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Is there a cryptocurrency scam on Reddit?

Reddit's r/scams subreddit published a general summary of this kind of cryptocurrency scam: Victims are told to buy cryptocurrency of some kind using a legitimate cryptocurrency exchange, and then they are told to send their cryptocurrency to a website wallet address where it will be invested. ...

How do you know if a crypto exchange is a scam?

Look for HTTPS. HTTPS—as opposed to just HTTP—in a crypto exchange or wallet URL indicates the site has secured and encrypted traffic, Leinweber says. Getting your money back from crypto scams is tricky. “As transactions on a blockchain are immutable, the likelihood of getting your coins back is pretty low,” Leinweber says.

What is a cryptocurrency scam?

Here's how it all went down. Reddit's r/scams subreddit published a general summary of this kind of cryptocurrency scam: Victims are told to buy cryptocurrency of some kind using a legitimate cryptocurrency exchange, and then they are told to send their cryptocurrency to a website wallet address where it will be invested.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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