Michiganders Have Been Scammed Out of More than $70K in Cryptocurrency
Cryptocurrency has been all the hype this year and it's gone way past Bitcoin. Even if you don't play yourself chances are you know someone who does. However, before you start investing money make sure what you're investing in is actually legit.
The Better Business of Bureau of West Michigan says that residents were scammed out of more than $70,000 in 2020 with crypto money. In fact, one Michigander recently was supposed to get a cash out of $41,000 after spending eight months of trading, but hasn't been able to access his funds.
The problem is, digital currencies are still so new and the inner workings unknown. This allows scammers to take advantage.
Some major companies are already starting to accept digital money as a form of payment so it's imperative you do your research before paying anyone or investing money in the market. Examples include AT&T, Overstock.com, and even Starbucks.
Since gaining huge attention and popularity, crypto scams have gone crazy. At a conference last month, an official with the SEC (Securities & Exchange Commission) said that crypto scams were the "flavor of the year."
To avoid getting scammed, the BBB has a bunch of tips to keep in mind before you invest any money. This includes knowing what a "blockchain" is, crypto stock scams, and how to store and secure your cryptocurrencies.
Aside from crypto, it's essential to know what to look out for when it comes to scams because they are everywhere and come in all forms. Here's 10 tips to avoid falling victim to a scam.