Crypto Scams are  Rising

Crypto Scams are Rising

Sri Lanka’s Central Bank (CBSL) sounds the alarm on a surge of crypto-related financial scams promising unrealistic returns. They emphasize that cryptocurrencies remain unregulated and lack legal tender status in the country, putting investors at significant risk.

CBSL urges extreme caution: They stress that no license or authorization has been granted for crypto activities like mining, exchanges, or advisory services.

Scam tactics exposed: The bank details common fraudster methods, including utilizing social media, professional-looking websites, and even fake educational sessions, to lure victims.

Be wary of these entities: CBSL specifically names Sport Chain App, Sports Chain ZS Society Sri Lanka, OnmaxDT 3, MTFE App, MTFE SL Group, MTFE Success Lanka (Pvt) Ltd, and MTFE DSCC Group (Pvt) Ltd as promoting risky crypto involvement.

Protect yourself: Emphasize the importance of due diligence, independent research, and avoiding unregulated investments, especially with promises of guaranteed high returns.

Global Context:

The CBSL’s warning aligns with the volatile and complex situation of cryptocurrency worldwide. Recent market fluctuations, the FTX collapse, and evolving regulatory landscapes highlight the potential dangers of crypto investment.

Additional Tips:

  • Diversify your portfolio: Don’t put all your eggs in the crypto basket.
  • Stick to reputable platforms: Only use established exchanges and wallets.
  • Never share private keys: Guard your access credentials like the apple of your eye.
  • Report suspicious activity: If something seems too good to be true, it probably is. Alert the authorities and raise awareness.

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