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With more people diving into cryptocurrencies, experts are urging caution: as investment interest grows, so do the risks of scam and fraud.
Bezalel Eithan Raviv, CEO of blockchain forensics firm Lionsgate Network, shared findings that over 6,000 crypto scam cases were investigated in 2024 alone. Raviv warns that while laws like the Genius Act aim to regulate stablecoins, scammers are taking advantage of loopholes. Fake websites made to mimic legitimate exchanges like Coinbase are among the top threats.
Raviv pointed out some worrying trends:
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Many scams target people aged 47 to 60. These victims are often misled before they fully understand the platform or the risks.
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Even stablecoins which are supposed to offer more stability can be dangerous if the associated website or platform is fraudulent.
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Extreme volatility in crypto means many early investors are already taking heavy losses (for example, one meme-coin backed by the Trump family dropped from around $75 to about $8).
What you can do to protect yourself:
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Double-check website URLs and make sure you’re using official platforms.
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Be very skeptical of offers that seem too good to be true (e.g. huge returns, guaranteed profits).
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Seek professional advice before investing significant sums.
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Don’t rush; take time to research, verify, and understand the investment.
