Types of Crypto Scams

Literally, everyone who intends to save money or increase savings has thought about crypto at least once. There are many breathtaking stories about how newcomers increased their capital dozens of times in a few days or weeks. However, there is another kind of story. They tell us how users lost millions of dollars in crypto or, even worse, fell into the crypto scam. Even though the popularity of crypto is growing, too many people still do not know what this asset is and how to work with it. Problems with the regulation of crypto around the world worsen the situation. That’s why crypto scams are becoming more common. You can’t even guess how many fraudulent transactions are carried out every day. However, do not worry. We will help you distinguish crypto scams from worthy projects.

What Is Cryptocurrency and How Do People Use It?

Cryptocurrency is an electronic means of payment without a physical form. The main unit of crypto is coins or tokens. They are used as traditional money, including storage, transfers to third parties, and payment for goods or services.

People use usual fiat money, like dollars and euros to pay for goods and services in everyday life. These can be funds on a bank card, banknotes, or real coins. The state handles the issue of fiat money, which sets and guarantees its value. The number of purchase and sale transactions and paying taxes in the state currency support trust in money.

Fiat currencies are not backed by anything other than people’s trust. Currently, standards providing for using gold or other precious metals to guarantee the value of money are not in effect. The exchange rate of fiat money depends on the attitudes of the state and the economic situation in the country. If necessary, the government could issue an unlimited amount of money and put it into circulation. This increases inflation and reduces confidence in money.

Unlike fiat money, crypto is based on a complex cryptographic algorithm named blockchain. The principle of operation of digital coins is based on an open data transfer protocol. All actions, including issuing new money and processing transactions, are performed collectively by network participants.

Main concepts of crypto:

• Transaction — money transfer operation between accounts.
• Blockchain is a continuous chain of connected blocks where transaction data is recorded.
• Block — a set of transaction data, as well as the number of the previous block.
• Crypto wallet — consists of a public key (wallet number) and a private key (password for access).

Crypto has several significant differences from ordinary money:

1. Decentralization. Network participants perform all actions without involving a single central issuer. Information about the funds is stored in all nodes, so in case of problems, access to the data is preserved.
2. Deflation. When issuing most crypto (but not all), the final issue of coins is known. It guarantees the value of the asset and the absence of inflation.
3. Security. Using blockchain and special algorithms allows you to protect the network from hacker attacks. The more miners and nodes a crypto has, the more difficult it is to carry out an attack.
4. Anonymity. Users receive a wallet number that has nothing to do with their identity. However, knowing the public key, you can view information about the amount of money in the account.

The level of trust of users determines the value of crypto. The more people use it, the higher the cost, and the demand for new coins.

The distrust of the authorities and traditional money explain the popularity of crypto. People began to become disillusioned with monetary policy, so they resorted to using a decentralized payment system. The main advantages of crypto:

1. Reliability. Encryption algorithms, blockchain, and computing power provide the complexity of hacking or forgery of money data.
2. Open-source. This allows everyone to explore the software, look for bugs, and suggest improvements to the network.
3. Limitations. The number of some issued crypto coins is limited and is known in advance. You can change the parameter only with the consent of most users on the network. That’s why Bitcoin costs so much.
4. Cross-border payments. There is no longer a need to use banks or expensive intermediaries to transfer money to other countries.
5. Control over funds. In the case of bank bankruptcy, no one guarantees the safety of funds or the possibility of their return. The crypto holder is personally responsible for digital money.
6. The possibility of earning money. The popularity and development of the new crypto technology allow you to get a greater return on investment compared to traditional tools.

Despite a lot of advantages, crypto has significant disadvantages:

• The risk of losing all the money. To access the money stored in the wallet, you have to enter a private key. It cannot be restored or changed. In case of loss of log-in data, crypto will be frozen on the account.
• Attack 51%. The security of any crypto lies in the decentralization of computing power. However, there may be a situation when one person or a group of people gets access to more than 51% of the network resources. This will allow any changes to be made to the operation of the blockchain. At the same time, the more computing power a crypto has, the more difficult it is to implement this plan.
• The volatility of the exchange rate. The level of user trust and demand affects the value of crypto coins. Also, the market reacts unpredictably to changes in the policies of leading countries regarding crypto.
• There is no regulation. Cryptocurrencies are so far fully regulated by only one state — El Salvador.
• No guarantees. All risks fall on the shoulders of investors. In case of loss of money, theft of funds, or lack of access to the wallet, it is impossible to do anything.

Finally, the drawbacks of digital money are crypto scams. In 2022 alone, hackers stole almost $3 billion from users’ accounts. This year has set a record for the number of such scam crimes. However, even more users fell into crypto scams on their own. According to statistics, most of them choose investment-related scams. The crimes of romance scams have grown very much. Compared to the previous year, the losses of crypto users have already increased by 37% and this is still incomplete data.

What Are the Most Common Types of Crypto Scams?

The variety of crypto scams is so extensive that it is simply impossible to describe them all in one article. However, we will try to highlight the most common of them. Usually, crypto scams are divided into two categories. In the first case, hackers gain access to your crypto money and simply steal it. In the second case, you fall into the crypto scam, believing in their promises or agreeing to suspicious proposals. However, there are scams when these two branches are combined. Additionally, there are also unique fraudster schemes that we will also tell you about.

Ponzi Schemes and Other Investments

Imagine the situation, you are on Instagram and here you see an advertisement for a super profitable project. It will bring you 100%, no, even more than 1000% per annum! At the same time, this is absolutely passive earnings! You’ve been waiting for this chance all your life!

Well, no, it’s a scam. The good old Ponzi scheme fits perfectly into the concept of crypto. It’s no secret that crypto is a phenomenon. The price of Bitcoin has soared by a thousand percent. Thanks to it, hundreds of crypto-millionaires have appeared. It is this argument that fraudsters use.

How to recognize that a scam is being advertised to you? Scammers always promise a guaranteed income. Also, they say that you will get a huge profit. All you have to do is transfer money to their platform. And it’s better to start with Bitcoins right away. At the same time, what do such scam companies do? They may say that they are trading on the crypto market for you. However, in this case, an income of hundreds of percent is a lie. The crypto market is not in the best condition right now. Even professionals will not be able to earn so much on it.

Fraudsters can tell you that they are investing in other crypto projects. And you know what? Again, no evidence will be provided to you. Ask a fraudster to prove that he/she earned a lot of money in the last reporting period. They will likely start ignoring you because they have nothing to answer. Such crypto scams don’t really do anything. They just accept money from customers. All their income is based on a scam Ponzi scheme. There is always a referral program for such projects. You will receive a reward for inviting other participants. This way scammers provide an influx of new customers. However, when the time comes, they will stop any payments and run with your money.

Crypto Brokers Scam

Trading has not lost popularity for a long time. Naturally, this is a great place for fraudsters, including the crypto scam branches. As we have already said, Bitcoin has increased in price several thousand times. In general, crypto is volatile. That means that its price changes very much over a period. You can make great money on this if you know how to trade. That is exactly what crypto broker scams offer you.

Their websites offer you to trade in crypto. And as a rule, they promise that even if you don’t know how to do it, they will teach you everything. However, here’s the deal. A broker is a special type of intermediary whose activities are regulated by the state in which it works. Its management company must be officially registered. Additionally, it must obtain a license for its services.

Meanwhile, crypto scams are usually completely anonymous companies. You will not find the necessary documents on their sites. Some of these scams may pretend to be real companies, but checking their licenses in the registry is enough to understand that you are being deceived. Another important fact is that they do not tell you that you will not be trading crypto, but a contract for the difference in prices for it. In fact, you will not buy real tokens, but simply make some kind of bet with a broker that the asset price will fall or rise. If you are right, you will make a profit. If not, you will lose money. Additionally, their scam trading platforms are usually manipulated. They also offer huge leverage and bonuses to the account. In general, everything that legal regulators prohibit. It will be impossible to win on such a scam platform. In the process of such trading, you do not buy real crypto and cannot withdraw it, for example, to your cold crypto wallet.

Fake Crypto Exchanges

Even though we say that you can buy real Bitcoins only on crypto exchanges, not all of them can be trusted. There are a lot of fake scam exchanges and they all dream of appropriating your crypto. Usually, their website looks cheap. They don’t spend too much money on it because scammers are greedy. There are often mistakes in the content, insufficient information, and so on. If we talk about a centralized exchange, you should remember that it must have a management company with a real registration. Besides, today, crypto exchanges can obtain licenses in several jurisdictions. For example, how Binance does it. If the exchange does not disclose its legal information or indicates fake documents, this is, of course, a scam.

Even more cases of crypto scams occur on decentralized exchanges. The peculiarity of such platforms is that they are almost completely anonymous and are not regulated by anyone. Usually, an anonymous team is behind their creation, about which little is known. Therefore, scammers especially often like to disguise themselves under such exchanges. How to avoid scams in this situation? It is important to choose only proven decentralized exchanges with extensive experience. Additionally, it will be great if such a DEX platform will have a good rating and positive reviews. Finally, some scams with poor imaginations sometimes just pretend to be real exchanges using phishing sites. Never click on third-party links. You must remember the domain of the exchange site on which you trade, like an alphabet.

Pump and Dump Schemes

You recognized the scam broker in time and chose a reliable exchange. So, now you can trade safely? Unfortunately, no. There are many more dangerous scam situations that you and your wallet can get into. For example, pump and dump.

A pump is a planned purchase of a coin, or an asset in general, to sell it more expensive later. This scam scheme originates from the stock market. Unless the rules there have been tightened today. Therefore, price manipulators are punished. However, in the crypto market, the rules are not so strict. So, the scammers moved there. How do they manage to organize a pump and dump? First, we should note that only a low-liquid asset is used for this scheme. In simple words, a crypto that is not too popular. It is generally not interesting for serious investors.

Therefore, even small investments in such an asset provoke sharp price jumps. The purpose of deception in this case is always inexperienced investors. There may be one fraudster, or there may be a whole scam group. These conspirators buy some low-liquid coins when their value is minimal. And then they deliberately increase its price. Dishonest methods are used for this. They attract newcomers in every possible way, advertise, and of course use misinformation. When the price of a coin rises decently, scammers sell it at the maximum cost. Defeated traders have no choice but to sell the asset at an unfavorable price for themselves.

Rug Pull Scam

Trading is not the only place where scammers operate. Quite often in the crypto industry, there are rug pull scams. For example, did you know that today there are already more than 18 thousand tokens and coins issued? And how many of them can you name? The thing is, you’ll remember a couple of dozens. In other words, only a scanty amount of crypto really deserves attention. Everything else is garbage or a scam that is not worth investing in. Besides, there is also another type of scam known as a rug pull. What is it and how to identify fake cryptocurrency?

Surely you have seen an advertisement, for some promising new token. Of course, in this advertisement, you were offered to buy it ASAP because soon its price will skyrocket and it will definitely cost more than even Bitcoin. Let’s imagine an ordinary novice investor who decides that this is a chance to earn money. Then he or she invests in this scam coin. For some time, this crypto has been showing growth and excellent performance. However, one day this investor looks at the chart and sees that the value of the coin has collapsed overnight and it is no longer worth anything. What happened? A rug pull happened.

It is a scam scheme in which the creators initially offer investors an absolutely useless token. Then they simply withdraw liquidity from the pool, which was received from ordinary depositors. Then they disappear with the stolen funds. Investors are left with useless scam coins of zero value in their hands. The trouble is that it is almost impossible to predict the rug pull scam in advance. Especially for an ordinary person who does not understand crypto and cannot verify the blockchain on which this cryptocurrency is issued. Need to say, sometimes even some experts in the crypto field are wrong.

For example, the MEXC Global exchange announced the listing of the DMA token just a day before its scam. The next day, the Dragoma team just dumped the investors’ money. And here’s what this rug pull looked like on the chart.

Initial Coin Offerings (ICOs) and Non-Fungible Token (NFTs) Scam

ICO (Initial Coin Offering) is associated with a scam used to enrich the exceptionally dishonest creators of such projects. The reason for this state of affairs is very simple. Just look at the ICO statistics. Cases, when the organizers of the initiative embezzle the collected money and then disappear with them, have become a familiar and quite widespread phenomenon. The amounts that they manage to attract despite constant warnings about the dangers of ICO, sometimes reach tens of millions of dollars. Such scammers usually take advantage of the illiteracy of users in the field of crypto and laws. 70 out of 100 projects entering the ICO do not have a legal basis. In fact, in these cases, people simply give money to scammers on their word of honor. As a result, they just go off into the sunset with other people’s money, and no tokens are listed anywhere in the end.

Moreover, often these tokens do not even exist. How to avoid such a scam? Don’t invest in something you don’t understand. Any project should have a white paper in total. Read it carefully. Do you understand why you need a token that the creators of the project want to issue? Does it have a chance to occupy its niche and become popular? What is its future use? If you do not have an answer to these questions, feel free to pass by such a proposal.

Finally, the classic ICO organization scheme, successfully adopted by the Internet community, plays into the hands of scammers. Only 40% of such projects indicate the real names and contact details of their founders. 18% of ICOs do not disclose data about the team behind the project at all. Pass by such scam companies.

Practically the same thing is happening now in the field of NFT. NFT is not any picture that you are offered to buy. This is a picture that either has high demand or gives you some exclusive advantages as an owner. At the same time, 97% of all NFT projects are scams.

It just so happened that the blockchain and the ability to remain anonymous opened the gates to hell and most of all projects are a scam. Understanding the deception of the project isn’t so easy. However, never blindly follow advice from social networks, chats, and other sources of “first-class” expertise. Make sure that the NFT project has at least two communication channels and a large audience.

If the project does not have links to at least Twitter, Binance, OpenSea, or other sites, then most likely this is a scam. Most NFT projects will offer you mountains of gold, passive income, and fictional discounts. Remember: any NFT project will tell you anything, as long as you pay. No one knows whether the project will be implemented or not. Can the company renounce its promises based on the results of fundraising? Easily. If your cooperation with it is not documented. What to do?

1. To make money on the resale of NFT, these tokens should have a demand.
2. For NFT to be in demand, there needs to be a community around the project.
3. For a project to have a community, it needs to be well-known or the community picks it up and starts to “sell” it on the social network itself.

Cloud Mining Scam

Another scheme very much loved by scammers is, of course, cloud mining. In this case, literally, nothing is required of you. It is enough just to transfer the money. And the company in which you invest will take care of everything else. At the same time, you will receive sky-high profits. Everyone knows that cryptocurrencies are popular. Your income could be tens of percent. That’s what they say.

However, there are several inconsistencies in this.

1. The yield. As experts, we will explain. Mining is not so profitable now. Yes, that’s right. Crypto-winter comes to market and mining costs barely overlap. For you to recapture your initial investments, it will take several months, and certainly not a few days.
2. The presence of a farm. Crypto is not taken from anywhere. Mining is a complex process that involves special equipment and consumes a lot of electricity. Companies that offer cloud mining have created real mining farms. And you know what? They don’t hide them. They can easily shoot you a video or give you a tour if you visit the farm. Fraudsters cannot provide any proof of the existence of a farm. We think it is clear to you that they simply do not exist in reality, and your money is not invested anywhere.
3. Legal relations. You see, when you cooperate with a real mining farm, you invest in real equipment. Therefore, a contract is concluded between you and the service provider. And as a rule, not even one. In this case, it is not enough just to transfer the money and sit waiting for you to start making a profit. At the same time, scammers have nothing but a miserable official website and a Personal Area. They don’t give you any documents to sign, because you don’t invest money in real equipment. You’re just stuffing their pockets. Be careful and always check the availability of the farm.

Moreover, such scam projects can often have affiliate programs. Just because scammers really don’t invest your money anywhere. However, they need to pay the profit first. So you get money from the investments of invited newcomers. Until this scam Ponzi scheme collapses.

Romance Scam

2022 may be declared the year of romantic scams. Seriously, this type of fraud has grown more than ever. Its essence is quite simple. A fraudster wants to get your crypto or access to a seed phrase and private keys from you. To do this, he or she needs to contact you. What should scammers do in this case in the age of social networks? Of course, he/she will try to become friends with you. Then the scammers start casual conversations with the victims, get closer, and in some cases even play the role of their lovers.

Of course, we are not talking about real feelings here. The only thing such people need from you is your crypto. However, it is quite difficult to recognize them. Especially when sympathy blinds you and you cannot notice obvious lies. The only thing we can advise you is not to trust anyone with your seed phrase and make sure that your friend is interested in you more than crypto.

Employment Offers Scam

Fake can be not only a new crush but also your employer. This is also a kind of scam type based on human interaction. Only in this case, scammers lie that they have a vacancy for you. As a rule, then, it turns out that you have to pay in advance for the internship. And the transfer must be in crypto. Of course, at the same time, no education is provided to you, and the office does not exist at all. By the way, some scammers can really invite you to work only for a very specific job. Your task will be to persuade other people to invest money in this scam crypto company. Is it clear that you need to give up such work?

Social Media and Crypto Giveaway Scam

On social networks, you can find a variety of types of scams. For example, the free distribution of crypto is very popular among fraudsters. Usually, in such scam cases, some kind of enticing element is used. Some celebrities or brands can advertise the free distribution of tokens. Of course, they are fake, and it’s a scam too. Sometimes scammers resort to rather tricky methods. So, with the help of deepfake technology (the technique of image substitution on video), attackers create scam projects hiding behind the personalities of celebrities. This way, in May, scammers on behalf of Elon Musk created the BitVex cryptocurrency platform. On it, investors could allegedly earn 30% per annum on crypto deposits. To advertise the platform, the scammers used YouTube, where they posted a video in which the fake Mask talks about his investments in BitVex.

And as you understand, in such scam cases there is no free token distribution. The classic fraud scheme implies that you first send your crypto to scammers. After which they promise that they will refund you twice the amount. As you may have guessed, nothing is returned to anyone. As soon as you transfer your crypto to the account of scammers, you can forget about it. Besides, it often happens that fake celebrities advertise an investment company. Of course, it is a scam and works only to take your money for it.

Scammers don’t always pose as celebrities. Sometimes they just write to you directly from fake accounts. In this case, they offer you to participate in a super-profitable earnings scheme, which is a real scam. Of course, nothing is required of you. It is only enough that you transfer your crypto to them. Sometimes they can also promise you an education. Of course, you need to pay for it in advance, too. Also, such fake accounts can send you links to phishing sites to direct and steal your data. So never reply to messages in which you are promised that you will become a millionaire tomorrow.

Social Engineering and Impersonation Scam

Celebrities are not the only people that fraudsters pretend to be. They can also pretend to be the support service of some exchange or company. Some of them are so unscrupulous that they can even pretend to be the police. We will tell you a case from our practice. Once we got a call from a support service employee of a cryptocurrency exchange. He informed us that there are currently problems with the withdrawal of funds, but he is ready to help us solve this issue. Everything here seems to be fine at first glance.

However, we did not make any withdrawal requests and were not going to take the crypto from that exchange at all. You should remember that support or law enforcement officers will never ask you:

• To give out your personal information
• To share a seed phrase or numbers of credit cards.

Hacking and Theft

There is also a more classical scam scheme. Fraudsters can simply steal your cryptocurrency. Unfortunately, no one is immune from this scam. Recently, hackers broke into Solan’s blockchain and stole crypto from more than 7000 wallets. Crypto exchanges are most often subjected to such hacks. However, it happens that hackers also attack private computers.

It’s enough for them to infect it with a virus or find a way to get into cloud storage. Also, they can simply steal your personal data if you, God forbid, store the seed phrase on your computer. How to avoid such a scam situation? There is only one way out — to store crypto on the safest cold wallets. Otherwise, you’re putting your funds at risk anyway.

Phishing Scam

We have already talked about this several times, but phishing scams are not losing popularity. In fact, this is one of the easiest options for crypto scammers. They only need you to click on a malicious link. As a rule, such links lead to phishing scam sites that collect your data, for example, seed phrases. Also, after clicking on them, you can infect your computer with a virus. Often such links lead to copies of the websites of the original companies. They look exactly like well-known platforms. If you suddenly leave your data on such a scam site, then you can say goodbye to your crypto.

Blackmail and Extortion Scam

Get ready to hear a strange fact. For some reason, people prefer to respond to messages in which they are bullied by scammers. Even more than those in which they are offered earnings. That’s why blackmail still takes place, even in the crypto industry. How does this usually happen? You may receive a scam email in which the fraudster will tell you that he/she has taken possession of your password, personal data, or confidential information. For example, photos from your phone that you would not like to share. Naturally, scammers will demand a small crypto reward for silence. Is it worth paying for? No way. Such fraudsters will never leave you alone. Rather, when they see that you agree to pay, they will demand more and more. What to do in this case?

Firstly, never reply to such scam messages. Most of them are standard mailing lists that are sent to thousands of users in the hope that one of them will react. If scammers are targeting you specifically, then don’t panic. You can find out their personal data, for example, through a crypto wallet. And after that, contact the competent authorities that deal with criminal offenses. The information you provide to them may help with the investigation. Or you may not respond to such scam messages at all. Just ignore them. Usually, it helps.

Man-in-the-middle Scam

Today we can hardly imagine our life without the Internet. Free Wi-Fi has not surprised anyone in a long time. However, did you know that with its help, crypto fraudsters can also steal your data?

Setting up a special connection is one of the most popular methods among hackers. For example, you are sitting in your favorite cafe, opening the Wi-Fi settings, and connecting to a free network. However, are you sure that all the available Wi-Fi networks in the list are legitimate and really belong to the owner of the cafe? Some of them could easily belong to a hacker.

As soon as you connect to such a scam network, a hacker gets instant access to your device. And then they can intercept your email and messages. They can also send fake scam emails, asking you for financial data, and passwords from crypto wallets. Moreover, they try to make everything look as legitimate as possible. Hackers often gain control over cookies from your browser. Also, they can steal log-in credentials for various web forms, especially if they have been saved as a cache.

How to protect yourself from this? Make sure that the traffic between the network and your device is encrypted using special software. Besides, you can use a firewall. Also, be especially careful when choosing a VPN. Some of them may also not be too reliable. Their owners collect your data and sell it to other scammers. Think three times and read the reviews five times before choosing a VPN.

SIM-Swap Scam

The SIM-swap scam is a fraudulent scheme based on the interception of SMS confirmations. Hackers in this case create or fraudulently obtain a copy of the user’s SIM card. This allows them to accept one-time SMS passwords instead of the victim and log in to crypto platforms or wallets. They can access any account that is linked to that phone number. Hackers can get SIM card data in several ways.

Usually, for this, they can hack into the personal account of the mobile operator. Also, they can take possession of the victims’ documents, declare the loss of the SIM card, and ask to extract a duplicate. How to protect yourself from this scam? Always use unique passwords that are not repeated anywhere. Enable two-factor authentication wherever possible, especially on crypto exchanges. Be suspicious of any text messages or calls in which you are asked to disclose personal information.

How Can I Avoid Crypto Scams

These are not all crypto scams that exist. However, based on those considered, some conclusions can be drawn. Let’s summarize.

1. Never trust promises of super profits. There is no free lunch. Everyone who promises you a huge crypto-income, if you do not need to make any effort, is a liar.
2. If you don’t understand something, it’s better not to invest in it. If you can’t check whether a promising token is really in front of you — don’t invest in it. If you have any doubts about the crypto project — do not invest in it. Do your own research or DYOR. That’s the answer to all your questions.
3. If you cooperate with some company that accepts payments only in crypto, be wary. For example, fake scam brokers, which we wrote about earlier, often like to accept deposits only in crypto. This allows them to remain anonymous. So if your investment fund does not have real bank details, but only crypto wallets, once again reconsider the expediency of cooperation with it.
4. Do not follow suspicious links from the mailing list. Always check the URLs of the sites you are going to. Don’t be fooled by threats and blackmail, but also don’t be tempted by easy crypto money.
5. In general, make it a rule to ignore spam in any form. This email folder exists for a reason. Report all cases of unwanted spam and keep your email inbox clean.
6. Never disclose your personal data to anyone. Even if the police ask you for them, first make sure that such an employee really exists. Call the bank back and check if they have such a manager. Write to the crypto exchange support service yourself and ask if they have contacted you. In short, never so easily disclose your data, passwords, and especially financial details.
7. Always create strong, non-repeating passwords. Even if you are tempted to use an old one that you remember well, don’t do it. Be especially careful about the safety of your seed phrase and private keys to crypto wallets.
8. If you are starting a collaboration with a new company or crypto project, do not be lazy to check its history. Be sure to see what kind of team has gathered. Check who it is managed by. Read the reviews that customers leave. Make sure that you understand everything in the white paper and that it suits you.

What Can I Do if I’ve Been Scammed?

Unfortunately, there is no such thing as a chargeback for crypto payments. They are irreversible. Therefore, if you transferred money to a fraudster voluntarily, it will not be so easy to return it. The only option is if the police find them and make them answer according to the law. However, you will need to contact the relevant authorities and report that you have been deceived. Unfortunately, not everyone does it. Many accept the loss. Although today there are quite a lot of special bodies that investigate cyber crimes and cases of crypto scams. For example, the Federal Trade Commission or FCA.

Don’t forget to always keep strong passwords, enable two-factor authentication wherever possible, and don’t hesitate to report crypto scams on the Internet. This way you can prevent more than one crime.

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