Instagram Etherium mining scams
The Instagram Etherium mining scam is one of the most common scams that target the cryptocurrency market. It involves hacking accounts, stealing account information and posting coerced videos requesting money. The victims are duped out of huge sums of money, cryptocurrency, and even simple money transfers. In these cases, the criminal disappears without ever returning to their Instagram account. Unfortunately, if you are looking to invest in the crypto market, you need to be very careful.
The Federal Trade Commission has warned that you should not invest in cryptocurrency through social media sites, as there are no guarantees. Instagram users have lost more than $80 million to scammers. According to the Federal Trade Commission, one victim lost $2 million to a fake Elon Musk impersonator. However, free social media platforms have no reason to close imposter accounts. Nonetheless, there are some ways to protect yourself from these scammers.
Another common scam is an Instagram pyramid scheme. The same scammers try to convince you to invest in a crypto mining project. They tell you that your investments will grow as more people invest in the same venture. They also tout the fact that as more investors join, your profits will increase as well. In this scheme, the early investors make money but the scammers walk away. If you invest in a bogus crypto mining scheme, you could lose your entire investment.