SCARS™ Anti-Scam FAQ: Cryptocurrency Scams

As the price and popularity of Bitcoin and other cyber-currencies skyrocketed in late 2017, scammers eagerly sought to take advantage of the frenzy. The Japanese Bitcoin exchange Coincheck was hacked in January, and the thieves were able to steal more than $500 million in cryptocurrencies. This is the largest cryptocurrency hack to date. Facebook and Instagram have banned advertisements for certain bitcoin, initial coin offerings (ICOs), and some other cryptocurrency-related products because of deceptive and misleading practices. Several ads were leading victims to sites such as Prodeum, whose only purpose was to take their money and not provide the advertised service.