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Millions of cryptocurrency buyers have been scammed out of large sums of actual cash. In 2018, losses from cryptocurrency-related crimes amounted to US$1.7 billion. The criminals use each old style and new-technology tactics to swindle their marks in schemes based on digital currencies exchanged by means of on-line databases known as blockchains. From researching blockchain, cryptocurrency and cybercrime, I can see that some cryptocurrency fraudsters rely on tried-and-true Ponzi schemes that use earnings from new individuals to pay out returns to earlier investors. Others use highly automatized and sophisticated processes, including automated software that interacts with Telegram, an internet-based mostly prompt-messaging system common among individuals occupied with cryptocurrencies. Even when a cryptocurrency plan is legit, fraudsters can still manipulate its value within the marketplace. An much more primary question arises, although: How are unsuspecting investors attracted to cryptocurrency frauds in the primary place? Some cryptocurrency fraudsters attraction to people’s greed, promising massive returns. For instance, an unknown group of entrepreneurs runs the scam bot iCenter, which is a Ponzi scheme for Bitcoin and Litecoin.
