Ethereum
⚠️ (18+) DISCLAIMER: Laws and regulations vary wildly in different jurisdictions and you must make sure you and the game you consider playing is legal in your jurisdiction. Many P2E games fall under regulations for "Games of Chance", "Electronic Betting" and/or different investment regulations.
There are many types of scams that have occurred in the cryptocurrency community. Some common ones include:
1. Ponzi schemes: These are fraudulent investment schemes that promise high returns to investors, but in reality, use the investments of newer investors to pay off earlier investors. They eventually collapse when there are not enough new investors to support the scheme. Play to earn games are no exception to this. Be wary of games that require a buy-in and don't spend more money than you can afford to lose.
2. Phishing scams, involving sending fake emails or messages that are made to appear to be from legitimate organizations, in an attempt to fool people into revealing sensitive information such as login details or credit card numbers. It's recommended to use a unique email address and not give out your phone number when registering for any crypto related project, including play to earn games. Your information is likely to be lost in hacks and your phone number may end up in a list that receives fraudalent calls about crypto investment "opportunities".
3. Pump and dump schemes involving artificially inflating the purchase price of a cryptocurrency with coordinated buying, and then selling off the cryptocurrency at a profit once the price has been driven up. BE wary of games that claim they have a high market cap but no possibility to cash out.
4. ICO scams: Initial coin offerings are a way for cryptocurrency projects to raise funds by selling cryptos or tokens. However, some ICOs have turned out to be scams, where the individuals behind the project have no intention of developing a legitimate product and are only looking to raise money and then disappear.
5. Investment schemes: Some cryptocurrency investment schemes promise high returns with little or no risk, but they are often fraudulent and may be operated by unlicensed or unqualified individuals.
It is important to do your research before investing in cryptocurrency or participating in any cryptocurrency-related activity. You should only invest what you can afford to lose and be sure to verify the legitimacy of any investment opportunity. Every online activity involving crypto is risky. There's no guarantee of any profit. Content on this website is only for informational purposes and does not in any way constitute a recommendation to trade assets. This applies to services, assets, products and other online investments. Our opinions on this site does not constitute investment advice.