Investing in HYIP or Ponzi Scheme With Crypto

[Mika]

Whether you have realized it or not, the evolution of cryptocurrencies and the adoption of cryptocurrencies have also highly increased the cases of scams. These days Ponzi schemes, HYIP, and Pyramid Schemes all are using cryptocurrencies, and a lot of people get scammed. The primary reason for this is transactions cannot be reversed.

Some of the common scams offer using cryptocurrencies are:

Mining programs: A large number of mining programs are scams, you pay for hash power through crypto and you lose money.

Investment program: A large number of investment programs are also scams, they are offering high rewards but they do not have any believable system to make as much money as they promise you to pay. One of the biggest examples of these programs is Hyper Fund.

Scam crypto projects: A substantial number of new crypto projects also are scams. They collect money from the investors and then vanish (popularly called rug pull).

Crypto doublers: There are sites that promise you to double your crypto but these are also scams.

 

[Shaf]

Investment programs especially for Bitcoin seem to be a favorite of the perpetrators of these ponzi schemes especially on social media like Twitter. They mostly target older generation that have less knowledge of how to avoid such scams.

One way to avoid it all is staying away for anything that sounds too good to be true, and anyone who promises returns without any effort on your part.

Mining programs tok are on the rise, and.i almost fell for one this month,.which is why research is important. Knowing fun well that Tron can't be mined, I knew right away that the program was a scam