exposure! The Cryptocurrency Ponzi Scheme That Shocked the Market
Cryptocurrency has become one of the major trends in the financial industry and it has its pros and cons. Nonetheless, some companies, including OneCoin, Bitconnect, PlusToken, GainBitcoin, Mining Max, as well as Bitcoin-club and Cash-Estate, became Ponzi schemes, defrauding investors and ultimately failing.
OneCoin: A revolutionary scam
The “fake” OneCoin, led by Ruja Ignatova, was promoted as the more technologically advanced and best cryptocurrency that could easily attract investors. But this revolutionary project is pyramid-like because there is no blockchain behind it, as everyone knows. Ignatova, the founder of OneCoin, disappeared in 2017, taking billions of dollars with him and making OneCoin one of the biggest scams in the cryptocurrency world.
Bitconnect: The remarkable rise and fall
Bitconnect offers extremely high returns on investment through a complex lending process that involves the use of aggressive trading scripts. As a result, this high-yield opportunity attracted thousands of investors, but Bitconnect's operations were not sustainable. The platform collapsed in 2018 and was exposed as the world's best Ponzi scheme, defrauding investors of billions of dollars because it was seen as an innovative business model.
PlusToken: Unparalleled Cryptocurrency Fraud
PlusToken attracts users by promising them great benefits through a more efficient wallet. On an elite and best-in-class platform, the Ponzi scheme attracted over $2 billion in investor funds before being shut down in 2019. Its operators were later arrested, but the unprecedented scale of the scam caused an uproar in the crypto market.
