Cryptocurrency is a relatively new and unregulated asset class, which makes it a prime target for scammers. Over the years, there have been numerous high-profile crypto scams, resulting in billions of dollars in losses for investors.

Here is a list of the top 5 crypto scams until now, in no particular order:

1. OneCoin

OneCoin was a cryptocurrency scam that operated from 2014 to 2017. It raised an estimated $4 billion from investors, making it one of the largest cryptocurrency scams in history.

OneCoin was marketed as a revolutionary new cryptocurrency that would surpass Bitcoin. However, it was actually a Ponzi scheme, where early investors were paid off with money from new investors.

2. BitConnect

BitConnect was a cryptocurrency investment platform that operated from 2016 to 2018. It raised an estimated $2.4 billion from investors.

BitConnect promised investors high returns on their investment through a proprietary lending program. However, the program was actually a Ponzi scheme.

3. Bitclub Network

Bitclub Network was a cryptocurrency mining company that operated from 2014 to 2018. It raised an estimated $722 million from investors.

Bitclub Network promised investors profits from mining Bitcoin and other cryptocurrencies. However, the company was actually a Ponzi scheme.

4. PlusToken

PlusToken was a cryptocurrency wallet app that operated from 2018 to 2019. It raised an estimated $2.9 billion from investors.

PlusToken promised investors high returns on their investment through a variety of investment products. However, the app was actually a Ponzi scheme.

5. Bitfinex hack

In 2016, Bitfinex, a cryptocurrency exchange, was hacked and lost over $70 million worth of Bitcoin. This was one of the largest cryptocurrency hacks in history.

The Bitfinex hack was a major blow to the cryptocurrency industry and raised concerns about the security of exchanges.

How to protect yourself from crypto scams

There are a number of things you can do to protect yourself from crypto scams:

  • Be wary of any investment opportunity that promises guaranteed returns.

  • Do your research before investing in any cryptocurrency or crypto-related product.

  • Be careful about clicking on links in emails or social media posts from unknown senders.

  • Use strong passwords and enable two-factor authentication on your cryptocurrency accounts.

  • Only store your cryptocurrency in reputable wallets.

If you think you may have been a victim of a crypto scam, report it to the authorities immediately.

Here are some additional tips to protect yourself from crypto scams:

  • Be skeptical of celebrity endorsements or influencers promoting cryptocurrencies.

  • Avoid investing in new or untested cryptocurrencies.

  • Be careful about investing in cryptocurrencies that are not listed on major exchanges.

  • Be wary of any cryptocurrency investment opportunity that requires you to send money to a stranger.

By following these tips, you can help protect yourself from crypto scams and keep your investment safe.

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