Our office is monitoring national reports that 7,000 people have lost around $80 million in cryptocurrency scams over the last six months. Increasing investments in digital coins, such as Bitcoin or Ethereum, are often ripe for scammers.
First, it’s important to know that cryptocurrency transactions are largely irreversible. Once you send money using cryptocurrency, there are very few ways to recover the funds. Second, the transactions are difficult to trace because it’s difficult to locate or identify the scammers. Finally, the current frenzy surrounding cryptocurrency prices has attracted uninformed investors. Scammers prey on people by posing as knowledgeable professionals.
Here’s what you need to know about cryptocurrency scams to avoid falling victim to such schemes:
1. Watch out for unsolicited messages that seek payment specifically in…