News outlet NewsHub warned against a pyramid scheme ‘We Grow Bitcoins’. 1300 investors have fallen victim to this thus far.

We Grow Bitcoins has users "donate" 0.01BTC , then sign up 5 of their friends or family members, who also must donate .01 BTC each as well as sign 5 of their friends. Members are then encouraged to donate larger sums in exchange for a promised recurrent monthly return of up to 62 BTC.

No-one ever sees a return, but of course end up with 5 angry friends.

We Grow Bitcoins’ business model is not unique. The rise of MLM Pyramid Marketing scams in the cryptocurrency world is growing rapidly, easily luring inexperienced crypto newbies with promise of riches.

Ethereum Project is a recent fraudulent scheme, making false associations that they're in bed with the charitable organization Choice Humanitarian. Blatantly pulling at the heartstrings of people who wish to support clean drinking water, healthcare and nutrition in underdeveloped nations.

Ethereum Project claims that a portion of your "donation" goes directly to Choice Humanitarian. Under the guise of charitable humanitarian work, Ethereum Project has its users sign up with affiliate links in exchange for promised financial returns. Of course never appearing.

Ethereumchamber.net steals the private keys of users while playing the music video for Juicy J's Blue Bentley in a blatant slap to the face. When contacted by Ethereum news site ethnews.dom regarding allegations, they responded with “Theft is illegal. We don’t condone illegal activities. Lol”

Recently brought to my attention is Bitconnect, another obvious Ponzi ROI scheme scam. Typical MLM based model, users are promised a daily return from their investment of $100 minimum after investment has been parked for 120-299 days and user has recruited others who also are participating= pyramid.. And with no upfront transparency regarding who is running it, I'd say run for the hills.

With cryptocurrencies becoming more and more common, as will the scams. I urge you to triple check anything you wish to invest, and the old adage "If is sounds too good to be true, it usually is" is still around for a reason.