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Two people from Portugal, specifically from Cantanhede, were tricked by cryptocurrency scammers. These scammers promised them they could make quick money by investing their coins on a platform.
One person sent $213,000 worth of Bitcoin, thinking it was a real crypto company, and expected to make $800,000. The other person sent about $94,000 to the same place. When they tried to take their money out, they were told to pay extra fees.
Later, they were told their money was frozen, and they had to pay even more to get it back. They realized it was a scam and reported it to the police.
In recent months, there has been a significant increase in cryptocurrency scams in a country that was once considered a safe place for crypto investors because it didn’t tax crypto trading profits until recently.
The nation’s Cybercrime Office reported that cryptocurrency scams have more than doubled in the past two years. This year, they received 94 reports of crypto-related scams, compared to just 38 in 2021.
Victims of these scams have reported losing substantial amounts of money on various online platforms. Unfortunately, when most victims filed complaints, the scam platforms had already disappeared, leaving no trace for investigators to identify their servers or contact details.
How can investors protect themselves from crypto scams
Investors can protect themselves from crypto scams by following these tips:
- Do your research before investing in any cryptocurrency or company.
- Be wary of promises of guaranteed high returns with little or no risk.
- Protect your digital wallet and private keys from everyone.
- Use reputable exchanges and wallets to store cryptocurrencies.
- Ignore unsolicited contact from unknown users.
- Don’t click on unusual links or download attachments from unknown sources.
- Be suspicious of social media posts and messages.
- Don’t share your wallet’s seed phrase or private keys with anyone.
By following these tips, investors can reduce their risk of falling victim to crypto scams. It is important to be cautious and vigilant when investing in cryptocurrencies to avoid falling prey to these scams.