Cryptocurrency has become a popular choice among investors and traders. The rising price of the cryptocurrencies such as bitcoin, ethereum, and dogecoin is leading to the rise in scams related to these cryptocurrencies.
News on Rising Cryptocurrency Scams-
According to the data presented by the Federal Trade Commission, more than $80 million have been lost in the cryptocurrency investment scam by Americans since October, which has shown a 1,000% increase from the fall of 2019. The people affected by this were majorly between the age group of 20-39 years. Out of losses reported to the Federal Trade Commission, they state that this age group represents 44% of the reported losses.
Furthermore, about 7,000 reports of crypto investment scams have been received by the agency, as stated by the FTC. A median loss of $1,900 was revealed by the agency since the last fall. As many people are still unaware about the fact of dealing with Cryptocurrency, the advantage is being taken by the scammers that can seem plausible.
We all are aware of the fact that digital currencies have been the center of attention for most of the financial and business headlines. Many of the big firms have started accepting bitcoin as their payment mode. According to many of the experts, Bitcoin is a highly unsafe form of money that reached a price of nearly $50,000 that as its record price. Following which the Dogecoin and Ethereum also hit the record price earlier in the current year.
Some of the well-known retailers that accept bitcoin are Whole Foods, Starbucks, and Visa. Later, Elon Musk, the CEO of Tesla also announced that his company was accepting bitcoin as a method of payment for electric cars. However, now they have stopped considering bitcoin as a payment method by keeping in mind the environmental concerns.
The volatile nature of Cryptocurrency and continuous changes in its value still restricts many investors from Cryptocurrency Investments. The Federal Trade Commission states that the scammers are too creative to lead people into scam crypto investments.
Some of the ways the scammers may mislead you are by-
- Pretending to be a government agency and business firm related to Cryptocurrency.
- Offering attractive investment tips online that redirect the users to scam websites.
- Pretending to be the celebrities and trick the users.
According to the FTC, the users can spot a scam if-
- Any firm is guaranteeing them a huge profit in return for sending cryptocurrency to them.
- If a firm encourages you to make transaction using cryptocurrency only.
- If a firm claim that it can help you grow your investments using cryptocurrencies.
Get You Lost Funds Back!
It can be concluded that scammers will introduce any kind of lucrative way to mislead the investors and scam them. The only objective of them is to steal as much money they can by offering various attractive deals and offers. If you have faced any kind of these scams or have been a victim of the scam, feel free to contact Scam Victims Help, as we are the dedicated community offering help in recovering your lost funds.
If you feel you are scammed – Report a complaint here
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