How do I spot and avoid crypto frauds?

Cloud mining companies allow you to rent mining equipment from them for a fixed fee and a share of the estimated income. Theoretically, this allows you to mine cryptocurrency remotely without having to purchase expensive mining equipment. However, many cloud mining companies are fraudulent or, at best, inefficient. When cooperating with them, the user either loses money or earns less than expected.

Bitcoin pyramid schemes attract customers with unreasonably high interest rates. They offer a lucrative affiliate program for clients. Clients themselves distribute affiliate links, attracting new referral users to the fraudulent project and forming new pyramid levels.

Scammers according to this website pay out money to investors at the expense of new receipts from investors of lower levels, leaving a part of money for themselves. The pyramids do not actually operate. Fraudsters convince clients who have received money to reinvest profits. As soon as the inflow of users ends or a large number of negative feedbacks are accumulated, the pyramid ceases to exist. All the money stays with the scammers.

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