A new wave of crypto scam is ready to crash the market - Andreas Antonopoulos

  • Andreas Antonopoulos expects a new wave of scam cryptocurrency projects.
  • The situation is very similar to the one in 2017.

     A vocal bitcoin supporter Andreas Antonopoulos warned cryptocurrency investors that a new wave of scams and fraudulent projects might hit the market any time soon.

The mailbox and personal messages in social networks are flooded with letters and invitations from various ICOs and IEOs. They ask him to promote their projects as a leader of opinions, to make positive statements or become an adviser, Antonopoulos wrote recently in his Twitter account.

"Just FYI: The ICO, IEO, "influencer marketing," endorsement, "advisor" etc. emails and DMs have started flooding in again. People are offering me (and many others) $25k to $250k for endorsement, review, tweets, etc. I say no, many say yes. SCAMS are coming. Be careful," he tweeted.

This trend started about a month ago. And it is very similar to the pattern observed in the period from August to December 2017. Antonopoulos is sure that scammers dropped off the radars during the bears' market, but now they are back.

He senses FOMO (Fear Of Missing Out) in the air as newcomers have started entering the market. He urges his readers to educate their friends and relatives on possible forms of scams such as Ponzi schemes and pump-and-dumps.

In April, the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC) issued a joint warning about fraudulent websites that offer advisory, investment and trading services for cryptocurrencies.

Earlier this year, Andreas Antonopoulos wanted to cancel his participation in Blockchain Week 2019 in Hong Kong when he learned that Russian models, translators, and hostesses were invited to exert additional influence on the guests and attract men.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto bulls on winning streak pushing for more

Bitcoin price jumped this week after a shift in sentiment on Thursday when global equities went back in the green and investors favored riskier assets like cryptocurrencies. 

More Bitcoin News

Binance support for Polkadot parachain auctions could send DOT to new all-time high

At the Sub0 Conference representatives of Parity Technologies, DOT founders Gavin Wood and Robert Habermeier, confirmed that Polkadot is now ready to implement parachains, auctions and crowd loans on its blockchain network. 

More Polkadot News

XRP price awaits for volume to skyrocket to $2

A brief technical and on-chain analysis on XRP price. Here, FXStreet's analysts evaluate how Ripple bulls take control.

More Ripple News

Shiba Inu whales buy the dip after SHIB loses $600 million in market cap

Shiba Inu concluded a massive rally, and SHIB price plunged on October 14. Proponents were awaiting a Dogecoin flippening, however, SHIB dropped to 14th rank by market capitalization soon after. 

More Shiba Inu News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast