From late March 2020, when the global pandemic Covid-19 paralysed many economies, the appeal of cryptocurrencies has grown. Several statistics show increased interest from downloaded wallet apps to peer-to-peer traded volumes. In many ways, this interest in bitcoin and altcoins is evidence that the policies of central banks are failing. Many professional investors, as well as ordinary people, are losing confidence in fiat currency systems.
However, many that are exploring the idea of investing in crypto alternatives are falling victim to scams. It seems more scam crypto sites are roaming the space than bonafide cryptocurrency businesses.
It turns out that criminals also appreciate the shifting dynamics and are aware that investing in bitcoin is the new in-thing. In fact, the FBI issued an alert in April warning potential investors to be on the lookout for cryptocurrency-related scams.
The start of the severe lockdown measures meant homebound individuals suddenly had more time to