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Why Bitcoin is a ScamWith its recent price declines, Bitcoin is down nearly 9% in the first month of And its current price around $38, is more than 44%. And even simple, legitimate crypto activity remains prone to fraud. Hackers purloined nearly $4 billion of bitcoin and other cryptocurrencies. Bitcoin lost more than 65% of its value last year, pummeled by the collapse of stablecoin terraUSD, which led Singapore hedge fund Three Arrows.