Biggest Scam History in the Cryptocurrency

Silberman

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Quote from: Reid on December 12, 2022, 09:15:16 AM

I think I should be thankful that I have not bumped into these coins while looking for something to invest with in the altcoin section.
It sucks to see they just won't stop even until now, and the worst thing is there are still investors being sucked at this big pile of shitty business.
All we could do now is protect ourselves.
This forum really helps a lot to avoid such things and also to dissect one project once it's shared here.

While the forum can indeed help us to avoid scams, as experimented members of the forum can warn newbies about the dangers to invest in shitcoins, at the same time this effect is limited as now those newbies prefer to use social media websites to communicate with each other and exchange information about the coins in which they are interested, and scammers take advantage of this knowing they can incite those newbies to invest in their coins and then steal all their money.

abel1337

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Quote from: bettercrypto on December 12, 2022, 09:32:05 AM

These are the times when ico projects are really at their peak, and when the 4th quarter of 2017 comes, the emergence of scammers has also become rampant. Then when 2018 entered, almost the majority of the projects that come out of this industry are just running away from their investors and even the participants who participated in the bounties are no longer paid.

So this Onecoin, it's cruel, to be honest, it's the only one known to have victimized millions of people around the world to steal their investors' money. And I just found out that until now no one knows where its Founder is, no one knows if he's alive and changed to another person or dead.

This is when scammers knows that crypto is profitable and this is the time where crowdfunding project or as we know ICO projects started to have a trend. I remembered that most of the ICO projects that time are succeeding if we based it on hitting their hard cap and other only hit soft cap. Those projects also gain attractive token values even if their native tokens just entered the exchanges. I'm pretty sure that there are some ICO project owners who have taken the chance of getting into DeFi projects trend where most of the project are being funded just like the ICO trend. And yeah most of those project collapse and now gone. The question is, What kind of trend will the next scammer use to accumulate the money from their victims?

bettercrypto

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These are the times when ico projects are really at their peak, and when the 4th quarter of 2017 comes, the emergence of scammers has also become rampant. Then when 2018 entered, almost the majority of the projects that come out of this industry are just running away from their investors and even the participants who participated in the bounties are no longer paid.

So this Onecoin, it's cruel, to be honest, it's the only one known to have victimized millions of people around the world to steal their investors' money. And I just found out that until now no one knows where its Founder is, no one knows if he's alive and changed to another person or dead.

Reid

hero member

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I think I should be thankful that I have not bumped into these coins while looking for something to invest with in the altcoin section.
It sucks to see they just won't stop even until now, and the worst thing is there are still investors being sucked at this big pile of shitty business.
All we could do now is protect ourselves.
This forum really helps a lot to avoid such things and also to dissect one project once it's shared here.

cryp222

newbie

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I pay attention to crypto exchange hacks and bankruptcy cases. The biggest are FTX (probably the main drama of this year), Crypto.com, BitMart, and others.

serjent05

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Quote from: Xal0lex on December 11, 2022, 05:06:09 PM

Quote from: RealMalatesta on December 11, 2022, 10:18:02 AM

When no one could estimate the actual amount involved in every scam of altcoin space, I guess we could never get any clear list on these. I mean since the beginning of ICO kind of crowd funding in altcoin industry, we have been watching lots of projects scamming investors for various reasons. I agree there were projects which got failed for unexpected reasons but there were 90% of projects which were here only to scam and in that case we cannot estimate the actual money involved.

Here the point is not about being huge or small; we need to stay safer in crypto investments and due to this reason I have decided not to risk money in any new projects which on the other side led to miss good opportunities, still I am happy with my bitcoin investments.

Is it possible to classify as a crypto scam those projects that were originally created for the purpose of enriching their creators? Even if they do not cheat anyone and do not run away with the money raised through investors and other open machinations, but still, they have a plan to put their product on exchanges and then sell their coins to hamsters at high prices. There are a lot of such projects, and if you classify such projects as scam, then it turns out that almost all altcoin market is one big scam that you have to stay away from.

Talking about the crypto scam projects, I read in one of the threads that DECOIN is among those that rekt their users. According to this thread that scam project had stopped responding to emails, does not allow their users to withdraw and the site is under error 503 which entails that the site/server is possibly taken down.

royalfestus

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Quote from: IShishkin on December 10, 2022, 01:56:24 PM

At this moment the biggest scam in the Cryptocurrency by market cap is Ethereum. It's far ahead of its competitors. Cool

In the forum, don't create FUD about Ethereum without sources and information. There are times when you see a team struggle with a project, tried to be as transparent as possible, available every time to inform the community around their project, yet some people continue to call it a scam. It has appeared that Ethereum has become too centralized and many people want to know more about the currency with 18% value in the space.

Xal0lex

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Quote from: RealMalatesta on December 11, 2022, 10:18:02 AM

When no one could estimate the actual amount involved in every scam of altcoin space, I guess we could never get any clear list on these. I mean since the beginning of ICO kind of crowd funding in altcoin industry, we have been watching lots of projects scamming investors for various reasons. I agree there were projects which got failed for unexpected reasons but there were 90% of projects which were here only to scam and in that case we cannot estimate the actual money involved.

Here the point is not about being huge or small; we need to stay safer in crypto investments and due to this reason I have decided not to risk money in any new projects which on the other side led to miss good opportunities, still I am happy with my bitcoin investments.

Is it possible to classify as a crypto scam those projects that were originally created for the purpose of enriching their creators? Even if they do not cheat anyone and do not run away with the money raised through investors and other open machinations, but still, they have a plan to put their product on exchanges and then sell their coins to hamsters at high prices. There are a lot of such projects, and if you classify such projects as scam, then it turns out that almost all altcoin market is one big scam that you have to stay away from.

Eureka_07

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Quote from: Mr. Magkaisa on December 10, 2022, 03:57:53 AM

I remember an investment scheme which they used bitcoin mining and bot trading as their front. They accepted huge amount of money on subscribing to their plan. They also used did fake advertisement using various known personalities worldwide and even personalities on a local setup, these advertisements are mainly fake testimonials.

dezoel

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Leading Crypto Sports Betting & Casino Platform

Scams can be avoided most especially for the newbies if they won't engage on the real thing but first they need to take time to learn. They won't lose this way but it will only increase their potential of earning huge. I guess many of them are just too impatient, that is why these advices are hardly being followed. It's not true when you say that nothing is happening in regulation.

How will you explain those platforms that now requires a KYC? Regulations are actually becoming heavier now in this space to possibly prevent scams, frauds or cyber crimes in general. Cryptos are high risk not because of the scams but because of their highly volatile state/nature.

AakZaki

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I can still imagine when I remember BITCONNECT which is always adored by its members and hopes to get rich instantly through BITCONNECT. but in fact, this ponzi scheme project deceived many people, the founder disappeared without a trace to this day. and Carlos Matos as The Man , The Legend bitconneeeeeeeeeect! is a mascot that will never be forgotten LOL

Silberman

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Quote from: dimonstration on December 10, 2022, 06:50:52 AM

I believe you forgot the real biggest scam history in cryptocurrency which is the Mt.Gox considering that the hacking event is an inside job since the CEO is jailed for falsifying there records. The estimated amount loss on this event was around 650K to 800K Bitcoins which is a trillion or billion dollar value using the current rate of Bitcoin.

Lots of undocumented exit scam too happened that greater value on the NFT industry during its hype.

If we are trying to be as honest a possible the number of scams we have seen over the years in this market is so large that we will not need a thread or two but a whole site dedicated to them, most people are aware of the those which were huge but there are many other scams that only took a few million dollars which did not even made the news, and yet the developers behind those coins earned a huge sum of money by deceiving the people that trusted on them.

Bananington

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Quote from: Mr. Magkaisa on December 10, 2022, 03:57:53 AM

Because we all know that there are many scams in the crypto world.

We should even be more concerned about cryptocurrency project with potential to be scams. How about all the potential scam projects that are currently looking and acting legitimate with very good disguise. I think it will be nice as well for us to have a list of projects that people here have individually identified as potential scams in cryptocurrency, so people who do not know have an idea of how to identify potential scam projects can stay clear. Have you identified any?

RealMalatesta

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Quote from: Mr. Magkaisa on December 10, 2022, 03:57:53 AM

the only one I covered was the biggest crypto scam, the one with the biggest stolen amount. Because we all know that there are many scams in the crypto world.

When no one could estimate the actual amount involved in every scam of altcoin space, I guess we could never get any clear list on these. I mean since the beginning of ICO kind of crowd funding in altcoin industry, we have been watching lots of projects scamming investors for various reasons. I agree there were projects which got failed for unexpected reasons but there were 90% of projects which were here only to scam and in that case we cannot estimate the actual money involved.

Here the point is not about being huge or small; we need to stay safer in crypto investments and due to this reason I have decided not to risk money in any new projects which on the other side led to miss good opportunities, still I am happy with my bitcoin investments.

Yatsan

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Quote from: Ayers on December 10, 2022, 10:33:14 PM

Out of all the scam projects you mentioned, I was most impressed with bitconnect, it was a very successful ponzi project in 2017 and its price has increased to over $400 per token. But in the end, what comes must come because it is just a Ponzi scheme.
It was the demise of Bitconnect that was the leading cause of the 2018 bear season, a catastrophic bear season no different from this year.

Quote from: dimonstration on December 10, 2022, 06:50:52 AM

I believe you forgot the real biggest scam history in cryptocurrency which is the Mt.Gox considering that the hacking event is an inside job since the CEO is jailed for falsifying there records. The estimated amount loss on this event was around 650K to 800K Bitcoins which is a trillion or billion dollar value using the current rate of Bitcoin.

Lots of undocumented exit scam too happened that greater value on the NFT industry during its hype.

The bitcoin price in 2014 was not as high as it is now, so it cannot be said that Mt.gox was the biggest scam in crypto history. For comparison, I still rate the crash of FTX as the biggest market crash ever, wiping out $120 billion in market capitalization by the time it collapsed.

I remember that Bitconnect incident. But below these huge scam projects are small projects which turned out to be a scam, not to mention their quantity ofcourse. With these incidents, it is quite unfortunate that many people are still falling for the same scheme. Problem only is that, projects won't announce if they are legitimate or not right? Silly! Investors may only do some background research which could be faked. Likewise with fake community for that certain projects. But that's just how this industry works I think. Anonymity is everything. The least an investor could do is to 'bet' into a project and hope that it won't turn out to be his or her lost.

Ayers

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Out of all the scam projects you mentioned, I was most impressed with bitconnect, it was a very successful ponzi project in 2017 and its price has increased to over $400 per token. But in the end, what comes must come because it is just a Ponzi scheme.
It was the demise of Bitconnect that was the leading cause of the 2018 bear season, a catastrophic bear season no different from this year.

Quote from: dimonstration on December 10, 2022, 06:50:52 AM

I believe you forgot the real biggest scam history in cryptocurrency which is the Mt.Gox considering that the hacking event is an inside job since the CEO is jailed for falsifying there records. The estimated amount loss on this event was around 650K to 800K Bitcoins which is a trillion or billion dollar value using the current rate of Bitcoin.

Lots of undocumented exit scam too happened that greater value on the NFT industry during its hype.

The bitcoin price in 2014 was not as high as it is now, so it cannot be said that Mt.gox was the biggest scam in crypto history. For comparison, I still rate the crash of FTX as the biggest market crash ever, wiping out $120 billion in market capitalization by the time it collapsed.

sheenshane

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There are a lot of scams that happened in the past which are considered the biggest scam in history in crypto.

These aren't directly to the scam projects but in general, they would be considered the biggest scam too.

Bitcoin doublers
Social media celebrity hacked and scammed many followers

Easy money and greedy people was usually a victim of those scams.

o48o

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Quote from: serjent05 on December 10, 2022, 05:20:52 PM

-cut-
I think a project that rely solely on NFT and token staking is one big Ponzi scheme. Because there are no funds to support the market 1:1.

I wouldn't be so fast to judge on these. Just because something is not profitable doesn't mean it's a scam. Most of the projects and actually the whole trading game is a zero sum game so therefore the whole industry should be a scam if we are going by your 1:1 rule.

Staking as a term has been misunderstood and most of the "staking" happening has nothing to do with securing the blockchain. It's mostly just for people getting more money. Which is just dumb.

dothebeats

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Bitconnect perhaps is one that really pushed a lot of people off the cryptospace for good. Everytime the word 'scam' comes out, this is the first thing that comes to mind. It also proved how gullible people can be when it comes to money. Most of their common sense comes off pretty loose and their initial reaction is to be bewildered by the possible profits they may have.

Terra comes into the list too, although of course we still don't know the severity of the damages it caused because no full report has been released for that YET.

shinratensei_

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FTX and Terra might become the biggest fraud all time even SBF already labeled as the greatest villain in the crypto. That proves that if those projects were nothing compared with billions of money that already wiped from the market caused by it's being stolen by scammers like SBF. Those scam projects were happening during 2017. I guess the most difficult thing to know that if that was a scam project or not. I remember when money raised by scammer of centra being used to buy roll royces.
There have been many scam icos in the market even though it's still continue till now but scam projects were doing soft rug pull to the its investors by slowly dumping their tokens to the market.

The scam projects are so hard to be identified for sure.

Topic: Biggest Scam History in the Cryptocurrency (Read 315 times)