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. 

News
South African crypto firms are threatening to move operations abroad if lawmakers don’t provide clear regulatory guidelines.
South African crypto firms warn opaque regulations are harming the industry
Brian Quarmby
2021-03-09T05:31:09+00:00
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News
With a charity and some slapdash art theory as a cover, a copycat makes off with 512 ETH in NFT sales.
NFT market top signal? Fake Banksy nets over $1 million in ETH from NFT sales
Andrew Thurman
2021-02-20T15:51:24+00:00
58555
News
Kiss bassist Gene Simmons has again taken to Twitter to shill his crypto holdings, claiming to have now invested in Cardano.
Gene Simmons says he’s added $300K of Cardano to his bags
Samuel Haig
2021-02-19T05:25:11+00:00
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News
Authorities in South Africa are warning investors to be wary of scams amid the current crypto bull market.
South African regulators issue fresh crypto investment warning
Osato Avan-Nomayo
2021-02-04T12:27:56+00:00
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Opinion
Crypto scams don’t just impact investors but the credibility of the industry as a whole, stagnating crypto’s progress.
Crypto industry must keep scammers from stealing another $16 billion
Lihan Hyunwoo Lee
2021-02-02T18:32:46+00:00
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News
Liquidators of the embattled Mirror Trading International want a deeper probe of the alleged Bitcoin multi-level marketing scheme.
Liquidators seek expanded probe of alleged South African Bitcoin scheme
Osato Avan-Nomayo
2021-01-15T10:49:00+00:00
11538
News
Russian crypto exchange Livecoin claims that it has suffered a “carefully planned attack,” but some in the community suspect an exit scam.
Livecoin exchange goes offline after Bitcoin price reportedly exceeds $320K
Helen Partz
2020-12-25T13:11:21+00:00
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News
More countries are allegedly involved in a major global Bitcoin ad scam.
Investigation traces scam Bitcoin celeb ads to Moscow
Helen Partz
2020-12-15T10:12:04+00:00
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