto education during the bear market as the reason for its launch.
Swyftx launches ‘Earn and Learn,’ paying Aussies to learn about crypto scams
Martin Young
Responsibility for crypto scams does not only belong to the cryptocurrency industry, it also involves banks, telecoms and social media platforms, Australian exc...
Breaking victim ‘trust’ in scammer is key to beat crypto scams, exchanges say
Helen Partz
In depth
Scammers have made it impossible for Indian crypto traders to conduct P2P trades owing to several police complaints and bank account freezes that follow.
Crypto P2P scams in India show digital asset education is needed
Prashant Jha
Remember HarvestKeeper, the AI project that scammed users for $1 million? You can expect similar AI-based scams to soar over the next couple of years.
Crypto scams are going to ramp up with the rise of AI
Felix Roemer

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