How to spot a crypto scam -Since the emergence of Bitcoin in 2009, cryptocurrency has gained significant traction in popularity over the years, with more and more... -
Since the emergence of Bitcoin in 2009, cryptocurrency has gained significant traction in popularity over the years, with more and more people investing in the now many variations of digital currencies available such as Ethereum, Tether, Binance, and even Dogecoin.
However, as its popularity continues to grow, so does the risk around it as malicious actors seek to exploit any vulnerabilities associated with the rising interest in digital currencies for monetary gain. Cryptocurrency scams, as well as organised and financial crimes such as money laundering or crypto laundering, are on the rise across the African continent, particularly in South Africa, while cryptocurrency fraud is growing increasingly sophisticated and persuasive.
The easiest way to identify a possible scam is that they often offer significantly high returns or rewards within a short amount of time. They also often assure potential buyers that they’re guaranteed these returns and entice buy-in by offering free money in cash or cryptocurrency. As the old adage notes, when something looks too good to be true, it usually is.
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