Did you fall for it? 13 ICO scams that fooled thousands
ICOs are revolutionary for business, though the fear of being scammed keeps investors at a distance. Using blockchain technology, initial coin offerings have become an alternative means of acquiring funding for business projects using the new, evolving digital financial market for tokens. In contrast to initial public offerings, which are governed by strict legal regulations, ICOs require only a white paper and some interesting features, such as a lack of barrier to entry, a scope for exponential growth, absence of geographical barriers and easy validation. Hence, it may not be surprising....
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Crypto scams are a pervasive problem that the industry has had a hard time shaking off. Even when the scams get popular enough that investors no longer fall for them, the scammers come out with even more sophisticated versions of their scams to lure unsuspecting investors. The use of prominent figures such as Elon Musk […]
What are the most common NFT scams and how can you avoid them? Are the non-fungible tokens still worth the shot? Are NFTs worth it?NFTs are suitable as an investment. If you count your steps and take your safety measures, it’s a whole new world to explore. We’re in the middle of the roller coaster called NFTs but for a lot of people, there’s still a discussion about NFT investments vs. NFT scams. With a total market value of $40 billion, there’s no need to explain the success of the nonfungible tokens. Many will tell you NFTs are nothing more than overpriced PNG files that are a complete....
The Department of the Interior of Uruguay is taking steps to warn users about the danger they face when investing in certain crypto projects that could be scams. The campaign is called “Fake Coins: Cryptocurrency Scams” and seeks to educate the population about the most common kinds of crypto scams.
Uruguay Educates on Crypto-Related Scams
More and more government bodies are becoming aware of how some parties are using crypto to execute different kinds of scams, and also more of these institutions are working to educate citizens on this fact. The Ministry of the....
Less gullible retail investors and falling asset prices have made scamming a less enticing endeavor, but the tsunami of new DeFi applications has hackers licking their lips. Fewer people have fallen victim to cryptocurrency scams in 2022 so far due to falling asset prices and the exit of inexperienced crypto users from the market, a new crypto crime report reveals. According to an Aug. 16 report from Chainalysis, total crypto scam revenue year-to-date is currently sitting at $1.6 billion, equating to a 65% decline from the prior year period, which appears linked to the declining prices of....
Liquidity mining is a marked and significant improvement over the investment mechanisms of ICOs, but is it here to stay? By the end of 2018, many crypto skeptics had their “I told you so” moment, as many initial coin offerings, or ICOs, failed to deliver on their promises. Between 2017 and 2018, 3,250 projects were launched via ICO and $21.4 billion was collected from investors. But by early 2018, a study revealed that nearly half of 2017’s ICOs had failed — with another 13% considered “semi-failed” — dealing financial blows to coin purchasers anticipating gains. Many projects achieved....