Krutika Adani
Ponzi schemes are some of the oldest and most popular scams within and outside the crypto industry.
They typically feature promises of guaranteed returns, in exchange for inviting another user to deposit funds.
A popular example of a Ponzi scheme was from the OneCoin scam, which saw around $4 billion wiped off the market.
Here are the top ways to avoid them:
Don't Fall for unrealistic promises of high and guaranteed returns.
Verify the owners and website of any project before interacting with it.
Do your own research.
Check for social media activity.
There is no free lunch, even in Freetown—If a promise is too good to be true, it likely is.