#VietnamCryptoPolicy Follow the Cryptocurrency Fraud

Virtual Ponzi Schemes: Cryptocurrency criminals promote non-existent opportunities to invest in digital currencies and imply huge returns by paying older investors with the money of new investors. One of these scams, the BitClub network, raised over $700 million before its perpetrators were indicted in December 2019.

Celebrity Endorsements: Online scammers pretend to be billionaires or well-known personalities and promise to double your investment in a virtual currency, but instead, they steal whatever you send. They may also use messaging apps or chat rooms to start rumors that a famous businessman supports a particular cryptocurrency. Once investors are encouraged to buy and the price rises, the scammers sell their share, causing the value of the currency to drop.