Ponzi schemes in the cryptocurrency industry. High returns on investors’ investments were promised by BitConnect, but the returns came from new investors’ funds rather than from actual business activity.
The scheme broke down and investors lost their money when the flow of new investors slowed down.
Always be wary of investments that promise high returns with little to no risk in order to stay away from Ponzi schemes. Also, before making an investment, do your homework and make sure the company is reputable.
Scams Using a false identity, phishers trick you into giving them sensitive information like your password or private keys in phishing scams.
