Scams are running rampant in the cryptocurrency markets as a huge rally in bitcoin, a lack of regulation and the anonymity of digital money have created a stable environment for fraudsters.
Consumers reported dropping almost $82 million into crypto scams during the fourth quarter of 2020 and first quarter of 2021, more than 10 times the amount from the same period of time a year before, according to the Federal Trade Commission.
From October to March, the purchase price of bitcoin jumped 450percent to nearly $59,000, whereas rival coins such as ether and dogecoin also soared . Bitcoin has since retreated to about $36,000, nevertheless substantially greater than where it exchanged for all of this past year.
Scammers have targeted everyone from small shareholders scouring social websites for investing tips into the Wall Stree