Cryptocurrency scams are rising, and thieves are using new and old techniques to steal money. Some of the latest scams involve rug pull scams, Ponzi schemes and phishing scams.


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Where money is concerned, scams always follow. And the same is true with cryptocurrency.

In February 2022, cryptocurrency exchange platform Wormhole lost $320 million after a cyber attack. In addition to this attack, cryptocurrency scammers have stolen more than $1 billion since 2021, according to a report by the Federal Trade Commission.

Lloyds Banking Group in the U.K. reported cryptocurrency scams were up 23% in 2023 over the same period in 2022. During the first half of 2023, cryptocurrency scams were down. However, the number of scams increased significantly in the third quarter of 2023, according to bug bounty platform Immunefi’s report. Part of the increase was from the Mixin hack on Sept. 25 when attackers stole nearly $200 million.

Digital currency is a form of currency stored in a digital wallet, and the owner can turn currency into cash by transferring it to a bank account. Cryptocurrency, such as bitcoin, is different from digital currency. It uses blockchain for verification and no central authority such as a bank, so it is harder to recover from theft.

Even though cryptocurrency is a newer trend, thieves are using old methods to steal. Here are some of the common cryptocurrency scams to watch.

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