The digital coin market is growing, and together with them, the activity of fraudsters is also activated. Every year, new coins are created in the digital currency market. Many contribute to the industry. But there are others created by scammers. Some cryptocurrency startups are created with the aim of collecting bitcoins from users and closing. This category includes new HYIP platforms that promise high income, but quickly stop withdrawing funds. 

The reasons for the existence of the scam:

-The project did not plan to pay money. A new product is created for profit and closed as soon as the number of investors decreases.

-Strangers have gained access to the project. This is the most common type. Sometimes the creators report hacking of the resource and theft of funds in order to hide violations in the work.

-Problems with payment systems. The startup justifies the lack of money by the default of partners.

-Technical problems. Failures in the operation of the site, hosting or security systems can lead to the fact that users will lose access to the resource and their money.

Signs of scam projects:

-Frequent failures in the site (mean that the creators do not plan to invest in the development of the project).

-Technical support does not answer customer questions.

-Problems with the withdrawal of money.

- Changes in working conditions (the project increases profitability and actively buys advertising).

-A large number of negative reviews.

-Reduction of traffic.

How to secure your funds?

1) Ignore suspicious emails and social media messages.

2) Check site names before entering account information. Fraudsters often use applications that change the official website to a fake one.

3) Analyze the offer, check it for signs of fraud.

Knowing the main signs of a cryptocurrency scam, you can easily recognize the signs of such projects and protect yourself from them.