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Top 5 Cryptocurrency Scams Targetting Australians – Forbes Advisor Australia

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Here are five common crypto scams to be aware of:

Crypto Investment Schemes:

The basic idea behind these scams is to convince investors to invest their money in the scheme, promising high returns in a short amount of time. They use various tactics to lure people into their schemes, such as social media marketing, celebrity endorsements, and promises of exclusive investment opportunities.

Once the investors send their money to the scammer, the funds are typically not invested as promised. Instead, the scammers often use the money to pay off earlier investors or keep it for themselves. This is known as a Ponzi scheme, where new investors are used to paying off earlier investors, creating a cycle that collapses when new investors are no longer available to keep the scheme going.

Phishing Scams:

Crypto phishing schemes aim to steal investors’ cryptocurrency by tricking them into giving away their login credentials or private keys to their digital wallets. These scams typically use email, social media, or other online communication channels to impersonate a legitimate company…

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