What Are The Common Crypto Scams

[Nomad]

One of the reasons why government is so suspicious of crypto is because of scams. Every year millions of people lose billions of dollars in crypto scams. What are the most common types of crypto scams? Well, cloud mining programs are very common. Once you buy hash power for mining, these so-called cloud mining platforms just vanish. Even if they don’t vanish they don’t pay you.

 

[Starmix]

That's crucial for newbies like me. Crypto mining is risky as what you mentioned. It was also on TV news in my country many were scammed mining crypto. The Ph government is now implementing a law to disallow users to gamble their crypto.

 

[Suba]

In early 2015, crypto fraud began to rage until now the most common crypto frauds are airdrops, dust attacks, fake wallets, phishing, fraudulent investment schemes, cloud mining, romance scams, market manipulation, etc.

 

[Starmix]

Romance scam is still exiting up to this time. Lately, it was on news, the Ph government warned the people not to engage with romance scam. Many were victims of this in Manila.

 

[Nomad]

Currently, the biggest scam in crypto market is market manipulation. Whales are dumping and pumping, and small investors and traders are losing money.