Crypto Scams: Arrests, Ponzi Schemes, and Market Risks

Haliey Welch, an influencer known as the 'Hawk Tuah Girl', launched her cryptocurrency, HAWK, which surged to a $500 million valuation before crashing to below $60 million in 20 minutes. Welch insists her memecoin is not a cash grab, despite skepticism about cryptocurrencies. Meanwhile, Sam Lee, co-founder of HyperVerse, is facing charges for allegedly running a $2 billion Ponzi scheme, though he denies any wrongdoing. Additionally, in Thane, India, 20 people were arrested for defrauding investors of ₹26.02 lakh, underscoring the ongoing risks in the crypto market. Social media platforms like Twitter and Telegram remain hotbeds for scams, where fraudsters use fake endorsements and urgency tactics to deceive investors. Xaicrypto.org is another alleged scam accused of delaying withdrawals and account closures, highlighting the need for vigilance in the rapidly evolving crypto landscape.