cryptocurrency has Had a long history of scammers and hackings Which led to lose of great wealth all through this years And still both of these continue to happen to this very date. But Do you know about Some of the biggest scams in The history of crypto currency ? If not then stay tuned because we will Tell u 3 of the biggest cryptocurrency scams every That left the industry completely devastated and looted huge money from the Persons getting baited
Onecoin scam
One of the biggest scam ever in the history of crypto. It started when the main accused Ruja Ingtova or cryptoqueen started her own coin called Onecoin ( Which was actually a giant pyramid scheme ) She started it in Bulgaria in 2014 and travelled a lot of Countries throughout the world to Let people invest in it. She raised 30 Million $ from the uk alone. And continued defrauding people till 2017.
In 2017 investigations declared ruja’s onecoin as a scam since the coin never actually existed. The estimated Worth of the money defrauded by ruja is 4 Billion dollars.
Aftermath of charges: althoug the charges were directed and many criminal authorities around the world tried ( Infact still trying ) there best to find her, The whereabouts of ruja Stay missing To this date. Her properties around places are being ceased and auctioned to recover some of the money lost by the investors.
BITCONNECT SCAM.
Bitconnect started as a project allowing users to lend the value of Bitconnect Coin in return for interest payments. The marquee program was the so-called lending platform where users traded Bitcoin for Bitconnect Coin and could lock in the instantaneous value of the coin for a set period of time while earning interest calculated daily. The interest payouts were determined by a so-called "trading bot". The trading bot was the most controversial piece of the Bitconnect.co system ( So: Wikipedia )
But on jan 17 Bitconnect shut down Following A lawsuit in uk and a cease and desist notice By Texas state security board.
Aftermath : Following the shut the value of BCC Fell by 92%. While the company promised Returns Which were never given. In 2021 SEC Sued bitconnect Promoters and also Alleged it of defrauding Over 2 billion dollars.
3.PLUSTOKEN
The last on this list in the plus token which started in april 2018 in china. It promised monthly crypto payment to its users In there wallet. The also had a native token called plus. But this also turned out to be a gaint ponzi scheme. The Plus token was also listed on many chinese exchanges and even touched an ath of 350 usd. But it only paid it’s intial investors out only to gain more limelight. They soon stole assets from the Wallets of investors.
The chinese Founders werw arrested after it Being declared and investigated as a scam.
The amount money of scam is reported at over 3 Billion dollars by chinese media authorities.