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What is a Scamcoin?
A scamcoin, also known as a “scammy coin”, is any cryptocurrency that is created with the intention of defrauding investors. These coins are often designed to look like legitimate cryptocurrencies, but in reality they have no real value and exist solely for the purpose of taking money from unsuspecting victims. The creators of these coins may set up elaborate schemes or use deceptive marketing tactics to lure people into investing in them; once invested, these individuals will be unable to recoup their losses. Scamcoins are not limited to any particular blockchain technology and can take many forms, including pump-and-dump schemes, Ponzi schemes, and pyramid schemes.
