Crypto scam coins are a common practice among investors, especially the early ones. The scams target early investors and swindle them out of their money. According to Shaun Heng, VP of CoinMarketCap, it is important to look beyond social media reviews to verify any coins you are considering investing in. Read this article to learn more about the most popular crypto scams. This article will help you avoid these pitfalls. The crypto world has seen its fair share of shady characters.
The DeFi100 case is a recent example of a crypto scam. Despite the fact that it is only a small part of the larger picture, it shows the dangers of the booming crypto space. With billions of dollars pouring into the crypto market in the past few months, investors have little recourse if their investments turn out to be scams. The radical decentralization of the blockchain means that investors have virtually no recourse if their investments turn out to have been a scam. Furthermore, there is no guarantee that the vendor will deliver on his or her promises. This situation creates a gold rush in crypto scams.
Peepcoin and AfriCrypt are two examples of crypto scam coins. These coins were sold to investors as "rug-proof" cryptocurrencies by influencers. But the reality was much more shady. In both cases, the fraudsters disappeared with the investor's money. This is why it is important to avoid any crypto project that is not well-known or lacking credibility. In addition, it is important to invest in a trusted exchange and never make any payments through an exchange.