Bitcoin, ether and dogecoin reached record highs in value this year, cryptocurrency fans view them as the future of money for the globe. The underlying blockchain technology allows crypto to work by creating a digital ledger that records transactions, which would seemingly create a safer form of currency. But where there’s money to be made, scammers aren’t far behind.
Crypto pump-and-dump schemes take advantage of people while making some big money for scammers. They can involve social media influencers who receive financial incentives for telling people to buy a certain digital coin in order to raise its value. Once the value goes up, the scammers and influencers sell their coins and pocket the profits, while everyone else sees their investments lose value.
Last month, a group began selling coins based on the hit Netflix show, Squid Game. The $SQUID coin had no ties with the show or Netflix but that didn’t stop many from jumping on the hype train causing the value from one penny to $2,800 and then free-fall back down to pennies minutes later. This resulted in the scammer making $2 million…
