5 of the biggest crypto scams you must know about

Image Source: © Shahurin | Megapixl.com

Highlights

  • BitConnect attracted investors with an unbelievable and unbeatable trading algorithm that was non-existent
  • Onecoin was launched in 2015 that tops the list of cryptocurrency scams
  • CentraTech entered the market as a crypto card service provider

Investment in digital currencies is becoming popular. Hence, investment scams are on the rise too. Digital currencies are a go-to option for most investors. They offer endless possibilities to earn and spend.

Cryptocurrency is a recent concept in the market and is an unexplored territory and fairly new technology. Therefore, it has a huge space for scammers and pump-and-dump schemes.

In 2021, the demand for DeFi (decentralized finance) services rose, and probably due to this, crypto scammers stole US$ 14 billion worth of crypto assets, as per Chainalysis, a blockchain analytics platform.

Below mentioned are five of the biggest cryptocurrency scams:

Bitconnect

BitConnect was a popular currency among investors. Through this, users could receive investment payments in return by lending the value of their BitConnect coins. But it was another Ponzi scheme.

BitConnect attracted investors with an unbelievable and unbeatable trading algorithm that was non-existent. It proclaimed 40 per cent returns to the investors. The currency scammed approximately $4 billion. When the first project by Bitconnect crashed to zero, another scheme was launched by the name BitconnectX.



 


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