Inside the ‘Wild West’ of cryptocurrencies and social media influencers.
The report found that people aged 20 to 49 were five times more likely to lose money in cryptocurrency investment scams than older age groups. The United Kingdom’sthat new and younger audiences were engaging in high-risk investments like crypto and were often driven by emotions and feelings.
New cryptocurrency technology has created opportunities for scams to take place, according to Rachel Siegel, who provides crypto-related educational content to more than 150,000 followers on“The Save the Kids scam was very similar to a lot of other scams we see in the crypto space,” Siegel alleged. “I think that there is a lot of good ways this technology can be utilized. It just hasn’t been around long enough to clearly decipher legitimate projects from disingenuous ones.
“These people are not investors, they’re gambling addicts. We need to stop treating it like a casino,” Dimos said. “Do your own research, invest in good, fundamentally sound projects and never invest more than you can afford to lose. … Those three things are everything I keep hammering home in people’s heads because it can get really exciting really quickly.”
“We’re in the Wild West right now,” he said. “The sheriff is not in town. Nobody’s going to come knocking at your door.”
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