Cryptocurrency is a form of digital money in which encryption technology can allow anyone, anywhere to send and receive payments. Because cryptocurrency does not exist in physical form, like paper money, it makes it an easy target for scammers.
BBB Scam Tracker reports of cryptocurrency scams tripled between 2019 and 2021, and reported losses also tripled during that time period.
One version of a cryptocurrency scam involves a friend or family member contacting you through Messenger trying to convince you to join their team of Bitcoin traders to earn millions of dollars. What you don't know is that the friend or family member's account has been hacked by scammers.
The scam works like this: you deposit money into a cryptocurrency transfer app to pay for the initial fee for your equipment. He then recruits more "team members" to send him their starting fee. The more team members you sign up, the more money you can earn.
