As we see the popularity of the digital currency, the moot reason why more and more people are getting attracted towards it is due to the huge amount of money it has given to its investors. Despite the risk, more and more people are relying on it. As we know, bitcoin or any other digital currencies are volatile. Thus when you have loads of money in it, the obvious comes into the picture in the form of crooks and scammers are seen taking people for a ride. Thus more and more scams are seen happening in digital currencies. One can see too many scams are waiting to happen as these are becoming rampant in the digital currency market, thus becoming too huge, particularly in Bitcoin. One can find digital currency markets are becoming too huge in crypto like bitcoin. There seems to be a lack of rules and regulations, and the anonymity one can find in digital money is that you end up ripening the environment for the scammers.
As per the FTC or the federal trade commission, one can find several consumers being losing their jobs in a big way that goes to around 82 Million USD when it comes to the fraud witnessed in the fourth quarter of 2020 and then the first quarter of the current year in 2021, which is more than a decade of or when we talk about the amount as seen in the same very six months’ time period earlier this year. Right from October to March, one can see the price of Bitcoin soaring to a huge level going by 450 percent to around 59K USD when it comes to completing the coins, including ETH and Dogecoin that seemed to have soared as well. Bitcoin can be seen getting declined at the slower pace of 35K USD that remains very much significant as compared to the previous year. You can use News Spy and get an insight into it.
One can see several scammers being targeting everyone from different retail investors that are seen scouring the social media when it comes to the investment tips regarding the Wall Street veterans that are seen talking to the Australian-based digital fund manager as seen in recent times with the cost of 90 M USD. We have seen many consumers losing their hard-earned money to the scammers, not just BTC but also for the other coins like ETH, and their anonymous creators seemed to have disappeared in the recent times of May, allowing loads of unfortunate investors. The makers are then seen coming along with the LUB Token as seen starting up just to establish the cryptocurrency exchange that re seen being announced over the emerging app called Telegram. Over the number of defunct websites, one can find certain press releases being distributed over several digital currency-based websites as well that seemed to have advertised there about the new digital currency giving higher dividends by 10 percent.
Although some people who have faced scams feel that they have done too much research on several digital currency-based projects before they put their money in it, however, they seemed to have broken some rules or the other that made them go for a ride. One of the common ones includes carrying out multiple deposits over LUB-based controlled digital wallet and then are seen coming along with the company as seen over Reddit. By the end of the day, one can find many people coming up buying credit cards are seen purchasing the same with the help of currency transfers as done without going irreversible.
It is difficult, though, to share the exact number of people losing their money in the hope of making rich dividends via digital currency scams. One can find too many FTC figures being based on the same. The FTC is seen coming out with the list of several fraud victims that are now being limited to the US along, but at the same time, it also showcases the fraction over several total losses. One can find fraudsters to be taking up in less than a few minutes from 4.1 Billion in the year 2019, and the rest comes in the next time, with 432 million USD being seen in the next couple of months.
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