{"id":19455,"date":"2022-06-10T09:43:38","date_gmt":"2022-06-10T09:43:38","guid":{"rendered":"http:\/\/egrowonline.com\/?p=19455"},"modified":"2022-06-10T09:43:38","modified_gmt":"2022-06-10T09:43:38","slug":"the-6-biggest-cryptocurrency-scams-of-all-time-goondiwindi-argus","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=19455","title":{"rendered":"The 6 biggest Cryptocurrency scams of all time | Goondiwindi Argus"},"content":{"rendered":"


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The 6 biggest Cryptocurrency scams of all time<\/div>\n<\/div>\n<\/div>\n
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There’s no denying that cryptocurrency has taken the world by storm. In the last few years, digital currency has seen an incredible surge in popularity, with millions of people now using it to buy goods and services online. In other words, cryptocurrency has become a big business.<\/p>\n<\/div>\n

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But, with this newfound popularity has come a dark side: scams. Cryptocurrency trading scams<\/a> are no stranger to controversy and fraud, but they’re becoming more prevalent as the industry grows. No one is safe from these digital assets’ predators, from big-time investors to everyday users.<\/p>\n<\/div>\n

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To help you avoid becoming a victim of fraud, here are six biggest cryptocurrency scams of all time:<\/p>\n<\/div>\n

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1. Bitcoin savings & trust<\/strong><\/p>\n<\/div>\n

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This organisation is, perhaps, the most infamous cryptocurrency scam of all time. The Bitcoin Savings & Trust (BS&T) was a digital currency Ponzi scheme that promised incredible returns to investors. BS&T claimed to be a Bitcoin<\/a> trading platform, but it was just a front for massive fraud.<\/p>\n<\/div>\n

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BS&T lured in investors with the assurance of huge profits, but, instead, they just used new investor money to pay off old investors. This went on for a while until, eventually, the whole thing imploded, and the SEC shut down the BS&T.<\/p>\n<\/div>\n

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It’s no secret that it’s tempting to invest in things that promise sky-high returns, but it’s best to always be wary of these opportunities, and BitConnect was the perfect example. This digital currency platform promised its investors returns of up to 40 per cent per month, which is a strangely high return on investment.<\/p>\n<\/div>\n

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Of course, these returns may be impossible to achieve through traditional investments, but with BitConnect, it was all too good to be true. The platform turned out to be a massive Ponzi scheme and collapsed, leaving investors high and dry.<\/p>\n<\/div>\n

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In April 2018, the Vietnamese cryptocurrency exchange, Modern Tech, launched two digital currencies: Pincoin and iFan. These coins were billed as part of a new cryptocurrency ecosystem that’d revolutionise the way people interact with social media.<\/p>\n<\/div>\n

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However, it didn’t take long for people to figure out that something was fishy. Modern Tech promised absurdly high returns on investment, and it quickly became apparent that Pincoin and iFan were nothing more than Ponzi schemes.<\/p>\n<\/div>\n

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The 6 biggest Cryptocurrency scams of all time<\/div>\n<\/div>\n<\/div>\n
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Upon further investigation, authorities revealed that the people behind Modern Tech had stolen USD$870 million from 32,000 investors, and it’s thought to be one of the largest cryptocurrency scams in 2018.<\/p>\n<\/div>\n

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K Nishad, the founder of Morris coin, created a cryptocurrency known as Morris Coin in early 2020. It’s a non-existent digital currency that promises investors to be the next big thing in cryptocurrency. <\/p>\n<\/div>\n

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The coin was pitched as a way to revolutionise the online gambling industry by providing near-instantaneous transactions and incredibly low fee<\/p>\n<\/div>\n

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However, it didn’t take long for people to realise that something was strange. According to the report, the team behind the coin created a fake website and white-paper, and used stolen photos to promote their project. And, they soon disappeared with the millions of dollars they raised from 1.1 million investors. <\/p>\n<\/div>\n

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Another big cryptocurrency scam that took place in 2018 was Dekado Coin. This digital currency platform promised to restructure the way people invest by providing a unique investment opportunity: a chance to get involved in the mining of different cryptocurrencies. They even had a referral program where people could earn more coins by getting other people to sign up.<\/p>\n<\/div>\n

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Dekado Coin claimed that a team of profitable experts ran its mining operation, but, unfortunately, this was all just a front. It soon became apparent that this crypto mining operation didn’t exist, leaving investors out of pocket. They even hid their team’s personal information and authentication to prevent them from being held accountable.<\/p>\n<\/div>\n

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You may not know it, but ACChain was one of the most promising digital currency projects of 2017. The project raised USD$80 million in an initial coin offering (ICO) to develop a blockchain-based ecosystem that’d be used to issue, store, and trade digital assets.<\/p>\n<\/div>\n

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But, the picture-perfect ACChain soon turned into a nightmare for investors. The headquarters address turned out to be empty, and the company was untraceable, nowhere to be found. The organisation suddenly stopped responding to investor queries and vanished into thin air.<\/p>\n<\/div>\n

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These are just a few examples of the many cryptocurrency scams that have taken place over the years. And, unfortunately, you’ll likely see even more in the future. <\/p>\n<\/div>\n

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So, if you’re thinking about investing in crypto exchanges<\/a> or digital currencies, be sure to do your research and only invest in reputable projects. And, always remember, if something seems too good to be true, it’s better to err on the side of caution.<\/p>\n<\/div>\n

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