The best (and most logical) option is to just buy bitcoin and not store it on an exchange. All but perhaps a handful of alt coins are scams or meme coins with no value or use. And even those alts are too centralized and don't have the security of bitcoin.
You know sometimes because of crazy pumps(which eventually descipates over a short time anyways)in these alts, it is quit easy to trick fragile traders especially newbies into these scams, i just wish every one protects there investments properly
$87 Million Crypto Scam Exposed, Norway Charges Four Suspects
Does this have anything to do with Bitcoin? Most cryptocurrencies are by their nature scam projects that have no goal or purpose, and the sooner people realize this, the sooner they will avoid falling for such cheap tricks. The only thing interesting to me in this story is that it managed to happen in Norway, which is one of the best regulated countries in the world, and that they have only now decided to do something about it.
Although perhaps all of this is not so strange, the Nordic countries are clearly not what they once were, or at least that's how it seems to me.
The scam is spreading even into countries that where once strictly regulated,
Norwegian authorities have prosecuted four men in connection with a large-scale investment scam that allegedly defrauded investors of NOK 963 million ($86.5 million) between March 2015 and November 2018.
According to Økokrim, Norway’s economic crime agency, the operation worked by encouraging people to buy “product packages” containing digital assets. However, the only money flowing in came from new investors, making it a classic Ponzi scheme.
Prosecutors claim more than NOK 700 million ($62.7 million) was laundered through a Norwegian investment firm before being transferred to accounts in several Asian countries.
The four accused are Norwegian men in their 50s, 60s, and 70s. Three are suspected of collecting money from investors, while the fourth is accused of handling the laundering process.
Among the accused is Terje Hvidsten, a former art dealer with previous fraud convictions. Another suspect, Dag Hætta Eriksen, also has a criminal record related to fraud and corruption. The remaining two suspects include a 52-year-old from Romerike, who denies any wrongdoing, and a 70-year-old former lawyer accused of laundering funds.
The scheme operated under different names, including Crypto888 Club, Octa Partners, and Nano Club. Each rebranding introduced a new cryptocurrency—OctaCoin, NanoCoin, and Ormeus Coin.
Please guys let's be careful, crypto scams are getting crazier by the day
Read the full story here.
https://www.bitdegree.org/crypto/news/87-million-crypto-scam-exposed-norway-charges-four-suspectsThe level fraudulence activities in the world now is becoming unbearable and if drastic measure is not put in place to curtail fraudulence activities it will be very dangerous to what the impact will be in the near future because many people are now seeing fraud as a career.
I think the best way to comb fraudulence activities across the world is to put a dead penalty to anyone found guilty of fraud.
As for those four men, they should be sentence to dead if they are found guilty of the crime labelled against them to serve as a warning to other fraudster or to anyone that is aspiring to be a fraudster.
My dear the truth is even if a death penalty is placed on it, people will still do it, i think the best way to avoid or atleas caution this is for traders and investors to take their time to learn about crypto before finally investing in it,.then always use a regulated and well used exchange for transactions
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Because of how the economy has become difficult, some people will never learn their lesson and will still choose to be involved in scamming others of their cryptocurrency. There are some people who have equated the difficulty they are facing from the economy to any punishments they will get if they get caught for stealing from others, and so because of this, do not consider that as anything much.
Newbies to cryptocurrency are the most at danger to this; this is why they need to be extra cautious.
Honestly newbies are the most vulnerable to this
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