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Asian investors are piling into cryptocurrencies, but many may be unaware of the risks. (Photo by Wataru Ito)

Cryptocurrency scams reel in Asia's unseasoned investors

Even monks are being targeted with promises of 'can't lose' transactions

MITSURU OBE, Nikkei staff writer | South Korea

TOKYO -- The cryptocurrency boom has created fertile ground for hackers and fraudsters in Asia, where market experts warn that financial literacy is not keeping pace with economic growth.

Many cryptocurrency scams lure unsuspecting investors with promises of fat, guaranteed profits. "There is no such thing as a perfectly safe investment," said Hideto Fujino, president of investment advisory Rheos Capital Works. "Only fraudsters make such a promise. This has to become common knowledge, but it hasn't."

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