Why do scammers use Bitcoin?

Scammers like to use Bitcoin and other cryptocurrencies because transactions are irreversible and don't require disclosure of personal details. For victims like Jonathan, it's almost impossible to get money back. "When I went to the police, they basically said, 'You've only lost $20,000. We know people who have lost millions,'" he says.

Are there Bitcoin scams on Instagram?

Recently, criminals have been luring in victims with bitcoin scams. According to reports to the ITRC, scammers create posts on Instagram about bitcoin investments to attract other users. Once someone clicks on the link, their money is gone, and their Instagram credentials are compromised.

Is Bitcoin cloud mining a scam?

Scammers exploit the hype around crypto mining to devise elaborate schemes that entice victims with the prospect of passive income through Bitcoin cloud mining. These websites promote non-existent cloud mining services, using complex terminology and polished interfaces to appear credible. In reality, there are no mining operations taking place.