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A crypto scam is a fraudulent scheme involving cryptocurrencies. Scammers trick unsuspecting individuals into giving away their money or cryptocurrencies. They often promise high returns on an investment. Sometimes, they even guarantee profits! This is a major red flag. Scammers use a variety of tactics for deception. They might create fake websites or social media accounts. Impersonating a well-known crypto exchange or crypto influencer is a common tactic. They often use technical jargon to confuse potential victims. Pyramid or Ponzi schemes are another form of crypto scam. Here, the scammer promises high returns to the early investors using money from later investors. The scam collapses when there aren't enough new investors to pay the old one's. Lastly, there is the exit scam. This is when the creators of a new cryptocurrency suddenly disappear with investors’ money after a successful launch. Always remember, if it sounds too good to be true, it probably is.