Avoiding a cryptocurrency scam

Avoiding a cryptocurrency scam

Yesterday some high-profile people had their Twitter accounts hacked by scammers who sent out fake tweets asking followers to send money using Bitcoin – a type of cryptocurrency or digital money . Cryptocurrency scams are now a popular way for scammers to trick people into sending money. And they pop up in many ways . Most crypto scams can appear as emails trying to blackmail someone, online chain referral schemes , or bogus investment and business opportunities . But here’s what they all have in common – and what they have in common with yesterday’s Twitter hacks: A scammer wants you to send money, or make a payment, with Bitcoin or another type of cryptocurrency. Once you do, your money is gone, and there’s generally no way to get it back.
So if you see a tweet (or a text, email, or other message on social media) that tells you to pay with Bitcoin, you know that’s a scam. Other signs that something’s a scam? They might guarantee that you’ll make money (those guarantees are false); promise that you’ll double your money quickly (again, that’s always a fake promise); or say you’ll get free money in dollars or cryptocurrency (free money? Nope, not ever).
If you spot a cryptocurrency scam, report it immediately to the FTC at ftc.gov/complaint . For more information, check out What To Know About Cryptocurrency .

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