Here’s a list of some of the most infamous crypto scams, showcasing the variety of fraudulent schemes that have plagued the industry:
1. OneCoin (2014–2017)
- Type: Ponzi Scheme
- Amount Lost: Estimated $4 billion.
- Details: Marketed as a revolutionary cryptocurrency, OneCoin turned out to be a fake with no blockchain behind it. Co-founder Ruja Ignatova, known as the “Cryptoqueen,” disappeared in 2017 and remains on the run.
2. BitConnect (2016–2018)
- Type: Ponzi Scheme
- Amount Lost: Estimated $2 billion.
- Details: BitConnect promised users massive returns via a lending platform. The scheme collapsed after regulators intervened, leaving investors with worthless tokens.
3. Mt. Gox (2014)
- Type: Exchange Hack
- Amount Lost: 850,000 BTC (valued at $460 million at the time, billions today).
- Details: Mt. Gox, a major Bitcoin exchange, suffered a massive hack, leading to its bankruptcy and a significant loss of user funds.
4. QuadrigaCX (2019)
- Type: Exit Scam
- Amount Lost: Over $190 million.
- Details: When the founder, Gerald Cotten, allegedly died, he took with him the keys to wallets holding user funds. Later investigations suggested foul play and mismanagement.
5. PlusToken (2018–2019)
- Type: Ponzi Scheme
- Amount Lost: Over $3 billion.
- Details: A wallet service marketed in Asia promised high returns for holding crypto. Operators disappeared, leaving millions of users with nothing.
6. Thodex (2021)
- Type: Exchange Exit Scam
- Amount Lost: Over $2 billion.
- Details: The Turkish crypto exchange abruptly shut down and its founder fled the country, leaving users without access to their funds.
7. CryptoCelebrities Giveaway Scams (Ongoing)
- Type: Impersonation Scams
- Amount Lost: Varies.
- Details: Scammers impersonate famous figures like Elon Musk or companies like Tesla to promote fake giveaways, tricking users into sending cryptocurrency.
8. Wormhole Hack (2022)
- Type: DeFi Exploit
- Amount Lost: $325 million.
- Details: A vulnerability in the Wormhole cross-chain bridge was exploited, resulting in the theft of Ether tokens.
9. Axie Infinity’s Ronin Bridge Hack (2022)
- Type: DeFi Exploit
- Amount Lost: $625 million.
- Details: North Korean hackers exploited vulnerabilities in the Ronin Bridge, a blockchain tied to the Axie Infinity game, to steal funds.
10. FTX Collapse (2022)
- Type: Mismanagement/Fraud
- Amount Lost: Estimated $8 billion.
- Details: The crypto exchange FTX filed for bankruptcy after it was revealed that founder Sam Bankman-Fried misused customer funds to cover losses for his trading firm, Alameda Research.
These cases underline the need for caution, research and secure practices in the crypto world. Would you like detailed insights into any of these scams?
