​CRYPTOCURRENCY SCAMS

As a fund recovery firm with a decade of experience and with over $19 million recovered so far,
we at First Option Recovery are posing a question in front of you. Did you know that 97% of the
crypto startups don’t have a working prototype and is simply a rip-off of an original one? In other
world, there are a lot of cryptocurrency scams that one doesn’t know about.

Sounds fake but it’s a hundred percent true. And why wouldn’t it be? Our team at First Option
Recovery (all thanks to the 128+ attorneys that we are currently associated with and over 3000+
cases from which we have recovered funds), after months of research across all crypto domains
in 22 countries, finally devised the stats that would be really difficult to believe.

The crypto startup bubble including the bitcoin bubble is nothing but a stage where the play
“Comedy of Errors” is being broadcast on a regular basis. The persons who take part in the play
are fake review sites, actors who ask their fans to invest in a particular cryptocurrency and a
paid marketing team who keeps on publishing fake news as to how one can become rich quickly
over a short span of time. Sounds funny, owing to the fact that we at First Option Recovery end
up acting as the police and bust all those cryptocurrency scams on a regular basis. Little do
these guys know that once the money is invested, it might eventually lead to the guys running
away with all your money at one go and you will be left with nothing but depression and despair.

One of the biggest cryptocurrency scams of all time, BitConnect worked on similar levels where
it was labeled as an “Ethereum Killer”. Very few investors were able to figure out about
BitConnect being a Ponzi scheme, because of its multi-level marketing structure, high payouts
and celebrity endorsements. The interest rate fluctuated greatly with the volatility of Bitcoin,
which was tied to its value. In spite of the team of advisors at First Option Recovery already
figuring out the fraudulent nature of Bitconnect way before, many investors still fell for it and lost
their money.

Let’s look at some of the major ​Cryptocurrency Scams​ across the globe.

FRAUDULENT ICO’S
The most common among the lot, Initial Coin Offerings i.e. ICO’s being a part of quick
fabrication owing to the limited rules and regulations laid out to them because of the leniency of
the financial authorities have been quite a hype for the last 2 years. Copying someone else’s
whitepaper and working extremely hard on Multi-Level Marketing via social media
impersonations and celeb endorsements, ICO’s are the scam to look out for in today’s financial
world. Major players in the game include fake schemes like OneCoin, Plexcoin and Centratech,
the last one being endorsed by DJ Khaled himself and raising $32 million before running away
with the money.

If properly scrutinized, there are certain signs that let one know about a fake ICO such a copied
white paper, no definite road map and the founders having no trace whatsoever in the crypto
market. Also, if the ICO’s members are asking you to invest in a hurry, there is a high possibility
of it being just another cryptocurrency scam.

Whenever a new ICO comes out, we at First Option Recovery start scrutinizing it from Day 1
itself. With the team of attorneys and legal advisors that we boast of, our detailed scrutiny
process involves a lot of hard work and dedication and if a fraud is detected, it is immediately
added to our portfolio of cryptocurrency scams that is already present on our site.

FAKE CRYPTO WALLETS

If you want to store your crypto, you need to take the help of a wallet, be it a hardware wallet or
an e-wallet. The majority of the investors choose an e-wallet over a hardware wallet, primarily
because of its low fees and durability.

Unfortunately, a lot of crypto wallets that you see on the Play Store and App Store are fake ones
that aim to steal your private crypto key and rip you off your money. It is highly suggested to do
your research about the wallets and get to know about its ins and outs before adding your
money into it. Also, it’s always advised to take help from some professional firm like First Option
Recovery who have been dealing with such stuff for quite some time now.

Google has banned a lot of wallets from its Play Store but in spite of that, a lot of them still
remain in the hood. Apple has officially banned apps from its app store which help in mining
cryptocurrencies. Fake wallets, however, are still available.

FRAUDULENT EXCHANGES
Remember the days where our teacher used to give us homework and we hated doing it.
However, the reverse needs to be done while deciding to invest your money in some crypto
exchange. Digital currency exchanges have multiplied in number over the past few years, giving
rise to a lot of shady ones in the lot.

In order to find out whether an exchange is genuine or not, it is highly suggested to do a

thorough quality check on the website. Some of them include verifying the requirements and
withdrawal methods, the security status of the websites, terms and conditions and proper office
address and founder details.

Be it a direct trading exchange, a complete all in one trading platform or via brokers, it is
extremely essential to follow the above steps if you want to save your hard-earned money.
Binance, Coinbase and Kraken are some of the legitimate ones. Just log in to First Option
Recovery to find out whether a crypto exchange is legit or not. Our portfolio already has a vast
list of the real and fake ones.

PONZI SCHEMES
The Ponzi Scheme is named after the famous Italian fraudster Charles Ponzi, who successfully
duped Americans of thousands of dollars using his fake money-making system. Mr. Ponzi, using
his wit and panache, paid older investors with the money that he collected from newer investors.
The scheme, laid out by Ponzi, is still relevant in today’s time.

With the mechanism of a Pyramid Scheme itself, the older investors get newer investors to
invest in the scheme and pay the returns for the first few months. Then comes the twist, where
the new investors are told that in order to receive a further commission, you need to reinvest
and also find new joiners. This procedure goes on and on until they get caught, however, by
then, the scammer flees with all the money.

Although easy to spot, naive investors are still falling for it. Often dubbed as the crypto pyramid,
the scheme is often labeled as “risk-free” with a high guaranteed return on investment. In order
to save oneself from such schemes, it is highly advised to improve your investment knowledge
before investing in any such schemes.

WHAT TO DO WHEN YOUR MONEY IS LOST IN CRYPTOCURRENCY SCAMS?

Cryptocurrency Scams being rampant in the industry, scammers have been devising newer
methods of scamming the victims every single day. Now the point is what should one do when
his or her money is lost. There are ways to deal with it like filing a complaint to the regulatory
authority or negotiating with the broker, however, the most fruitful of the lot is to contact us at
First Option Recovery.

Our firm is dedicated to providing the best in class solutions of fund recovery, (including crypto
recovery) and with our expertise, experience, and professionalism we pride ourselves into
letting you know that we have a team of 128+ attorneys, a decade of experience and a track
record of over 3000+ cases with over $19 million recovered. Do contact us with your query if
you have been scammed by any broker when it comes to crypto scams, forex scams or any kind
of binary options scams by filling up our contact form, and we will get back to you at the earliest.

For more information please visit

● Address:
90 State St Office Tower Suite 700 Albany, NY, 12207
● Business hours:
Mon - Fri: 9AM - 6PM
● Phone number:
+1-315-275-2894
● Email:
info@firstoptionrecovery.com