Hello. In this video, I am going to tell you about the types of fraud that are possible with cryptocurrency. Probably, you have already met this phenomenon and even lost some money. I will explain all types of cryptocurrency scams to beware you safe from meeting them. Let’s go.

Online casino cryptocurrency

In 2018-2020, a huge number of both online and offline casinos appeared, which began to support payments with Bitcoin and other cryptocurrencies. However, there are even specialized crypto casinos where payment is possible only with BTC, ETH, and other tokens. Live casinos offer fast payment and easy winnings monetization.

And among this variety, there are a lot of scams and fake online crypto casinos. Usually, they are designed so that users only transfer money for games in the casino, having almost no chance of winning, and then disappear without a trace. The second option – they give to win, involving even more money from the player, and then his winnings are not paid and simply disappear forever.

Crypto MLM and HYIPs

There are also various network marketing (MLM) and HIPE fraud, on which sometimes, the first people to join the network, even can to make money. As a rule, it can be some kind of product, real or online, that needs to be promoted and recommended to others, receiving a reward in the form of crypto tokens. At the same time, the product may have any value, or it may not. But any such project will sooner or later be closed and the last people who entered will lose money. Normally, financial pyramids work from 3 to 12 months.

Another type of MLM or HIPE scam, when not have any product. That is the usual financial pyramid of cryptocurrencies. People are asked to invest money for nothing and attract others with the promise of rewards. Sometimes software or bots for cryptocurrency trading can act as a product or service, where new members are promised high returns from trading – from 30, 50, and more percent per month. Here, the likelihood of the collapse of such a pyramid is even higher than in the first case.

Other types of crypto scams

The rest of the scam methods are also found everywhere on the network. On various forums, social networks, groups, and sites, Twitter, offer to transfer part of the money, for example, Bitcoin, and they promise you to money back a double amount. If the amounts are small, you can really get your money back. For example, you sent 10 dollars and got 20 back to you. But if you send 1000 dollars, then nothing will be returned to you.

This also includes magic wallets, when even small amounts are not returned. At the same time, messages with a call to transfer funds and receive more money are more often published from copies of the accounts of famous people in the crypto industry and the support service of exchanges. Sometimes even hackers have ways to hack the official accounts of crypto exchanges and send messages to users by email, with a request to make some kind of transfer or give access to your trading account.

This video covered the topic of cryptocurrency scams. I would be glad if this video was useful and interesting for you. In fact, there are many more types of scams and I may not know everything. You should be vigilant and check everything several times. And never give access and your personal information to third parties, not even support of crypto exchange. Good luck and see you in the new video releases of the channel and site botcryptotrade.com