Bitcoin Ponzi Scams

Bitcoin is Great but Ponzi Schemes and Scams Defaced it: Sydney Ifergan Warns Newbies

August 25, 2020 Off By Ayobami Abiola

Old BTC holders and enthusiasts who have seen many bitcoin seasons know how to do thorough due diligence, so they do not fall for crypto scams often. They have seen a lot of BTC scam plots and know how they operate, they are well versed so they know how to navigate social media and avoid traps. Newbies, on the other hand, are inexperienced and know little to nothing on how to discern real projects and campaigns. This is why they most often fall for ponzi scams and scams to lose a lot of funds. More recently, there has been a lot of scam and Ponzi scheme advertisements that use celebrities’ identities to rip people off on social media. This might be seen as partly the fault of social media platforms that do not perform checks on the ads they allow on their platform.

Graeme Garioch, the winner of 101,000 Euros in a 2007, Channel 4 Deal or No Deal show, was a victim of crypto scam ads on Facebook. He was ripped of 30,000 Euros in total in 2018 because he followed an ad that promises to help him invest his money and give him returns. He opened a Bitcoin wallet, deposited funds, and signed contracts which will not allow hime to move his funds for six months. He was told he had a profit of another 30,000 Euros but will only be able to withdraw the money after he deposits another 6000 Euros which he did. His funds disappeared afterwards.

It has only been few weeks ago when Top people’s twitter accounts were hacked and BTC worth hundreds of thousands of dollars were scooped via scam posts from the accounts. Though lawsuits have been filed against the alleged hackers, but it has mudded the name of Bitcoin with which the untraceable hack was executed.

Micheal O’Leary, the CEO of Ryanair and one of Ireland’s Wealthiest businessmen, denounced Bitcoin and advised people to stay away from it. This is because another ponzi scheme used his image to deceive people into sending them bitcoins.

These are only very few cases of scams related to Bitcoins reported daily. Scammers find it easy to steal people’s bitcoins because remittances made via BTC cannot be traced. 

But on the flip side, many people and businesses have profited immensely from the advantages of Bitcoin to the world’s financial Technology. Cross border trades are made cheaper, faster, and easier. It has also unlocked a new level of privacy and security by putting users’ finances back into their hands.

“Bitcoin is not drugs and guns, good brains have better uses for it. Forget the bad actors – Look at good things happening with BTC.”

Bitcoin is a tool in the hands of people, just like fiat can do nothing on its own. People have a total control over their BTC beyond what they can do with fiats in bank. People must be educated every now and then on how to protect themselves and their funds. We must all be responsible for all actions we take in our wallets. Funds are lost every now and then, even with fiats. Bitcoin is more than great, it is revolutionizing, it is the bad actors and the gullible that defaces it.

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