Not only do these cyber hackers demand crypto as payment, but crypto makes their watch their back. Online crypto scams coercing people to invest in fraudulent crypto funds or fake cryptocurrencies are rampant. Last February, Satish Kumbani of India, the founder of BitConnect, was indicted by the US Justice Department for creating and running a fraudulent cryptocurrency investment platform. The Monetary Authority of Singapore suspended a crypto coin illegally named after the world-famous South Korean boyband BTS, and after the success of Netflix’s Korean hit Squid Game, scammers used the series’ popularity to create fake crypto coins. The value of the coins skyrocketed 310,000% in just 11 days, which does sound appealing.
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