Scam

The UK Financial Conduct Authority (FCA) accuses Kim Kardashian of promoting a risky cryptoasset token that could be a scam. Is this a result of a lack of awareness or a drive for money?

Initially perceived as a scam and unreliable, digital currencies were only worth a few cents. Today, things are different as the cryptocurrency industry has grown immensely. This growth has brought with it some ridiculous stories worth telling.

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Scammers are taking advantage of the bullish market of cryptocurrency to steal money. Since the interest in bitcoin, as well as other crypto-assets, has grown, criminals discovered it as a fruitful field for their activity. Currently, investment scams and phishing attacks are the most popular schemes.

The digital currency sector in Nigeria has been growing rapidly. Despite numerous scams and a lack of clear regulations, cryptos attract Nigerians with high profit potential.

The number of fraudulent cryptocurrency startups and suspicious companies not properly registered with regulators is growing. This makes governments and watchdogs alerted about the security of their citizens. For instance, the government of Singapore recently passed a warning to all of its citizens of the risk of involvement with cryptocurrency.