Ever since crypto was introduced to the world, there has been no shortage of cases with fraudulent activities. Sure, there is no denying that people have earned millions of Dollars worth of profits over the years, but the fact of the matter is that there the crypto scene has always had a fair bit of stability over the years. Because of this instability, plenty of people have shown a fair bit of hesitation when making investments.
If you look at the relatively short history of crypto, you will come across a variety of cases where people ended up losing thousands, if not millions of Dollars. Therefore, there is no wonder why there is a sort of stigma attached to crypto whenever it is bought up by anyone. That being said, being careful about where you invest and trade can help you steer clear from trouble in more ways than one.
More often than not, the trouble that people often go through is most often caused because of their haste as well as lack of research. Merely spending a few extra hours or even days in order to learn about the state of crypto could be of tremendous help. During the recent months, there have been plenty of cases where people or massive crypto exchanges were scammed, defrauded or hacked. Because of this, they ended up losing a tremendous amount of money.
One of the most recent instances that comes to mind is that of Poly Network, where hackers got access to the crypto trading platform and got away with millions of Dollars. Another instance where there was an incredibly high amount of monetary loss was caused by a group of fraudsters who created a fake scheme to attract investors. Once the website’s scheme won the investor’s trust, the fraudsters got away with the money.
Perhaps the most terrible instance of fraudulent activities in the crypto world took place in India. Here, two individuals convinced a Bengaluru based businessman to lend them millions of Dollars so that they could help him with investments. However, these individuals had ulterior motives and ran away with the money as soon as they received it. Fortunately, however, the authorities arrested these fraudsters and put them in jail.
The court proceedings have been ongoing for a while but there hasn’t been any clear result. That being said, there has been some good news for the defrauded business executive as the perpetrators were recently denied bail during a court hearing. Hopefully, these fraudsters will be fined heavily and made an example out of in order to show that people can get justice if something goes wrong with their crypto investments.