Published December 15, 2020, 2:00 PM Get-rich-quick cryptocurrency scams have proliferated online, shamefully seeking to take advantage of netizens who are merely trying to augment their incomes during these difficult times. The Securities and Exchange Commission (SEC) investigated more than 30 of these online scams as of April 2020, all of which were deceiving victims into investing money into illegal investment operations with the promise of large and quick returns. Fraudulent cryptocurrency platforms use Ponzi or pyramiding schemes, which generate returns for earlier investors by taking later investors’ money. Others advertised their get-rich-quick-schemes on social media platforms and messaging applications, such as Telegram and Facebook Messenger, nefariously attempting to victimize everyday investors about actual cryptocurrency. Some of these scammers even resorted to using the names of known government officials, claiming that these officials endorsed the use of their platforms.