Latest Crypto News
Bitcoin Scams News is the category where you can discover the most interesting news about Bitcoin Scams. Scams involving bitcoin (and other cryptocurrencies) are an unpleasant part of this nascent market. Bitcoin (BTC) was created as an open, permissionless alternative to the existing financial system, but with the ability to transact across borders and without the need for central administration came potential for criminals to take advantage of it. Scams abound throughout legacy financial and monetary systems, although victims may (usually) seek redress and justice via the old banking system. Bitcoin, on the other hand, has no insurance policy or customer assistance. Ponzi schemes that enrich a few at the expense of many, cloud mining schemes that promise accessibility and profitability in a centralized mining operation with little ability to deliver on either, and phishing scams that steal an unsuspecting individual’s cryptocurrency are all examples of bitcoin scams. There is a significant difference between recognizing and fighting frauds inside the Bitcoin ecosystem and labeling the cryptocurrency itself as a scam, as regulatory authorities are entrusted with enforcing frameworks that safeguard consumers.
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In 2021, about half of the customers who reported a cryptocurrency-related fraud stated it began with a social media ad, post, or message. According to the US Federal Trade Commission,…
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