After being promoted by a popular TikTok influencer, the cryptocurrency ‘Mando’ turned out to be a scam, causing thousands of losses.

TO Tik Tok The creator recently issued an apology video for promoting the cryptocurrency ‘Mando’ after it turned out to be a scam, claiming to have lost $ 10,000 of his own money as part of it. The popularity of cryptocurrencies has exploded in recent months, whether they are established options like Bitcoin or the more specialized Dogecoin. While the idea of ​​cryptocurrency is not new, interest in it is greater than ever.

Various currencies have reached all-time highs, tons of high-tech companies are looking for new ways to bring cryptocurrencies to the masses, and Tesla has started allowing its American customers to pay with Bitcoin. The rush and excitement within the crypto world is easy to absorb right now, but as with all things, the bad actors are taking advantage of the hype.

Related: US Tesla Buyers Can Now Pay With Bitcoin: What You Need To Know

As reported by Gizmodo, Mando was billed as a new type of cryptocurrency and, as the name suggests, had Disney as its theme. The Mandalorian. It was reportedly being traded as $ MANDO, the people behind the coin were trading it as “A BSC-based token that generates return for holders and deflates with every transaction.” Mando may have gone relatively unnoticed, but it gained a lot of momentum when it was promoted by popular TikToker Matt Lorion, a creator who currently has 1.2 million followers and 18.6 million likes. Shortly after promoting Mando on his TikTok account, Lorion uploaded another video apologizing for it and saying that Mando turned out to be a scam. He says that he personally invested and lost $ 10,000 with Mando, and that some of his followers invested in the coin as well.

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How crypto scams like Mando work

Investment scams are nothing new, but thanks to the rise of cryptocurrencies in recent times, they have become even more abundant and dangerous. Someone creates a website that promotes a surprising new type of crypto being launched, provides false information about how it works, gets people to invest loads of money in it, and then walks away with those investments before anyone knows what. it happened. Many people are not 100% familiar with how cryptocurrency actually works, which makes it easy for these scams to run.

Fortunately, there are a few tips to keep in mind that should make detecting these things easier. For starters, only invest in cryptocurrencies through legitimate platforms, such as Coinbase, Robinhood, SoFi, etc. money and run smoothly. Likewise, stick with cryptocurrencies that have proven to be legitimate. Bitcoin, Ethereum, and Litecoin have their fair share of risks, but they are also well-known and legitimate currencies. A Star Wars-themed crypto that appeared out of nowhere is not.

And of course, only invest money that is safe to lose. All forms of crypto have their ups and downs, and especially when starting out, it’s best to only invest a small amount of money while you get to grips with things. Be smart, use common sense, and everything should be fine.

Next: Twitter’s Bitcoin 2020 Scam Results in 3-Year Prison Sentence

Source: Gizmodo

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