ISLAMABAD:Concerning revelations have emerged about increasing fraud and scams in the cryptocurrency sector.
Experts have warned that citizens are being exploited under the guise of modern technology and blockchain.
According to reports, fraudsters first gain users’ trust through social media or online platforms and then lure them into supposedly lucrative investment schemes, encouraging them to invest large sums of money. Later, the criminals use fake apps or websites to steal the investors’ funds.
Experts say that since cryptocurrencies operate on a decentralized and digital system, investing without due caution carries a high risk of financial loss.
The majority of fraud in the crypto market, experts note, occurs through fake projects and “meme coins.” Such schemes initially promise unusually high returns, are heavily promoted on social media, and make unrealistic claims of quick wealth to entice investors.
Once a significant number of people invest, some project organizers suddenly disappear with the funds. Experts have advised the public to conduct thorough research before making any online investments, avoid unknown platforms, and never trust claims of guaranteed or extraordinary profits.
