With the price of Bitcoin, Ethereum, and dogecoin skyrocketing this year, it is no surprise that cryptocurrency scammers are targeting enthusiasts with fake investment opportunities. Those interested in cryptocurrency are often lured by fake investment sites and live event videos. In addition, scammers have taken advantage of social media sites to lure victims into sending them money. In one case, Twitter flagged accounts tied to the Squid Game crypto coin, which bilked buyers out of $2 million. The scammers took advantage of people's excitement over a Netflix series and posed as government agencies or businesses associated with cryptocurrencies.Scammers pose as friends, family, and celebrities and try to get investors to transfer money through fake investment sites. Most of these scams request money in cryptocurrency and promise big returns. Another scam is a social media site called Meta, which has been accused of defrauding thousands of users by posing as a celebrity. Other forms of scammers may include impersonation and fraudulent investment opportunities. While these are only a few examples, they all have common characteristics: they use fake social media platforms, posing as celebrities, or even stealing money from individuals. Initial Coin Offerings, or ICOs, are another common form of cryptocurrency scams. These scammers create the illusion that they'll earn big returns, then pay off their old investors with their new investors' money. While most people are still skeptical about ICOs, they shouldn't dismiss them out of hand. However, the sleazy activity behind Initial Coin Offerings (ICOs) is a growing concern. In October 2018, the U.S. Securities and Exchange Commission filed criminal charges against BitConnect, a cryptocurrency exchange that raised more than $2 billion before shutting down. Another common form of cryptocurrency scams involves the social media and messaging apps used by scammers. Scammers have even posed as celebrities to make victims think they're famous. They offer unrealistic returns in return for a large upfront payment and recurring fees. These scams have become so widespread that they have surpassed the "other" category. The FTC reports that socially engineered initiatives involving cryptocurrency have increased by over seven times in the first quarter of 2021. A recent example of cryptocurrency scams occurred during a Google event. A fake live video was created that featured footage from an earlier event held by Google. It claimed to be broadcast on the YouTube channel of the company, and had more than 41,000 views. The video was quickly removed from YouTube after it was revealed to be a fake, as it contained plagiarism. A similar scenario happened in October 2020 with a Twitter account that claimed to be affiliated with Ripple. As with any investment opportunity, the best way to protect yourself from scammers is to research the company and the cryptocurrency involved. Search for "review" or "scam" on the internet and read reviews about the investment opportunity before making any decisions. Scammers often threaten to leak your personal details and ask for cryptocurrency in exchange for the money. Don't fall for this type of extortion. Instead, report the scam and avoid investing in any cryptocurrency. One of the most common types of cryptocurrency scams involves recruitment schemes. People are lured by an unsolicited offer from a supposed "investment manager" promising a high return. However, once the investment is made, it won't allow you to withdraw the money without fees. As a result, most victims never get their money back. If you're looking for quick money or financial freedom, you're likely to fall victim to a cryptocurrency scam. Another type of cryptocurrency scam involves sophisticated coders creating new games or whole imaginary worlds on blockchain. Because there is no FDIC insurance or fraud protection on the blockchain, you'll never know who to trust. This makes it incredibly easy to hindustantimes.com/brand-stories/use-binance-referral-code-hlut9g7z-and-save-up-to-20-on-fees-for-life-101645706801959.html the unsuspecting public. In addition, many victims will remain silent due to embarrassment or fear of losing their funds. There are no centralized exchanges that can reimburse the funds they steal. Another type of cryptocurrency scam involves cloud mining platforms. These platforms market mining power and rewards. However, these platforms don't own the hash rate or deliver the rewards after you've paid for the initial down payment. To protect yourself from these scams, you must conduct due diligence on cloud mining platforms. Never invest in an initial coin offering that offers you a guaranteed return or big payouts. These are both signs of a scam.