While Crypto has certainly boomed in recent years (even today!), these newfound wealth-building opportunities come with some unfortunate pitfalls, one of which cost many people thousands of dollars.
In this post, you’ll learn the dirty details regarding the now-infamous Mando Cryptocurrency.
How Did it All Happen?
The website for Mando Token was registered on March 25th, 2021.
The company had a very authentic “looking” website that promoted its new Cryptocurrency with falsified data.
17-year-old TikTok influencer Matt Lorion promoted the Mando Cryptocurrency, having invested over $10,000 of his own money.
All of the money he and others invested in the platform is now gone.
Lorion then discussed the event with his management team and has now vowed to make sure that he and his team contact every developer before promoting a new currency.
He discusses the scam and how he will promote Cryptocurrencies differently in the future in his apology video here.
Mando’s company essentially got people hyped up about a Cryptocurrency that showed promise, causing them to invest large sums of money into it.
Then, they ran away with the money.
Since many people, including those that invest in Crypto, don’t actually know how Cryptocurrency works, scams like these are unfortunately easy to pull off.
What You Can Do To Avoid Crypto Scams
However, there’s hope yet because you can take steps as an investor to avoid scams like these.
Firstly, invest using a trusted platform like Robinhood, Coinbase, and others. Scams work because of sketchy payment processors on the scammers’ websites themselves.
Secondly, invest in known Cryptocurrencies that have proven track records. While Cryptocurrencies like Ethereum, Bitcoin, and IOTA still come with risks, you can rest assured that they aren’t scams setting you up to lose money.
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