Beware of crypto scams: How to spot and avoid pyramid and Ponzi schemes | Expert column

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Have you ever heard of someone who claimed to make a lot of money by investing in a new cryptocurrency or a trading program that promised high returns?

Did they also tell you that you could join them and earn even more money by inviting your friends and family to do the same? Or maybe there’s some big secret change about to happen in the global marketplace and they have the secret key to make big bucks out of this yet-to-be unveiled change?

If so, you very likely encountered a crypto scam, a type of fraud that uses digital currencies to lure and cheat unsuspecting investors.

Crypto scams can take many forms, but two of the most common and dangerous ones are pyramid schemes and Ponzi schemes. These schemes are illegal and can cause huge losses for the victims. This article will explain what these schemes are, how they work and how you can avoid them.

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