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The cryptocurrency market has been rocked by numerous high-profile scams, highlighting ongoing risks for investors. Here are some notable cases:
FTX: The exchange collapsed in November 2022 after mishandling billions in customer funds, leading to founder Sam Bankman-Fried being sentenced to 25 years for fraud.
Luna and TerraUSD: These cryptocurrencies faced a $60 billion loss in May 2022, resulting in founder Do Kwon's arrest in March 2023.
QuadrigaCX: Founder Gerald Cotten's death in 2018 left $215 million inaccessible, uncovering a Ponzi scheme.
Africrypt: Investors lost 70,000 BTC in 2021, with founders Ameer and Raees Cajee facing money laundering probes.
SafeMoon: Executives allegedly withdrew over $200 million for personal use in 2021, now facing SEC fraud charges.
Pro-deum: A 2018 exit scam where investors lost all their funds.
Pincoin and iFan: These 2018 ICOs by Modern Tech raised $660 million through a Ponzi scheme before disappearing.
Celsius Network: In 2022, it paused withdrawals, filed for bankruptcy owing $4.7 billion, and is now returning assets.
Centra Tech: Raised $25 million in 2017 under false promises, leading to prison sentences.
Mining Max: Defrauded investors of $250 million in 2017, affecting 18,000 investors with minimal mining activity.
To protect yourself, conduct thorough research, verify team credentials, avoid unrealistic promises, diversify investments, and refrain from consolidating funds. Stay vigilant and make informed decisions in the volatile crypto market.
