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Cryptocurrency has captured America’s attention this year — and “Olympic-level scammers” have taken notice too.

With the rise in popularity of crypto and blockchain technology, there will be an influx of unprecedented cryptocurrency scams, according to William E. Quigley, a prominent investor and co-founder of the WAX blockchain

The high-tech nature of crypto will attract sophisticated scammers capable of pulling off “Olympic-level” hacks and schemes, Quigley said during a panel discussion hosted by blockchain firm Light Node Media last month. Consider a recent “Squid Game” scam in which investors allege a new SQUID cryptocurrency token and related immersive online game were actually just an elaborate scam. Investors claim the developers disappeared after the currency skyrocketed in price and seemingly cashed out with more than $3 million.

Before You Invest In Crypto

Experts say it’s smart to keep your crypto investments under 5% of your overall portfolio. Crypto prices fluctuate wildly by the day, and experts also say you’d be smart not to invest more than you’d be OK losing if the market dropped out altogether. Crypto investments should also never get in the way of other financial priorities like saving…

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