While scammers take advantage of celebrities’ names without them knowing about this, some of the stars willingly take part in fraudulent projects. Thus, a famous US rapper known as T.I. agreed to pay a fine amounting to $75,000 for promoting a fraudulent ICO.
Talks about Ripple being a scam pop up every now and then. The altcoin’s runner, Brad Garlinghouse even had to handle several lawsuits concerning registration problems. Nevertheless, XRP remains the third-largest by market cap.
The CEO of Ryanair, an Irish budget airline, Michael Kevin O’Leary (59-years of age), was involved in promoting another cryptocurrency scam without even knowing it. That made him turn extremely bearish and compare Bitcoin (BTC) itself to a scam.
Back in July 2020, CoinIdol, a world blockchain news outlet, received an email from one of its readers that wished to stay anonymous saying one was scammed by a project called PrepayWay. Later on, another reader, Sempiira Joseph Nyagwa claimed he was also scammed by the project runners.
2020 has seen a significant increase in the number of scams related to cryptocurrency. To lure out people’s money, scammers constantly improve their schemes and invent new approaches to look more reliable and trustful.
The COVID-19 pandemic and global economic crisis triggered the increase in illegal activity related to cryptocurrency. However, law enforcers also keep themselves busy to fight the growth and put as many criminals behind bars as possible.