Scams in general have become the backbone of all new online-based innovations. In fact, 40% of all online users are victims of online crimes. Crypto has seen a fair share of scams with over 46k victims scammed over $1B in the last 2 years. According to the FBI’s Internet Crime Complaint Center (IC3), they received a record 847,376 complaints of online fraud in 2021 with $6.9 billion in estimated losses—that’s an average of over 2,300 per day at around $8,100 per person with the average age of 50+ being the dominant victims. This is mind, let's digress how these scams are packaged to lure innocent victims:- PONZI SCHEMES/PYRAMID SCHEMES This concept is born from the PASSIVE INCOME analogy where the fraudsters guarantee a specific percentage ROI like 5% daily or 20% monthly Typically, the investors don’t really care where how the returns are generated but instead focus on the increasing income on their dashboard Victims are asked to enroll friends & family in the lucrative sche...
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