Bitcoin is the pioneer and obvious leader in the cryptocurrency market. But in 2017 alternative coins, or “altcoins,” began to transform the market. Nearly 1,500 cryptocurrencies are currently in circulation, and new altcoins emerge every week with Monero, Zcash and Ethereum among the top challengers to Bitcoin.

But beware. Much like opportunists who devised various methods to defraud individuals hoping to strike it rich during the California Gold Rush, cybercriminals have developed several schemes to defraud those looking to profit from the growth in cryptocurrencies.