⚠️🚨 CRYPTO SCAMS TILL NOW 🚨⚠️
Notable cryptocurrency frauds and scams in history:
Mt. Gox (2014):
Mt. Gox was once the biggest #bitcoin exchange globally. Sadly, in 2014, it declared bankruptcy after losing approximately 850,000 $BTC valued at around $450 million. They claimed the coins were stolen due to a security breach.
Bitconnect (2018):
Bitconnect promised huge returns on investments through a lending and exchange platform. However, it turned out to be a Ponzi scheme. The value of its native token (BCC) crashed, resulting in substantial losses for investors when the platform collapsed.
OneCoin (2017):
OneCoin claimed to be a unique cryptocurrency with a groundbreaking blockchain, but it was actually a massive Ponzi scheme. The founder, Ruja Ignatova, disappeared in 2017, and the scheme eventually fell apart.
QuadrigaCX (2019):
This Canadian cryptocurrency exchange collapsed after its CEO, Gerald Cotten, unexpectedly passed away. It was later revealed that Cotten had sole access to the exchange's cold wallets, which held significant customer funds that became inaccessible.
PlusToken (2019):
Originating from China, PlusToken was a Ponzi scheme that lured investors with promises of high returns on their native token. The scheme defrauded billions of dollars from investors before the operators were apprehended.
BitPetite (2017):
BitPetite was a short-lived lending platform that offered attractive returns on Bitcoin investments. It suddenly shut down, causing investors to lose their funds.
Pincoin and iFan (2018):
These Vietnamese cryptocurrency projects turned out to be scams, deceiving investors out of over $660 million. The individuals behind the schemes disappeared, and several were arrested.
GAW Miners and ZenMiner (2015):
Josh Garza, the CEO of GAW Miners and ZenMiner, faced accusations of running a Ponzi scheme by selling more mining power than his companies possessed. Numerous investors suffered losses, and Garza faced legal repercussions.
