Fraudulent Crypto Brokers are out to take your hard-earned money. In fact, some people have lost their entire life savings trying to get their hands on cryptocurrencies. The hope is to corner a token that will earn them millions. According to Action Fraud, a cybercrime reporting center, fraudulent crypto brokers have already stolen PS146,222,332 from victims this year, with average losses of PS20,500. According to the experts at Kraken, a US-based cryptocurrency exchange, broker scams are the most common type of fraudulent activity. These fraudulent brokers approach you and try to convince you to invest in their tokens.

Squid coin scam

The Squid Coin scam took advantage of a liquidity pool between Squid tokens and Binance tokens. The developers of the Squid game coin held most of the supply and transferred value into BNB tokens. The scammers then stole these BNB tokens using a service called Tornado Cash. This was done to make their scam appear less obvious.

Although the Squid coin did not work, it does have a lot of lessons to teach prospective investors. For one thing, it managed to gain notoriety and capital within a short period of time. This was a significant achievement, but it was not enough. Getting IP approval from a well-known company like Netflix is a vital step, but not the end-all-be-all goal. A successful company must also create a community and share a culture.

Rug pull scam

Rug pull scams are a major concern for people investing in digital assets. Often, these schemes involve authors selling NFTs, presenting false or unreliable claims, and then disappearing with the funds. This causes a large loss in value for the NFTs. This issue is so widespread that the US Justice Department has recently announced a heightened focus on digital asset-related offenses, creating a team focused on these crimes.

To avoid falling victim to a rug pull scam, be aware of a few key warning signs. For example, if the coin is new and has few wallets, it is probably a scam. It is important to note that developers often launch legitimate projects, which attract a large number of investors. Eventually, however, they abandon their projects.

247SmartFx

247SmartFx is a cryptocurrency broker that has a bad reputation. It has been receiving bad press coverage and notifications from regulators for misleading their investors. In addition, the company makes promises about returns that are impossible to meet. While this is not unique for cryptocurrency trading, it is a sign of a fraudulent crypto broker and should be avoided.

247SmartFx is an anonymous broker that does not have a license or registration. Therefore, the company has no way of monitoring the safety of their investors. The firm also doesn’t publish their contact information, which is another red flag for a scam broker. These unregulated brokers are often offshore and a major concern for investors.

247Bitcoin

Some people believe 247 Bitcoins to be a scam broker. However, there are a few ways to spot a scam website. First, look at the site’s landing page. It’s filled with generic information. It’s hard to see what 247 Bitcoins is offering, and you can’t be sure that you’re dealing with a legitimate company.

The site claims to double your bitcoins every month, but this is simply not true. It is a scam. Even if 247 Bitcoins does double your funds each month, you should know that the money is not real money. The site requires you to spend time earning the bitcoins that are supposed to double.

Squid coin

A Squid coin is a popular cryptocurrency, but it has been the subject of controversy. The cryptocurrency was marketed as a token for an online game, based on a popular Korean language series. In the game, players fight to win Squid. The project was subject to a lot of criticism after it went public. A lot of people lost money and countless news reports claimed that the company was a scam.

In an effort to lure investors, the creators of the Squid coin took advantage of the popularity of Korean survival television shows to raise money. The Squid coin website had many spelling errors, and CoinMarketCap has warned investors to be extremely cautious. While mainstream news outlets continued to run stories about the cryptocurrency skyrocketing more than 83,000% in a matter of days, it’s important to remember that price is not everything when it comes to determining credibility. Those looking to invest should watch for spelling errors, alternate domain names, and other warning signs of a fraudulent crypto broker.