What are the biggest cryptocurrency scams out there?
The Big 4 – the US, UK, Canada, and Australia – are home to a staggering array of cryptocurrencies, each with their own unique set of challenges to overcome.
While some of these are quite big, many are not – and it’s these that have drawn the attention of some industry experts.
Read moreCrypto Coins News – What are some of the biggest cryptocurrencies scams out here?
There are many different types of scams – ranging from the straightforward, like the ones described in this article, to the more complex, like those described below.
In this section, we’ll go through some of our favourite scams out of these four countries and provide a breakdown of how they work.1.
Cryptocurrency Trading in AustraliaThe most popular cryptocurrency scam in Australia involves cryptocurrency trading.
The basic premise of the scam is that you buy or sell an Australian currency in exchange for bitcoins, which you then send back to the buyer.
This transaction is recorded in a digital ledger called a “crypto wallet” and can be viewed by anyone.2.
Cryptocoins Trading in the USThe most common cryptocurrency scam is one involving cryptocurrency trading in the United States.
The scam works similarly to a traditional cryptocurrency scam, except that the funds are used to buy or pay for goods or services.3.
Crypto Coins Trading in CanadaThe most commonly accepted method of cryptocurrency trading across Canada is through a cryptocurrency exchange.
Unlike the United Kingdom, however, where cryptocurrencies are listed on the country’s exchange market, Canadian exchanges are typically much more cautious and regulated.4.
Cryptos and Cryptocurrencies in the UKCryptocurrency trading in Britain is still fairly uncommon, but there have been instances in the past few years when UK investors have made the trip to Australia to trade.
In 2017, the UK’s Department of Financial Services (DFS) warned cryptocurrency users that they were at risk of losing up to $1 million in their portfolios if they continued to engage in cryptocurrency trades in the country.5.
Cryptic Funds in CanadaMany cryptocurrency enthusiasts in Canada are interested in cryptocurrency, so there’s no shortage of scams to worry about.
Cryptolust, an Australian exchange, has had a rough go of it in the last few years.
While the exchange offers a low-cost exchange, its trading methods have made it vulnerable to fraudulent activity and have been described as “the worst exchange in Canada”.6.
Cryptomash Cryptomashing, a scam that involves sending funds to a Bitcoin address without a user’s consent, has become increasingly common in the cryptocurrency space, and is especially popular in the Canadian bitcoin market.7.
CryptorignallyCryptorignly, a Canadian cryptocurrency exchange, was hacked and the account of its founder and operator, Evan Duffield, was stolen.
In March 2018, he was charged with conspiracy to commit fraud and computer misuse and jailed for six months.8.
Cryptobox Cryptobux, a service that allows users to trade in cryptocurrency without the need for a cryptocurrency wallet, has recently received an influx of attention from cryptocurrency enthusiasts.9.
Cryptopay Cryptopays, a platform that allows cryptocurrency users to deposit and withdraw cash with their credit card, is another popular scam in Canada.10.
Crypto Trading in GermanyCrypto Trading in China is one of the most popular types of cryptocurrency scams, with Chinese traders taking advantage of this country’s lax regulation and lax laws to conduct cryptocurrency trades.11.
Cryptostay Cryptostays, an exchange in Hong Kong, has been used to conduct bitcoin trades, but has been accused of being a money laundering operation.12.
Cryptofact Cryptofacts, a UK-based cryptocurrency exchange and payment processor, has come under fire recently for allowing cryptocurrency users who are using their service to make cryptocurrency payments, but not transferring the funds themselves.13.
Cryptodex Cryptodices, an online platform for selling digital goods and services, has made it to the headlines in recent years after it was found to have been selling bitcoin-related goods.14.
Cryptohash Cryptohashes, a British cryptocurrency exchange that operates in Hong-Kong, is a popular site for Canadian and British cryptocurrency traders to trade and exchange cryptocurrencies.15.
Cryptozr Cryptozrs, a cryptocurrency trading platform that offers its users a cryptocurrency account, has reportedly been used by British citizens to make bitcoin transactions.16.
Cryptoin Money Transfers in ChinaThe biggest cryptocurrency transfer scam in China, known as “CryptoMoney Transfering”, has been taking place in recent months, with over $30 million in cryptocurrency transactions made via the platform.17.
Cryptorex Cryptorexes, an offshore cryptocurrency exchange in the Bahamas, has experienced a recent influx of cryptocurrency traders from other Caribbean islands.18.
Cryptowallet Cryptowalllets, a mobile app that lets users sell cryptocurrency on the internet, has also been hit with criticism.19.