One reason why so many people invest in Bitcoin and other cryptocurrencies is the potential for out-of-this-world returns. Despite the risks, they’ve seen the headlines and want in on what could be a large payoff.
That is what helps make the crypto market a prime space for scammers looking for easy money. To help keep your investment safe, beware of the following Bitcoin scams.
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1. Fake exchanges
In 2017, the South Korean government spotted one of the most well-known examples of a fake Bitcoin exchange. BitKRX named itself after the Korea Exchange, KRX, the largest trading platform in the country, and posed as a branch of the platform to lure investors in and take their money.
To avoid being a victim of this scam, beware of aggressive invitations to use an exchange, especially with promises of high returns or a guaranteed rate of return. No investment can offer that, least of all in the volatile crypto markets….