A TikTok creator has recently issued an apology video for promoting the ‘Mando’ cryptocurrency after it proved to be a scam — claiming to have lost $10,000 of his own money as part of it. Crypto has skyrocketed in popularity in recent months, whether it be established options like Bitcoin or the more niche Dogecoin. While the idea of cryptocurrency isn’t new, the interest in it is greater than it’s ever been before.
Various coins have reached all-time value highs, tons of fin-tech companies are looking for new ways to bring crypto to the masses, and Tesla has started allowing its U.S. customers to pay with Bitcoin. The rush and excitement within the crypto world is easy to get sucked into right now, but as with all things, bad actors are taking advantage of the hype.
Related: Tesla Buyers In The U.S. Can Now Pay With Bitcoin: What You Need To Know
As reported by Gizmodo, Mando was being advertised as a new type of cryptocurrency, and as the name suggests, it was themed around Disney’s The Mandalorian. Reportedly being traded as $MANDO, the people behind the currency were marketing it as “a token based on BSC which generates yield for holders and deflates with every transaction.” Mando might have gone relatively unnoticed, but it picked up a lot of steam 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 that 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 into the currency, too.
Investing scams aren’t anything new, but thanks to the rise of cryptocurrency as of late, they’ve become even more abundant and dangerous. Someone makes a website promoting an amazing new type of crypto that’s launching, provides false information about how it works, gets people to invest heaps of money into it, and then runs off with those investments before anyone knows what happened. A lot of people aren’t 100% familiar with how cryptocurrency actually works, thus making it easier for these scams to be pulled off.
Thankfully, there are a few tips to keep in mind that should make spotting these things a bit easier. For starters, only invest in cryptocurrency through legitimate platforms — such as Coinbase, Robinhood, SoFi, etc. Pump-and-dump scams like Mando typically require people to invest through their own website/payment processor, making it easy for them to get the money and run without a hitch. Similarly, stick with cryptocurrencies that are proven to be legit. Bitcoin, Ethereum, and Litecoin all have their fair share of risks, but they’re also well-known and legitimate currencies. A Star Wars-themed crypto that popped up out of nowhere isn’t.
And, of course, only invest money that’s safe to lose. All forms of crypto have their highs and lows, and especially when starting out, it’s best to only put in a small amount of money while getting familiar with things. Be smart, use common sense, and everything should be alright.
Next: Twitter’s 2020 Bitcoin Scam Results In 3-Year Prison Sentence
Source: Gizmodo
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