Do you believe that the world's greatest scams occur in crypto?

[Potuse]

We have heard of cases of terra Luna projects and we have also heard of the case of the FTX . There are many other cryptocurrency scams that took place last year and it took the world by storm and that is why so many people believed that the world's greatest scam occured in crypto.

 

[eenya00]

Because of the ease of doing transaction on crypto it is believed that people now use it for illegal activities and also because the verification process is not strick.

 

[HK World]

We have heard of cases of terra Luna projects and we have also heard of the case of the FTX . There are many other cryptocurrency scams that took place last year and it took the world by storm and that is why so many people believed that the world's greatest scam occured in crypto.

Yes, scams can occur in the crypto industry, just as they can in any other financial market. Due to the largely unregulated and decentralized nature of the cryptocurrency industry, there have been numerous instances of scams and fraudulent activities.

 

[Danny4cash]

I don't know if the world greatest took place with crypto but I know that criminal elements usually take advantage of loophole in crypto to scam people. Transaction that was carried out cryptocurrency are difficult to track.

 

[Mayorla]

No, I don't believe that the world greatest scam occur in crypto.
Though, I would not deny the fact that crypto scams occur regularly in the crypto space, but before the advent of crypto there has always been scams like Ponzi scheme.

 

[Ononivami]

I believe that the world's greatest scams is in cryptocurrency and we see a lot of them last year. Apparently, there are so many big crypto scams in 2022 and it shake the crypto space.

 

[Nomad]

Sometime back I read an article that said most of the scams the British people fell into in 2022 were related to crypto. Some of the biggest financial frauds that have occurred are also related to crypt. Therefore, I believe a lot of people get scammed with crypto compared to other things.

 

[Henrywrites]

Sometime back I read an article that said most of the scams the British people fell into in 2022 were related to crypto. Some of the biggest financial frauds that have occurred are also related to crypt. Therefore, I believe a lot of people get scammed with crypto compared to other things.

If you are trying to mix crypto and tech, then think again. They are two different entities in terms of what they represent. I believe that tech is where most scams and not crypto.

 

[Grant]

I wouldn't say crypto is responsible for the world's greatest scams, but it is a growing trend whenever there is new cryptocurrencies introduced. There is a lot of scams within the crypto scene, and it will continue to happen unless there's some way to vet these new currencies, which at the rate things are going, I doubt that would ever happen. We've seen too many cryptos start up and the creators use it to get money and then when the market fails, they bounce with their earnings and leave the people who invested in the dust.

It's going to be responsible for more scams in the future, that is a given. You just need to be responsible as an investor and research any crypto you are interested in, because at this point, I wouldn't trust most new cryptocurrencies right out of the gate.

 

[Nomad]

If you are trying to mix crypto and tech, then think again. They are two different entities in terms of what they represent. I believe that tech is where most scams and not crypto.

I am not mixing tech and crypto. Do you call FTX a tech company or crypto company? Do you think Squid game token was a tech product or crypto product? Do you think Celsius Network was a tech company or crypto company? These are some of the biggest scams in crypto scene.

 

[Henrywrites]

I am not mixing tech and crypto. Do you call FTX a tech company or crypto company? Do you think Squid game token was a tech product or crypto product? Do you think Celsius Network was a tech company or crypto company? These are some of the biggest scams in crypto scene.

I agree with you that they were a couple of scams on the crypto space. However, have you had a look at the tech scams that happened in the past 12 months and made a comparison?

 

[Riberet19]

It is difficult to say which was the biggest scam in the crypto world, if we go back to 2014, when mt.gox fell it was also brutal, there were people who even committed suicide because of it, a lot of money was lost and to this day it is believed that the scam itself mt.gox was the one that simulated the hack to take its clients' money

 

[Timgab]

We have heard of cases of terra Luna projects and we have also heard of the case of the FTX . There are many other cryptocurrency scams that took place last year and it took the world by storm and that is why so many people believed that the world's greatest scam occured in crypto.

Indeed, a crypto scam can have a significant negative impact on businesses or individuals' financial realm. Just imagine being scammed of 1 BTC.

 

[Nomad]

If we look into the list of online scams, phishing remains at the top spot followed by online purchases. Tech support is also one of the common scams. I read a report where it said in 2021, 24k people lost about $348 million in the US alone. In 2023, crypto heists increased by 42 percent with a total value of $1.75 billion