By now, everyone’s seen the news about the demise of FTX, and the only thing we can say is let’s hope that this puts a monkey wrench in a lot of these crypto scams. And we’re not talking about big crypto companies collapsing, we’re talking about the types of crypto scams where unsuspecting people are targeted by scammers on social media. These are fly-by-night operators, often in other countries that take advantage of people online and manipulate them into sending thousands, up to millions of dollars or more. 

We get dozens of inquiries each day from victims who have sent anywhere from a few thousand to many hundreds of thousands to these online crypto scammers. When crypto entered the investment markets, Bitcoin began doubling and the future looked very bright for cryptocurrency. So much so that many people fell victim to the hype. In these types of scams, it’s not that crypto is a scam–although that’s debatable for another day–it’s more that the scammers weren’t putting money into crypto, they were putting it into their pockets. 

Hopefully, the hype around the debacle with FTX will put some cold water on cryptocurrency so that unsuspecting victims will stop falling for scams and open the eyes of those who may not understand the risks. With more people learning about how crypto scams operate, it’ll make the scammers have to work harder, or simply give up. Hopefully, this FTX implosion will shed some negative light on cryptocurrency, even if it only has the effect of slowing down the number of people who fall for these scams.

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