How to avoid cryptocurrency scams, 7 On Your Side outlines tips — Scam Guards

NEW YORK (WABC) — They’ve been termed the Wild West of investments. Cryptocurrency, The white-hot popular digital currency with volatile values that can boom and bust in days or even hours and little regulation.

When there are large amounts of money to be made or lost, that’s when scammers swoop in.

A recent report by Bolster found more than 400,000 Cryptocurrency scams were reported just last year alone.

That’s an increase of 40% year to year. That number is expected to jump an additional 75% this year costing consumers tens of billions.

So what are the most popular cryptocurrency cons? First, there’s the fraudulent giveaway. A fake ad uses pictures of Bitcoin billionaires Tyler and Cameron Winkelvoss without their permission, promising twice your payment back if you contribute. Another fraudulently uses Tesla founder Elon Musk’s picture promising to double your return.

Others are fake ICOs, or initial coin offering. A…

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