Crypto scam

In a new financial sphere, where technology jargon can easily confuse, fraudsters can find easy pickings. But how does that impact legitimate cryptocurrency traders?

19 July 2021

It seems barely a week passes without authorities warning the public about another cryptocurrency scheme. The number of such scams seems to have multiplied since Mirror Trading International (MTI) CEO Johann Steynberg disappeared last year after $589 million in investments from the scheme went missing, affecting thousands of investors.

South Africa was recently listed as one of the top 10 countries in the world for cryptocurrency crime in a report by blockchain analysis company Chainalysis, which notes that the number of victims of such scams in 2020 grew over 2019, as investors piled into crypto.

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