Topic: Huge crypto scam that happened last year(2021) (Read 576 times)

99% of NFTs will end badly, and not because of developers but because of the intent.

I must agree with this since this is what I experienced. I've also lost my funds when I invested them in NFT projects due to hype which is also my mistake. Most of them have turned into rug pull. One thing I realized is that there's no such thing as easy money or earnings. Most of them have turned into a ponzi scheme and those who invested first benefited from it the most. I guess every NFT would end up that way if the developers couldn't handle it well.

I must agree with this since this is what I experienced. I've also lost my funds when I invested them in NFT projects due to hype which is also my mistake. Most of them have turned into rug pull. One thing I realized is that there's no such thing as easy money or earnings. Most of them have turned into a ponzi scheme and those who invested first benefited from it the most. I guess every NFT would end up that way if the developers couldn't handle it well.

I must agree with this since this is what I experienced. I've also lost my funds when I invested them in NFT projects due to hype which is also my mistake. Most of them have turned into rug pull. One thing I realized is that there's no such thing as easy money or earnings. Most of them have turned into a ponzi scheme and those who invested first benefited from it the most. I guess every NFT would end up that way if the developers couldn't handle it well.

The huge crypto scam that happened in 2021 that nobody wants to talk about is the metaverse coin and NFT projects. 99% of them are pure ponzis and rugpulls waiting to be happened,,, and the old shillers are talking about them thinking people forgot about their past promoted scams. New chillers and influencers are just recruited by old pump n dump groups.

Exactly my point, scams will not stop and disappear because it is what we want and what is best. And so, the only way to prevent from being a victim of their schemes, is to prevent from being one. Given the unfortunate situation we have, it is solely upon us on how we can make and preserve a safe space for us, by saving ourselves from this misery. And we could do that through researching and investigating the legitimacy of the projects we’re getting interested with before even doing anything with them.

Lot's of people where been scammed in different ways which includes; Brand impersonation on social media, fake exchange, scam coins, ponzi scheme, black mailing, shilling, fake applications and many more. I believe we should be expecting more strategy this year, scammers are coming up with new strategies just to defraud people on a daily basis, so we have to be very cautious so that we won't endup falling victim.
This is a new year, and I believe all our goals is to make profit, Nobody wants to be a victim of a scam project, so I believe we should all be cautious. Do your own research before investing in any project, and make sure all of your personal informations are secure to
avoid scammers having access to your wallet.

When it comes to rugpull then there are lots or even those scammy projects would really continue to grow or pop out like mushrooms on which as long there would
be investors or greedy newbie out there who would continue to feed these scammers then expect that the cycle would continue as long this market would be alive.
Of course projects would really be trying out their best to be look legit and when they had accumulated enough then they would really be
leaving and running without a trace which is some usual stuff. Common sense would be your weapon on here.

These scammers are always updated, and they always try to switch up their strategy when they start to find out that the public are now finding out the kind of strategy that they are using. Although some of their strategies are too old and they can easily be avoided by anyone that is always keeping up to date with what’s happening in the market. But, there are also the new ones that are usually popping up here and there, it takes you as a person to be wise enough to know what is legit and what is not.

Because, if you can’t do that, then you would end up falling for it. Normally I think that it is easy for anyone to avoid all these scam projects, as long as you know the simple rules that you are meant to follow and you are following those rules, then it doesn’t matter whatever tactics that they try to use, you would be able to avoid them.

The worst despicable thing that can happen to an investor is to watch the project he invested in to be rugpull. The feeling is so terrifying.
What baffles me in all these scam projects, they do appear legit and promising at the beginning, with time they will disappear without a trace.
Catena is another good example of altcoin that got her investors rugpulled this year

Those were just a few of the many. Actually, these scammers are always updated and following the trend. I saw a new one when Elon Musk tweeted about Mcdonalds accepting dogecoin and he'll advertise them. Mcdonalds replied about grimacecoin.
And these scammers made again the same coin that's named after grimacecoin. I don't know what happened to it but I wish that it didn't scam any person when they've seen it tweeted and exchanged replies with Elon x Mcdonalds.

Oh my those are some real shit that happened earlier. All of them are related to famous stuff at the time for example squid game series inspiration is just out of the box. On the course this was supposed to happen because there is no other world than crypto where investors and new comers can be easily scammed. People are coming here in the greed of making some money but eventually they get trapped in something like you mentioned above.

Grim reality is that, these scams will never stop. Even same cases happening with the NFT these days. Many artists are tired of irony that is caused due to scam artworks etc.

Some huge cryptocurrency scam which happened last year.
Source link: https://www.google.com/amp/s/mashable.com/article/biggest-cryptocurrency-scams-2021%3famp

For me there's a lot of crypto scams that happened last year and sad to say I am also a victim of one them and yeah to be honest it is one of the NFT projects especially those on a game feature aspect. Yeah, I know one of the error I made is that I have a lack of proper research on that project and for that thing being happened I really learned a lot from it. But to be honest, as much as we wanted to not encounter such thing for sure this year we will going to encounter those again but please be aware of those projects.

Every year there are always a lot of scams that do come to the market and it's remarkable last year because we've been into the bullish season which attracted a lot of investors mostly were newbies.

Scammers will keep on existing. No matter how many of them will be busted, there will still be those that remain and no heart to scam people. They'll never change because they're too lazy to work their assess off.

-snip-

That's why need knowledge to avoid scammer, many jump in to crypto just to think how gain much money with fast and then they end up with huge loss because involved in scammer event squid game token is the example . Learn and learn is the key because scammer always there and use new form following the trend to scam people. Crypto scam in 2021 will be happen in 2022 too don't be surprised.

Because of the hype and bullish season last year many shit projects were launched and those investors who wants to join the ride ended up losing their money due to rull pull.

Similar projects to scam the investors will continue to exist and its up to us whether to let ourselves becoming a victim for not being careful. There's a way to avoid it and one of that is not to be greedy because its the root why some of us are making a wrong decision when investing.

The huge crypto scam that happened in 2021 that nobody wants to talk about is the metaverse coin and NFT projects. 99% of them are pure ponzis and rugpulls waiting to be happened,,, and the old shillers are talking about them thinking people forgot about their past promoted scams. New shillers and influencers are just recruited by old pump n dump groups.

We cannot stop these frauds. People will contiune doing these frauds as they know that there are many newbies in this crypto field and it is easy to make fool them and steal thier hard earned money.
The important thing is that we should be aware on how people plan the scams through fake projects. If we are careful and very vigilant, only then we can keep our money save and avoid these scams.

Actually every year there will always be bad cases about crypto, whether it's a fraud, crypto scam, or others and last year was a bad year for people who have been deceived and failed in the crypto world. There are many modes of fraud here which in essence make crypto lovers get big losses. Learning from the scam coins that are circulating in the market, we have to be even more careful in investing in the coins that we choose, especially if we decide to invest with big capital. Always search and research first so we can confirm whether the coin is worth it or not.

Similar projects to scam the investors will continue to exist and its up to us whether to let ourselves becoming a victim for not being careful. There's a way to avoid it and one of that is not to be greedy because its the root why some of us are making a wrong decision when investing.

It's always the FOMO that turns people into temptation. They'll feel being left alone and regret about the potential that they'll get while it's still soaring high.

But without knowing, the devs are already getting ready for their exit and if you miss them, you're going to regret more than the regret you've felt about getting that high profit.

Think of your situation when you're tempted as a blessing in disguise. You've avoided the rug pull.

I was almost tempted to buy Squid Game Token at that time, but fortunately my capital was still stuck on other coins so I didn't buy it, lucky for me because of that. From that case, I think we can learn that the bull market invites many scammers to deceive us in various ways, so be careful and don't focus on profit and make us forget the risks in it.

Scams would be a never ending situation because  there would be people who do really love to have that easy money which they do mostly target out those noobs in the market

this would be always existing on each year because there would be people who do easily believe about easy money through to too to be true offerings which would results
to make out some bad investment decisions.

It would be continuous and you should really be aware and be keen when it comes on dealing with everything.

I believe there are big scam projects in the previous years as well, but last year these became rampant because some were really seen to be getting good in their initial phases. But the point is there will always be scammers and scam projects, and they will be able to have victims as long as people don’t do research and just jump into such with the intention of gaining profit instantly. I think that’s one of the many misconception here, especially by the newbies in the field, that it is a market meant for instant success when clearly it is not.

Real Scam comes from a trusted party and no one doubts his intention to defraud, and then everything disappears.
Scam mentioned first can be avoided, but the second requires intelligence and caution.

Fraudsters are hard to avoid, even when a project is already underway, it's easy to do so when there's a loophole to walk away with investors' money. This year we just need to do a lot of research on each project and don't rush just because the project is being promoted by a big influencer. Because that's not the main criterion. It is difficult to avoid this kind of thing, especially regarding the funds that have been allocated for project development.

...

Even long-timers in crypto are not exempted as victims of these fraudulent projects.
Every year, we will encounter new hype, so these scammers will take advantage of the opportunity.
As people aim to get high profits, they will lure these individuals with the promise of good profits.
So if the offering is too-good-to-be-true, better doubt their intentions.
Don't fall from from their tactics, because the bottomline is, you are in-charge of securing your funds.

Actually every year there will always be bad cases about crypto, whether it's a fraud, crypto scam, or others and last year was a bad year for people who have been deceived and failed in the crypto world. There are many modes of fraud here which in essence make crypto lovers get big losses. Learning from the scam coins that are circulating in the market, we have to be even more careful in investing in the coins that we choose, especially if we decide to invest with big capital. Always search and research first so we can confirm whether the coin is worth it or not.

Yes, You already mentioned several name of scam projects particularly Squid Game scamming is know to all over the world. I can say that they stolen a large number of amount which should be also like crime. If i just calculate all the aspects then 2021 is also a good year for the crypto currency.

Many have been doing this exit scams and rug pulls in crypto space. And the thing is that there are still being attracted in this projects when it's already screaming scam from the very beginning, just like the Squid Game token.

The scam involving betrayal of trust is worse of. This is the personal relationship kind of thing where trust has been built over the years either the family line, friends and close aligns This is a category of scam where that trust is broken and the other party is in lose.

Another is a kind of another real life scam or internet scam where both parties are potential suspect. This may be an expectation to benefit where you didn't invest or sow. For example the drive to gain more than expected. So if it is looking very rare to be true, you can fall into scam trap.

This next phase is scam that is popular among bounty hunting, exchanges platforms , coins and ponzi scheme. The bounty is what you can't even research on because it is not easy to identify, most of us have fallen on that trap either ignorantly or not being very careful to read between the lines. 

.

Real Scam comes from a trusted party and no one doubts his intention to defraud, and then everything disappears.


Scam mentioned first can be avoided, but the second requires intelligence and caution.

For me, how bullish the market is, that's the time scammers are increasing. I remember way back 2017-2018 bull market, there are a lot of cryptocurrency scams before, like Ponzi or the HYIP scams (I experienced this), ICO scams, etc. And most of the victims here are the newbies, and yeah, they are prone indeed.

It's just like there are always new ways for scammers out there for every season, so basically more likely on what are the current trends, scammers are always there.

A year in crypto without scam is going to be one of the happiest moment we will ever see but I doubt if that will be happening soon since almost part of it is not regulated and the ones that are regulated still struggling to hunt down this guys. Another problem is that the investor are the main problem of these scams, they want to be rich over night and there is nothing that kill faster like greed in any investments.

You missed the Bitmart hacked but fortunately, everything is now going smooth and I think no users have a problem with their account balance. The trading operation already commence much quicker and faster compare to other exchanges that got hacked.

That SquidGame is an obvious scam that's why I can't understand why more people got fall on that. Just copying the series name is already red-tagged but still, they put investment on that project.

That Squid game token was all due to the craze and popularity of Netflix's show that was named after it. The scam about Poly, is that really a scam?
Hacks are different from scams but if that's what you think it is. You've forgotten those metaverse/nft games that have made their rug pull, too many of them to mention. There are some that include on this list aside from the Squid game token.
(https://coinculture.com/au/markets/what-are-the-biggest-rug-pulls-in-crypto-history/)

The biggest cryptocurrency scams of 2021
2021 was a big year for crypto. It was also a big year for crypto scams.
2021 was a huge year for the mainstreaming of cryptocurrency.
Popular cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin had a banner year that kicked off following the memestock craze that took place in January. These cryptocurrencies soared to new highs, attracting attention from people who may not have been familiar with the industry previously.
But crypto is unpredictable. It's still an incredibly volatile market, almost completely devoid of regulations that protect those who, say, invest in the stock market. With so many crypto newbies jumping into this lawless wild west over the past year, scammers have salivated at all the newfound opportunities to cash in at their expense.
Sure, scammers are still utilizing Twitter to trick new crypto speculators into thinking Elon Musk wants to double their investments. But, that's a 2020 grift. The schemes of 2021 make some of those look like child's play.
To end the year, Mashable has poured through some of the biggest scams of the year. We're not strictly talking about the amount of money stolen either. This list is composed of the most unique and brazen scams, too.

1 SQUID GAME TOKEN:
Take the biggest streaming television hit of the year, turn it into a cryptocurrency, and what do you get?

One of the most widely publicized scams of the year.
Media outlets, embarrassingly, fell head over heels for Squid Game token, a completely unauthorized alternative cryptocurrency based on the hit Netflix series Squid Game.
In just a matter of weeks, Squid Game token went from worth a few bucks to nearly $3,000. CNBC, Forbes, Business Insider, and a slew of other outlets all covered Squid Game token, seemingly enamored by how quickly it was rising in value.
However, there were problems from the get-go. Aside from its creators having absolutely no authority to use the Squid Game name to base their cryptocurrency on, people who invested into the Squid Game token complained right away that they weren't able to sell what they bought.
This was by design, of course. The creators of Squid Game token created an anti-sell-off mechanism right into their cryptocurrency. Of course, not everyone was blocked from selling, however. And Squid Game token ended up the same way most of these altcoins do: A pump and dump scheme that enriches its creators and their buddies, leaving well-meaning retail investors with the losses.
But, the amount of press coverage Squid Game token was able to generate before the scam was unveiled, which likely helped bring more dupes into the scam, was truly one-of-a-kind.

2. SaveTheKids / FaZe saga:
Pushing cryptocurrencies was big business for social media influencers in 2021.

Of course, a large amount of the crypto that your favorite Instagram star or TikTok celeb was promoting ended up being pump and dump schemes. However, no other instance of an influencer-hyped cryptocurrency grift could match what happened with the SaveTheKids token.
In early June 2021, FaZe Clan members Kay, Teeqo, Jarvis, and Nikan, along with YouTuber RiceGum started promoting a charity-based cryptocurrency called SaveTheKids. These influencers didn't just shoot out some tweets that took a few seconds to type either. They shot promotional videos and lent their images to the SaveTheKids website.
The sales pitch was simple: Invest in this new crypto that's sure to be a success because of its connections to the biggest Esports brand on the planet, and the project will help raise money for children's charities as well. A win-win!
Except, the whole thing was a rug pull. This occurs when a developer creates a cryptocurrency with the intent to run away with investors' funds. Shortly after SaveTheKids token officially launched, the crypto tanked due to a massive sell-off from those initial investors holding the majority of the tokens. As soon as SaveTheKids went public, it became worthless.
Perhaps, things could have ended there, the whole situation chalked up as yet another alternative coin scam. But, some noticed FaZe Kay, specifically, had a penchant for promoting cryptocurrencies that all ended this way.
YouTubers like Coffeezilla, SomeOrdinaryGamers, and Barely Sociable soon uncovered a tangled web of deceit that implicated FaZe Kay well beyond just promoting the scam, but also in its creation as well.
By the end of this saga, FaZe Clan launched an internal review that concluded with multiple suspensions and FaZe members including FaZe Kay being kicked out of the group.


3. Adin Ross admits he promoted a crypto scam:
It would be remiss to not award Adin Ross' promotion of MILF token with its very own mention.

Ross is a popular Twitch streamer with millions of followers on the platform. He's received criticism over the past year for his gambling streams, where he promoted sketchy online casino platforms. The streamer himself accidentally leaked his messages in a stream over the summer that showed he's making millions from these promotional deals.

However, in May of 2021, Ross also jumped into the cryptocurrency world by promoting an alternative coin called MILF token. Ross was paid hundreds of thousands of dollars to stream himself going through the tedious process of buying the crypto.
Just three weeks later, however, Ross had a stark change in messaging when it came to this investment opportunity.
"By the way, that MILF Token shit I did a while back? I already told you guys don't buy that shit," said Ross while laughing during a livestream. "I got paid a bag to do that shit. Like, I don't give a fuck. I hope none of you guys actually bought it."
At of the time of publishing, MILF token has lost approximately 98 percent of its value from when Ross promoted it.

4. Fake press releases:
Last year, you couldn't come across a tweet about cryptocurrency without a Fake Elon Musk Twitter account in the replies, pushing some new memecoin or ponzi scheme.
This year, fake press releases have taken this scam to the next level.
On two separate occasions in 2021, fake press releases from global retail corporations duped the media into publishing fake stories that companies were going to start accepting cryptocurrency. In September, a fake press release announced that Walmart would start accepting Litecoin. Just a couple months later, a fake press release claimed that Kroger was going to take Bitcoin Cash as payment.
Neither were true. However, the fraudsters behind these sham documents were successfully able to distribute this fake news through big press release distribution companies, where they were disseminated to and covered by mainstream news outlets.
In both instances, Litecoin and Bitcoin Cash prices went up on the news and then came back down once Walmart and Kroger denied the claims. The result: A quick cash grab for anyone in on the scam. As cryptocurrency advocates continue to seek validation and legitimacy for their young industry, scams that claim to provide that will continue to grow.

5. Poly Network hack:
Forget 2021, this would have been the heist of the century.
Over the summer, a hacker discovered a flaw in the decentralized finance platform Poly Network that allowed them to transfer more than $600 million to their account. More than $600 million.
However, a haul that large would likely have been hard to disappear with scot-free. In the weeks that followed, the hacker reached out to Poly Network and claimed it was always their intent to return the money. Poly Network played along, even referring to the hacker as "Mr. White Hat," a nod to the term describing an ethical hacker that tries to expose security flaws so they can be fixed before a nefarious actor comes along.
In the end, it worked out for Poly Network. The hacker ended up transferring the majority of the cryptocurrency funds back to the platform.
What did the hacker get out of it? For one, they escaped any possible repercussions for carrying out the biggest crypto heist in history. Poly Network also offered a $500,000 reward to the hacker for returning the funds.


6. Africrypt scam:
Two brothers, Raees and Ameer Cajee, ran a Bitcoin investment firm out of South Africa called Africrypt. Now they're missing, along with all of their investors' cryptocurrency.
Back in April of 2021, the Cajees claimed that their investment firm had been hacked and all of their clients' accounts had been compromised. However, the story was quickly picked apart and investors pointed fingers at the Cajees.
Lawyers representing investors claim that as much as $3.6 billion has been stolen by the Cajee brothers. If that was true, move over Poly Network, Africrypt would be the largest crypto heist by far.
However, that number is in dispute. Still, we're talking millions and millions of dollars here, at least.
Africrypt investors are still working on recouping their funds. It's unclear where Raees and Ameer Cajee are currently.

7. Stolen Bored Ape NFTs:
Calvin Becerra's story is small bore compared to the amounts of money stolen through the other scams on this list.
However, it's still worth mentioning.
Becerra is, er, was the owner of three Bored Ape Yacht Club NFTs. Investors buy these non-fungible tokens in order to prove ownership of the item they are connected to. In Becerra's case, we're talking three pieces of computer-generated art portraying cartoonish apes.
According to Beccera, scammers tricked him into sending over these three NFTs under the guise of providing technical support.

The current floor price for one of these apes on the NFT market? Around $225,000.

Becerra claims the three Bored Ape NFTs he owned are over $1 million.
It appears Becerra has recouped at least some of his NFTs, although it seems he had to pay to get them back. However, when they were first stolen, Becerra tried to spread the word and inform others not to buy his stolen NFTs.
Although the blockchain showed he no longer owned them, Becerra claimed that these indisputable records on the blockchain were irrelevant and that he was really the owner. Basically, he argued against the very foundation of which NFT advocates claim gives any of this value.
Perhaps this makes these stolen NFTs the greatest scam of the year after all.