If you invest in the crypto company that sounds like an Asian gemstone, you might as well just burn your money because it is the same thing.

The owners have already taken everything and the bottom is waiting to fall out.

Jade Currency

Below article is not about Jade Currency.. just a warning.. be careful you guys

This crypto investor says he just lost $470,000 on a dog-inspired DeFi project

Brian Nguyen says he “unexpectedly woke up” on Friday to see that he’d lost nearly $470,000 he had invested in a crypto project, he tells CNBC Make It.

It’s “pretty painful,” Nguyen says.

Nguyen admits that he didn’t investigate the project thoroughly prior to investing. “We, in crypto, tend to have a ‘buy first, do research later,’ mentality,” he says.

It is currently unclear what exactly happened with the project that Nguyen invested in.

It appears that the project, called AnubisDAO, raised $60 million with the sale of its token, ANKH.

(A DAO is a decentralized autonomous organization that runs on blockchain technology. Simply put, “a DAO is an internet community with a shared bank account,” Cooper Turley, an investor and builder of several popular DAOs, previously told CNBC Make It. While Anubis identified itself as a DAO, the details of the project and its purpose are unclear.)

According to Nguyen and others who say they invested in AnubisDAO, the entirety of the $60 million in funds were transferred and went missing.

Some think it could be phishing attack, where attackers typically send emails with links prompting the entry of holder’s private keys. Others believe it could be a “rug pull,” a common type of crypto scam where developers abandon a project and leave with investors’ funds — though there is currently no concrete evidence of that. – Source

Beware of Cryptocurrency Scams

According to the Federal Trade Commission (FTC) Consumer Sentinel, from October 2020 through March 31, 2021, reports of crypto-related scams skyrocketed to nearly 7,000 people reporting losses of more than $80 million. These figures reflect a 12-fold increase in the number of reports compared to the same period a year ago and a nearly 1,000% rise in reported losses.

Given the exponential rise in reported crypto scams, awareness of the common types of scams and what kinds of things you can do to protect yourself from being cheated are more important than ever.

Types of Cryptocurrency Scams

Generally speaking, cryptocurrency scams fall into two different categories:

Initiatives aiming to obtain access to a target’s digital wallet or authentication credentials. This means scammers try to get information that gives them access to a digital wallet or other types of private information such as security codes. In some cases, this even includes access to physical hardware.
Transferring cryptocurrency directly to a scammer due to impersonation, fraudulent investment or business opportunities, or other malicious means. – Source

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