Top cryptocurrency scams in the history of time!

Huynh NguyenJuly 21, 2022

A lot of investors all across the world nowadays are using cryptocurrencies for investing in making money. They intend to make money out of cryptocurrencies, and therefore, they do not even consider the amount they are investing. They’re putting all their investment and savings into cryptocurrencies, which can sometimes be the wrong move for them. These can occur due to the rising number of cryptocurrency scams worldwide; investors are becoming more scared of it. Today, there are a lot of scam apps so better use a trusted platform like the bitcoin system if you are planning to start bitcoin trading. It would help if you understood that with more and more investment in cryptocurrencies, the prominence of cryptocurrencies can’t have also been on the rise. So, it is crucial to understand the reason behind the scams happening everywhere in the world.

Cryptocurrencies are considered an incredible medium for making investments and saving money. Still, if you think they are a hundred percent safe, perhaps you need to understand the basics again. It is because cryptocurrencies are considered safe, but they do not provide you with a hundred percent security from any scams. Scams are taken with the help of proper planning; nothing can be avoided. One primary reason behind the scams in the cryptocurrency market is that the cryptocurrencies do not offer you complete security for your friends. Even though they are working on blockchain technology, they are still vulnerable to some technologies worldwide. It is because hackers nowadays are very prevalent and get a lot of information from the web. They can learn anything they want, and therefore, they miss using the internet services.

If you are willing to understand and learn about the top cryptocurrency scams, today, we will provide brief details about the most prominent cryptocurrency scams of all time.

Bitconnect

If you think cryptocurrencies are safe and secure to invest your money in, perhaps you should understand the cryptocurrency scams that have happened everywhere in the world. It is one of the most prominent cryptocurrency scams; in this one, almost all cryptocurrencies worth $3.45 billion were stolen. For instance, you may take the company’s initial coin offering scam. It proclaimed that it was going to be an open-source cryptocurrency and make sure that the investors would get 40% returns. However, they turned out to be an epic scheme-providing company and, therefore, got away with a lot of crypto coins and their investment.

Pincoin

The pin coin company does another very major scam in the cryptocurrency market. It is a real name in a cryptocurrency estimated to raise around $870 million from people worldwide. Almost 32,000 people decided to invest their money into this cryptocurrency, but they never paid the cash back. The company was closed, but the cash was never given back to the investors; therefore, it is also one of the biggest scams in cryptocurrencies in the history of time. Moreover, the team behind the company also disappeared with the wealth of people.

ACChain

This company, based in China, offers one of the best ICOs. Moreover, the company decided to raise more than $80 million from the public, and then it vanished into thin air. It is recorded as the most prominent cryptocurrency scam of all time because its headquarters information was leaked, and the people got to know that there is nothing such as the name of the company. It is just an empty room, and the company said it was quitting the business for good. Moreover, the people’s money was stolen in their 4K; people were furious about this company. However, they could not do anything because this company never existed. It was an empty room only.

Savedroid

New cryptocurrency started to enter the market in 2016, and it was the time when this digital token offering was initiated into the world. It was considered one of the most audacious initial coin offerings, but the founder was just an image of a fake person. He created his image on social media and then said it would create an over-and-out company. Moreover, he fled away with more than US$66 million, which is a tremendous amount of money for a single person. He got away with all this money even though many lawsuits were filed against him. No one ever managed to recover their money from this cryptocurrency scam.