Brenden Posted November 3, 2021 Share Posted November 3, 2021 Did anyone here hear about this? I guess someone started a squid game style cryptocurrency, and just up and stole all of the investors money. Supposedly $2+million dollars worth of it. This is why I am very hesitant to invest in anything crypto related, because it seems anyone can start their own currency now. Do you think this will result in more crypto scams coming? Read more about this news here - Wired 1 Quote Link to comment Share on other sites More sharing options...
Stacey Posted November 4, 2021 Share Posted November 4, 2021 This doesn't surprise me. It is not the first and certainly won't be the last crypto scam out there. This sounds like a typical pump and dump scheme. It is unfortunate so many people still fall for them. I understand being hesitant. I would not go outside investing in well established crypto. 1 Quote Link to comment Share on other sites More sharing options...
James Posted November 4, 2021 Share Posted November 4, 2021 Yes it is the wild west in the crypto market. This is the downside of not having a regulated market place. People need to be very careful where they are putting their money. If it sounds too good to be true it likely is. Over the lifespan of crypto there have been so many scams. It is a ripe place for the scammers to be because there is very little recourse from the people that are scammed. Stay careful, stay diligent. This kind of thing happens outside of the crypto markets all the time still. About 5 years ago I invested in a oil drilling operation in Texas. They ended up under SEC investigation. The founders of the oil drilling fund had taken all the money for personal expenses. Investors were never able to recover their capital. Thanks for sharing the story. Stay diligent out there. Never invest more than you can afford to lose. Quote Link to comment Share on other sites More sharing options...
Mickey Posted November 4, 2021 Share Posted November 4, 2021 That is why I don't invest in anything brand spanking new, because this sort of thing is bound to happen. The fact that these people got away with all that money, is scary. Because I don't know if there's any way to track the money at this point. So they probably are going to get away with it. But, I do hope the people or person responsible is caught and the money is returned. 1 Quote Link to comment Share on other sites More sharing options...
Emma Posted November 5, 2021 Share Posted November 5, 2021 I would never invest in a new crypto no matter who is telling me to invest. A lot of these people get famous people to do their dirty work be it rappers, online celebrities, or inferences and they don't know enough to know better and take the money to support it. 1 Quote Link to comment Share on other sites More sharing options...
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