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Cryptocurrency scams: Fraudsters are using ponzi schemes to fool investors

Some cryptocurrency fraudsters appeal to people's greed, promising big returns

Nir Kshetri | The Conversation

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5 min read Last Updated : May 14 2019 | 8:56 AM IST

Millions of cryptocurrency investors have been scammed out of massive sums of real money. In 2018, losses from cryptocurrency-related crimes amounted to US$1.7 billion. The criminals use both old-fashioned and new-technology tactics to swindle their marks in schemes based on digital currencies exchanged through online databases called blockchains.

From researching blockchain, cryptocurrency and cybercrime, I can see that some cryptocurrency fraudsters rely on