The crypto world has seen its fair share of deception. Here’s a look at 10 of the largest scams that serve as a reminder to always stay alert:
🔶 FTX
Once a leading exchange, FTX collapsed in 2022, losing billions in customer funds. Founder Sam Bankman-Fried was sentenced to 25 years.
🔶 Luna and TerraUSD
In 2022, TerraUSD lost its dollar peg, triggering a $60B market crash. Founder Do Kwon was arrested and faces extradition.
🔶 QuadrigaCX
Founder Gerald Cotten’s death left $215M inaccessible, later revealed to be a Ponzi scheme.
🔶 Africrypt
In 2021, the Cajee brothers scammed South African investors out of 70,000 BTC, transferring funds through mixers.
🔶 SafeMoon
Execs withdrew $200M for personal use despite promises of “locked” funds.
🔶 Prodeum
Claimed to revolutionize agriculture, then vanished in an exit scam.
🔶 Pincoin and iFan
Raised $660M from 32,000 investors in a Ponzi scheme. The team disappeared.
🔶 Celsius Network
Paused withdrawals and declared bankruptcy in 2022, owing users $4.7B.
🔶 Centra Tech
Promoted by celebrities, it was a scam ICO, with founders sentenced to prison.
🔶 Mining Max
A mining scam that defrauded investors of $250M, affecting 18,000 people.
These cases show why caution is crucial in the crypto space. Always do your research and stay vigilant!
