If it sounds too good to be true, it probably is. A phrase often used to describe Ponzi Schemes. In this blog, we cover how to identify Ponzi Schemes and provide tips on how to protect yourself from them.
Ponzi schemes are a common scam that pays off debts to early “investors” with money taken from later “investors.” However, there is no real viable business model.
This dynamic is the hallmark of a Ponzi scheme, a common scam that pays off debts to early “investors” with money taken from later “investors.” Ponzi schemes exist across industries and can arise in any setting that enables investment activity. Unfortunately, these schemes are rampant in the crypto world.
Charles’ scam was simple: pay yesterday’s investors using money from today’s investors and pocket the remaining profits. His 40% promise would continue to attract unsuspecting victims, garnering over 30,000 of these “investors” in less than six months. To help users identify Ponzi schemes in the crypto world, our Binance Risk team developed this formula after analyzing numerous real-life cases:
Approach invitations to join “investing teams” with caution, especially if they’re advertising returns that seem too good to be true.
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