Top 10 biggest cryptocurrency scams

Top 10 biggest cryptocurrency scams in the past decade: Cryptocurrencies  have been creating a global revolution in currency trading. But accompanied by a favorable environment for countless fraudulent. And fraudulent activities during 10 years by.

By the end of 2017 and early 2018, when investors witnessed the success of Bitcoin. And some other virtual currencies. Many of them joined the blockchain application industry in hopes of capturing market trends and become “virtual currency billionaire”.

However, during this time. The virtual currency market also recorded a sudden increase in fraudulent and fraudulent activities (also known as Scam). When fraudsters took advantage of investors’ trust to steal goods. Hundred million USD. So far, scams are on the rise, making the cryptocurrency market extremely ugly and unreliable.

It is worth mentioning that although the starting point is not Bitcoin’s pioneer market. Vietnam is negatively integrating by participating in almost every major scam in the history of digital currencies. In particular, the most recent Pincoin and iFan cases noted that Vietnam. Was the country with the most losses of investors.

Top 10 biggest cryptocurrency scams are below:

1. The first cryptocurrency scam Pincoin and iFan:

The most recent large scale ICO scam has captured most of the headlines. The two Pincoin and iFan ICOs. Run by the same company operating outside of Vietnam. Are believed to have cheated about 32,000 investors for a total of $ 660 million.

Top 10 biggest cryptocurrency scams

Modern Tech, the company suspected of being behind the scam. Packed an office in Ho Chi Minh City last month and fled with the scam. This scam is arguably the bi ggest in the history of ICOs.

A number of investors protested outside the vacant offices in the city. HCM on April 8 after the company refused to proceed with cash withdrawal. The city government has ordered police to investigate the incident.

Both ICOs have been classified as multi-level marketing – Multi Level Marketing. iFan has been advertised as a social media platform for celebrities to promote their content to fans.

Pincoin, meanwhile, promises 40% of monthly returns on investments made. The project announced it would build an online platform comprising an ad network. Auctions and investment portals and a peer-to-peer marketplace based on Blockchain technology.

2.The second cryptocurrency scam OneCoin:

Top 10 biggest cryptocurrency scams

OneCoin has been the subject of several investigations for over a year and a half. Officially labeled as a “clear ponzi plan” in India in July 2017, two months later. The Italian authorities fined the organization up to 2.5 million euros.

Cointelegraph has previously warned readers to stay away from activities. As OneCoin doesn’t even have a legally distributed network. Moreover, it has no public ledger and its offices in Bulgaria were raided in January with servers seized by the authorities. Because of international investigations and lawsuits against back to the company.

In 2016, Chinese authorities investigating OneCoin operations in the country seized from the company more than $ 30 million.

The company also announced it was officially licensed in Vietnam last year. But was later rejected by the government. More than five countries have warned investors of the risks associated with those who choose to invest in the company. Including Thailand, Croatia, Bulgaria, Finland and Norway.

In Vietnam, OneCoin has created a craze since the middle of the second quarter of 2017. Aattracting thousands of investors and an unspecified amount of damage.

3. The third cryptocurrency scam Bitconnect:

Long accused of being a “ponzi plan,” .Bitconnect ceased operations in January after receiving a stop. And termination order from two US financial regulators.

Users exchanged Bitcoin for Bitconnect Coin (BCC) on the Bitconnect platform. Launched in January 2017 and were promised huge returns on their investments.

Furthermore, the company runs a lending program. Where users lend to BCC with other users to attract interest depending on. How much BCC they lend on the platform. It is estimated that there are about 50,000 members of the BBC. Vietnamese community facing the risk of nothingness with a total investment of trillions.

4. The fourth cryptocurrency scam Plexcoin:

This particular ICO was poised to hit the market in February 2017 after being considered a typical Ponzi scheme. Plexcorp promised investors more than 1300 percent of their return on investment each month. Before the US Securities and Exchange Commission (SEC) ordered the company to shut down.

More than $ 15 million was raised for Plexcoin ICO. Luckily, all funds were frozen by the SEC and founder Dominic Lacroix was imprisoned. Plexcoin’s services are also classified as a security. So the SEC’s decision on the charges are perfectly reasonable.

5.The fifth cryptocurrency scam Centratech:

Top 10 biggest cryptocurrency scams

Backed by famous boxers like Floyd Mayweather and DJ Khaled. Centratech has boosted the attention of its Visa and MasterCard debit card. Service that is supposed to allow users to convert cryptocurrencies into fiat money.

According to Ars Technica. Two of the founders were arrested for fraud related to an ICO, raising about $ 32 million USD. Law enforcement is in the process of seeking a permanent ban. And forcing the two founders to return the stolen money along with interest.

PS:/ Please coment the scam projects you know that are not listed above. So that people can get the characteristics of scam projects. Since then no-one has to spend money on scammers like this anymore.

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