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Cryptocurrency

Justin Sun Warns About Ponzi Schemes Using TRX, BTT, And uTorrent, Urges To Be Careful

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Ponzi schemes and frauds have plagued the crypto industry for a long time, and because of them, it gets painfully difficult for genuine companies to gain public trust. Since most people have limited knowledge about blockchain and crypto, those who join the space are easily fooled by such criminals, and end up losing their digital assets at times.

Tron, being such a big network, has been one of the preferred platforms by scammers and frauds, which dupe the general public and take away tokens worth over thousands of dollars. Tron Foundation CEO Justin Sun is very well aware of the problem hurting the blockchain and tweeted about it on Friday. Sun has urged Tron users to be careful about these Ponzi schemes and said that the company will never ask users to send their tokens or money. He also asked people to be careful and hodl their tokens.

In the past few months, cyber attacks and frauds have robbed digital assets from the market worth hundreds of millions of dollars. Even the platforms thought to be the most secure and safe like Binance, were attacked.

However, besides cyber attacks, the other worrying problem is the fraudulent schemes and websites, which claim to represent big companies like Tron, or Ethereum, and then lure people to send money by presenting highly profitable schemes and lucky draw contests. Therefore, every individual investor must verify each and every scheme before investing, and keep in mind that big companies will never ask them to send money on any specific account or wallet.

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.
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