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Author: Admin | 2025-04-28
Many NFT transactions are genuine and enable individuals to purchase unique artwork or other assets, they must remain vigilant as scammers have exploited NFTs for fraudulent activities.To avoid NFT scams, verifying the URL of the NFT marketplace website before logging in or making any purchases is crucial. Never disclose your master password to anyone or any site. Prioritise researching and verifying an NFT before proceeding with a purchase. Additionally, consider utilising a reliable VPN to anonymise and encrypt your online traffic for added security measures.Crypto Ponzi schemesA cryptocurrency Ponzi scheme lures investors with the promise of high returns, using funds from new investors to pay off the promised gains. Like traditional Ponzi schemes, these deceptive operations mislead investors by creating the illusion of legitimate investment activities generating profits. Bitconnect is an example of a cryptocurrency Ponzi scheme. The deceitful platform guaranteed monthly returns on Bitcoin investments of up to 40%, compelling investors to exchange their Bitcoin for the platform's proprietary coins.To avoid crypto Ponzi schemes, it's essential to be cautious of any scheme that promises guaranteed high returns with little to no risk, especially if they require recruiting more participants. Staying updated on cryptocurrency news and regulatory changes in crypto is crucial. Being informed about the current affairs of the crypto industry will not only protect you against Ponzi schemes but also provide a better understanding of the crypto market.Pump-and-dump schemesA scammer employing a pump-and-dump scheme uses various methods to artificially boost the price of a digital asset. Once the
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