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Recently, a short personal interview of Do Kwon caused a commotion in the community refueling seemingly diminished anger toward one of the biggest tech scammers in the crypto industry. Many experts in the field pointed out that Terra Luna had way too many issues and glaring flaws to operate as intended for a long period.
However, nothing could stop the FOMO machine and billions were invested in the stablecoin that ultimately lost its value over a course of one dramatic week. The catastrophe was so brutal that it left many speechless. To Do Kwon it was Tuesday. In the interview, he simply said that he lost a big bet.
Rule 101: Big scams regularly pop out from seemingly nowhere. Any promising project should be scrutinized and thoroughly researched before you invest any money in it! The Terra 2.0 plan was terrible, but even in its failing form, it managed to fool some people. Be careful!
Smaller fish in the world of crypto scams
For many regular investors, working a 9/5 job is the only reliable way to increase their crypto portfolio. You can, occasionally, find a new project that will skyrocket in value, but these are exceptions. Nevertheless, the dream of becoming rich overnight often haunts beginners looking for easy ways to obtain crypto or get coins for free.
Nothing is free in this world. You cannot escape this harsh reality. Very often even the best of us still fall victims to scammers that have credible backgrounds. A recent statement by LinkedIn warned about fraudulent accounts that present themselves as employees of Binance, the biggest cryptocurrency exchange platform.
The social network for professionals noted that only 50 people out of 7000 pretenders are associated with the famous exchange. 6950 accounts are likely operated by people who commit fraud. To find credible people look at the Binance corporate page. Real employees will be listed as verified on Binance’s LinkedIn profile!
Rule 101: Do not believe everyone when it comes to money. The cryptocurrency industry is still relatively young despite being around for over 15 years. Many scammers continue looking for inexperienced investors!
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