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Bait and Switch Scam

Bait and Switch Scam – Crypto Glossary Definition:

A bait and switch scam refers to a deceptive tactic often employed in the context of cryptocurrency and non-fungible tokens (NFTs) sales. In this fraudulent scheme, a seller or advertiser initially promotes an attractive offer, such as a cryptocurrency or NFT, at an enticingly low price to lure potential buyers. However, once the buyer shows interest or commits to the purchase, the scammer switches the product or service, substituting it with an item of inferior quality, one that is defective, or simply not as advertised.

How the Bait and Switch Scam Works:

The bait and switch scam capitalizes on the trust of unsuspecting buyers who are enticed by the initially presented offer. These buyers believe they are acquiring a specific cryptocurrency or NFT at a favorable price, only to discover that they are being offered something entirely different or of lower value.

In the realm of cryptocurrencies, the bait and switch scam can manifest when a seller advertises a particular digital asset for sale at an attractive price, but upon purchase or transfer, the buyer receives a different, less valuable cryptocurrency or token. This deceptive practice undermines the trust and confidence of buyers and can lead to significant financial losses.

For NFTs, the scam may involve showcasing an appealing and valuable digital collectible in the advertisement, only to provide buyers with an NFT of significantly lesser worth or entirely different content upon purchase.

In essence, the bait and switch scam is a deceitful strategy used to mislead buyers and lure them into transactions based on false advertising. It is crucial for individuals in the cryptocurrency and NFT markets to exercise caution, conduct due diligence, and verify the authenticity of offers to avoid falling victim to such fraudulent practices.

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