The toughest scam projects in the world of cryptocurrency

The crypto industry, unfortunately, is not without large-scale fraud and scams:

1. BitConnect is one of the largest financial pyramids, promising unrealistic returns of up to 40% per month. In January 2018, the project suddenly closed, leaving investors without money.

2. PlusToken - a Chinese scam project disguised as a crypto wallet. The creators embezzled about $3 billion from investors and disappeared.

3. OneCoin is a fraudulent scheme presented as a “new generation cryptocurrency”. Its founder, Ruja Ignatova, ran away with $4 billion in investor funds.

4. Loan cooperative Finiko is a Russian financial pyramid under the guise of investing in cryptocurrencies and other assets. Damage is estimated at $200 million.

5. Loan cooperative "Hype" is another Russian scam project that promised fabulous interest on investments in cryptocurrencies. Investor losses - about $35 million.

These and other scams have caused enormous damage to the reputation of the crypto industry. Therefore, it is extremely important to carefully vet projects before investing.

What other scam projects do you know?

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Worst Cryptocurrency in History

BitConnect is one of the most infamous cryptocurrencies that has become a symbol
fraud and deception in the industry:

1. Launched in 2016, BitConnect was positioned as a revolutionary cryptocurrency with innovative technology.

2. In fact, BCC was a financial pyramid that promised investors unrealistically high returns of up to 40% per month.

3. By the end of 2017, BitConnect's capitalization reached $2.6 billion before the scheme collapsed.

4. In January 2018, the developers suddenly closed the project and disappeared with the investors’ money.

5. Many people lost all their savings invested in BitConnect. Total losses are estimated at hundreds of millions of dollars.

The BitConnect story has become a lesson to the crypto community about the importance of due diligence and researching projects before investing. She also stressed the need for regulation to protect investors.

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The toughest scams in the world of cryptocurrencies by country

The crypto industry is faced with large-scale fraud and scams around the world:

1. Turkey - Thodex and Vebitcoin are two large exchanges whose founders disappeared with millions of dollars in client funds in 2021.

2. South Africa - Mirror Trading International - a scam project disguised as a cryptocurrency investment fund. Investor losses are estimated at $589 million.

3. Australia - Crypto Trader fraudulent scheme that promised fabulous profits from cryptocurrency trading. The creators embezzled about $20 million.

4. India - Investment pyramid Cashcow, which attracted funds under the guise of investing in cryptocurrencies. Damage is estimated at $300 million.

5. UK - The OneCoin cryptocurrency pyramid defrauded British investors of about $575 million.

These and other scams in different countries highlight the importance of due diligence and research before investing in cryptocurrencies.

What other countries do you know that defrauded people out of large sums of money?

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