The Rise of Bitcoin Scams
There was a lull in interest in bitcoin from 2017, but by the COVID in pandemic in 2020, interest in bitcoin came roaring back. Unfortunately, bitcoin scams also rose to unprecedented levels. According to CNBC, In 2021, cybercriminals stole $14 billion in cryptocurrency and crypto-related losses jumped 79% from the previous year.
More recent numbers indicate that the problem of bitcoin scams doesn’t show any signs of slowing down in the near future. The FBI has identified crypto scams as the fastest-growing type of financial cybercrime.
This may lead people to ask, “Is crypto a scam?” With so many fraudulent forms of bitcoin deals, it’s easy for the casual observer to confuse fake crypto deals with legitimate digital currency opportunities.
The truth is many people make bitcoin transactions every day without losing their money to frauds. So what is the best way to keep your bitcoin safe? Knowing the signs of bitcoin scams and the process of bitcoin recovery are key to having the confidence and safe habits to keep your money secure.
What Are the Main Signs of Bitcoin Scams?
- Lack of Transparency
- No license
- Aggressive manner
- Misleading claims
- Request sensitive personal information
- Stops communication once they have received their money
