Interested in cashing in on the Bitcoin boom? Beware: so are scammers

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Australians are being warned that the boom in cryptocurrency trading has been accompanied by the explosive growth of sophisticated scams targeting investors itching to get rich.As Bitcoin reached an all-time high this week of $85,000 and leading cryptocurrency exchange Coinbase listed on the Nasdaq – marking a major milestone for digital currencies – the amount of money being lost to online scams has never been greater.Australians’ losses to cryptocurrency investment scams in 2021 are on track to double last year’s, according to data from the Australian Competition and Consumer Commission.In 2019, $21 million in losses were reported, increasing to $27.9 million last year. In the first three months of 2021, Australians lost $16.5 million to fraudulent investment opportunities in digital currencies.Fraudulent investments are a popular type of cryptocurrency scam and can be presented to people by deceptive partners on dating apps, fake companies and with the use of online ads…

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