5 of the biggest crypto scams you must know about - Kalkine Media

October 10, 2022 11:13 PM AEDT | By Team Kalkine Media
Follow us on Google News:


  • 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 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.


Onecoin was launched in 2015. In the initial phase, the coin had a sceptic audience but a perfect market counterstrategy. Several seminars and informative sessions were held that promised unreal returns to the investors. The coin came into bad light when the investors realized it operates without a blockchain technology system.

Thereon, it had a downfall as the coin had all the financial irregularities. The investors lost all that they had invested in the coin.


CentraTech entered the market as a crypto card service provider. It showcased as a buy-and-sell platform that made holding and accessing cryptos easier.

To market in the right way, CentraTech went with celebrity advertisements. With this technique, it managed to raise more than US$ 32 million through the ICO. This success continued not for long; within a few months, Visa and MasterCard denied any association with the company. After this, the two founding members were arrested, leading to its crash.


Pincoin was created in January 2018 and is among the largest scams ever. The coin went away with over US$ 660 million raised from over 32,000 investors.

Like any other coin, the company invested in its marketing strategy to attract potential investors. The coin assured 48% monthly returns and had the perfect website to authenticate it.

Once it became successful, iFane was another launch from the company’s side as a token network for celebrities. With the majority of the ideas being unrealistic, investors did not pay heed and proceeded.

After some time, the investors could not access any of their money. This brought in suspicion. By the time investors could act, the company and the founders vanished.

Squid Game token

Squid Game on Netflix became one of the popular series of 2021. When the Squid Game token was launched, the official creators were not known. Still, the token covered the distance from zero to almost US$ 3,000 in only a few weeks. It came as a red flag when the investors were not able to sell their tokens.

Suddenly, the developers pulled out, abandoned the project and escaped with the money.

Bottom Line

Scams are an indispensable part of the cryptocurrency world. Despite the coin showcasing a sure and perfect investment, it can turn out to be the worst decision.

As an investor, be vigilant and alert while investing money and keep a close watch on the red flags. Focus on all the background checks and diligently select your investment. Also, be familiar with the security provisions and regulations to have a clear view of the market. Stay safe in your crypto journey.

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK