3 Biggest Scam Coin List On Different Exchange in 2023 (People losses 1b USDT)

There were many scam coins in 2023 that deceived investors and traders with false promises, fake endorsements, or malicious code. According to a report by Chainalysis, cryptocurrency scams have stolen nearly $2.5 billion as of Q1 2023¹. Another analysis by CipherTrace reveals that DeFi-related fraud, mostly happening on Binance Smart Chain and Ethereum, accounted for approximately 60% of this total¹. A study also reveals that 97% tokens listed on uiswap are scams¹.

Some of the most notorious scam coins in 2023 were:

Squid Game Coin : This coin was inspired by the popular Netflix series Squid Game and claimed to be a decentralized gaming platform where users could play and earn rewards. However, it turned out to be a rug pull, where the developers drained the liquidity pool and ran away with over $3 million of investors' money².

Shiba Floki: This coin was a clone of the popular meme coin Shiba Inu and claimed to have the backing of Tesla CEO Elon Musk. However, it was exposed as a pump and dump scheme, where the creators artificially inflated the price and then sold their tokens for huge profits, leaving the buyers with worthless coins³.

SafeMoon: This coin was one of the most hyped projects in 2023 and claimed to reward holders with passive income and deflationary mechanisms. However, it was riddled with security issues, such as a vulnerability that allowed hackers to steal over $250 million from its liquidity pool⁴. It also faced regulatory scrutiny and legal action from investors who accused it of being a Ponzi scheme⁵.

Many scam coins that plagued the crypto space in 2023. To avoid falling victim to such frauds, it is important to do your own research, verify the legitimacy of the project and the team, and use reputable platforms and wallets to store and trade your crypto. Remember, if something sounds too good to be true, it probably is.

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