7 Questionable Cryptocurrencies You Need to Stay Away From
Cryptocurrencies have become increasingly popular in recent years and for many, they are seen as a valid investment. Unfortunately, with the rise of cryptocurrencies has come the rise of fake and/or illegitimate ones.
Here are 7 questionable cryptocurrencies that you need to stay away from:
Squid Game token - Made out of the popular Squid Game TV series. These tokens are small, circular, and feature a red dot in the center with the number "001" printed in black.
SaveTheKids - A supposedly charity token that was met with some concerns raised by the crypto community about the team's legitimacy and intentions.
Faze Saga - Is a cryptocurrency that was launched in partnership with the gaming and e-sports organization, FaZe Clan. Some skepticism was voiced by the crypto community regarding the legitimacy of the project and the potential for manipulation by the FaZe Clan members who endorsed it.
Safemoon Rise - A crypto scam linked to Twitch streamer Adin Ross. The crypto community raised a red flag.
Firstly, the token had no real-world use case or utility, making it purely a speculative investment. Secondly, it was not listed on reputable exchanges, and its liquidity was questionable, meaning selling the token could prove difficult or impossible.
Additionally, the team behind "Safemoon Rise" is largely anonymous, with little information available on their experience, credentials, or even their identities.
This lack of transparency raises suspicions regarding their intentions and ability to deliver on their promises.
Poly Network hack - Hackers and scammers exploited the Poly Network in 2021, making it a vulnerable and questionable crypto on the blockchain.
Africrypt scam - A South African cryptocurrency company that claimed to provide trading services to its clients. However, in April 2021, it was revealed that Africrypt’s founders had fled with more than $3.6 billion worth of Bitcoin’s investment funds belonging to its clients.
Bored Ape NFT - Become the center of a scandal in the cryptocurrency world. The thieves had managed to hack into the wallets of several Bored Ape owners using a phishing scam, thereby making it a questionable crypto to buy, sell, or own.
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