The Biggest Crypto Scams of the Past Few Years

For those who’ve been considering of investing in crypto currencies, you might wish to think about among the greatest crypto scams of the previous few years. These scams haven’t solely ruined traders’ lives, however have precipitated tens of millions of individuals to lose their cash as properly.


The OneCoin crypto scam was one of many greatest within the historical past of cryptocurrencies. Over three million individuals had been ripped off by the fraud scheme.

A former company lawyer named Mark S. Scott has been accused of laundering $400 million of OneCoin fraud funds via two Cayman Islands financial institution accounts.

OneCoin was a multi-level advertising firm that promised a excessive fee of return. Buyers might receives a commission by bringing in additional individuals to hitch the scheme. It was additionally a Ponzi scheme, which suggests it was a pyramid rip-off.

OneCoin claimed to be a brand new and higher means of constructing funds in a digital world. Clients had been satisfied by catchy messaging and flashy launches that the cryptocurrency would revolutionize world funds. They ignored voices critiquing the platform.

Bitconnect Cash (BCC)

BitConnect was a crypto forex that pretended to be actual, however was in actuality a misleading pyramid scheme, which ought to at all times be averted when you remotely care about money management. The crypto forex was marketed as a low danger method to put money into cryptocurrencies. It promised large returns to coin holders and had a multilevel referral characteristic.

Along with the crypto token, BitConnect supplied a lending platform that allowed customers to mortgage Bitcoins to different customers. Buyers had been requested to offer a small preliminary deposit, which might be returned with curiosity. Not like different excessive yield funding schemes, the returns had been paid out in native BCC cash. Nonetheless, the platform was shut down in January 2018, after it obtained a stop and desist letter from state regulators.

OpenSea’s Discord was hacked and promoted an NFT rip-off

OpenSea, the world’s main NFT market, has suffered a server hack. Hackers compromised the Discord channel of its customers, selling an NFT rip-off.

An OpenSea spokesperson mentioned the corporate is investigating the hack. He added that the corporate had not seen any malicious posts since round 4:30 a.m. ET on Friday.

The hacker promoted an NFT minting scheme inside the OpenSea Discord server. He additionally notified the neighborhood a couple of restricted version NFT assortment that might be obtainable on the platform.

Upon visiting the pretend NFT minting announcement, customers had been redirected to a phishing web site. The scammer supposedly offered “loopy utilities” akin to the flexibility to drop a token in a “dropbox”.

After the preliminary rip-off, the hackers resurfaced to advertise one other rip-off. This time, they supplied a particular “mint go” that allowed holders to mint free.

Day of Defeat

A crypto scam called the Day of Defeat has left a path of destruction in its wake. The shady scheme was touted in crypto circles for weeks on finish, and it was solely a matter of time earlier than somebody took be aware. It might be value an in depth examination of the mission’s historical past to see whether or not it was the actual deal or not.

The mission is led by Hanad Hassan, a crypto investor with the chops to again up his claims. He claims to have launched a Baller Apes themed NFT assortment. Among the many many issues he has been as much as, he has additionally made a splash on the media circuit.

Squid Recreation

In late October, builders launched a cryptocurrency called Squid Game. It was designed to pay for a web based sport based mostly on the favored Netflix present. However after the mission was revealed to be a rip-off, traders had been left with nugatory shares.

The rip-off was a “rug pull,” or a traditional exit rip-off that includes the creators of a token or digital coin cashing out the cash for real-world cash. Buyers who invested within the crypto coin had been informed that it was value at the very least $600 per token.

Nonetheless, the worth of the SQUID was nowhere close to that determine. As an alternative, it fell to zero in lower than 10 minutes.


There have been a lot of scams on the planet of crypto forex, however one of many greatest is SaveTheKids. It was promoted by esports group FaZe Clan, with the promise of donating 1% of transaction taxes to kids in want. Nonetheless, it turned out to be a pump and dump rip-off.

The FaZe clan is without doubt one of the largest sports activities organizations within the nation, with over 26.2 million followers on social media. They’ve suspended members who promoted the cryptocurrency token SaveTheKids.

Members of the FaZe clan are suspected of fraud or deception, and a few have even been banned from the group. Among the allegations had been made by British influencer Sam Pepper.


In case you are interested by investing in crypto cash, you need to be conscious of the scams involving Pincoin. It was one of the crucial profitable cryptocurrencies within the final months. However the firm behind it’s now suspected of being a fraud.

When the mission first got here available on the market, the staff had knowledgeable white paper and appeared to be a reputable firm. Nonetheless, they disappeared after receiving the cash from traders. The staff additionally modified the protocol code on the final minute. In the end, the mission collapsed.

In response to a report, the staff of Pincoin stole round $660 million from traders. Buyers had been supplied a excessive return on their investments. As well as, they had been promised to obtain iFan tokens as a part of the compensation. These tokens had been supposed for use for social networking.