- Some of the famous crypto fraud cases that made billions from investors include OneCoin and Bitconnect.
- Such schemes usually came out with promises of new technology or a much higher rate of returns to investors.
- The failure of these pyramid-like schemes posed certain effects on the cryptocurrency market.
Cryptocurrencies have become one of the main trends in the financial industry, which has its advantages and disadvantages. Nonetheless, some companies including OneCoin, Bitconnect, PlusToken, GainBitcoin, Mining Max, and others, like Bitcoin-club and Cash-Estate became Ponzi schemes that defrauded the investors and eventually failed.
OneCoin: A Revolutionary Scam
The ‘fake’ OneCoin led by Ruja Ignatova was sold as the best cryptocurrency with better technology, attracting investors easily. But the revolutionary project was a pyramid, as there was no blockchain behind it at all, which was obvious to everyone. OneCoin’s promoter, Ignatova, vanished in 2017, taking billions of people’s money with her, making OneCoin one of the most significant scams in the crypto world.
Bitconnect: Remarkable Rise and Fall
Bitconnect offered tremendously high returns on investment through a sophisticated lending process that involved the use of an aggressive trading script. Thus, this high-yield opportunity attracted thousands of investors, but the functioning of Bitconnect was not sustainable. The platform failed in 2018 and was exposed to be the world’s best kind of Ponzi scheme that defrauded investors of billions of dollars as it was regarded as an innovative business model.
PlusToken: Unparalleled Crypto Fraud
PlusToken attracted users by promising them rich earnings with the help of a more effective wallet. On an elite and stellar platform, the Ponzi scheme was able to attract over $2 billion of investors’ money before it was shut down in 2019. Its operators were arrested later but the unprecedented dimension of the scam made it cause ripples in the crypto market.
GainBitcoin: A Lucrative Trap
GainingBitcoin also painted a picture of what it called a prime mining site with the highest returns on investment. But it was later found out that the project was just another form of the so-called ‘Ponzi scheme’ intended to make its creators very rich. Scam Central: By the time it closed shop, it had successfully cheated thousands of investors to make it one of the most infamous scams in India’s crypto landscape.
Mining Max: A Superior Deception
Mining Max positioned itself as the best cryptocurrency mining service provider with cutting-edge technology and high profitability rates. But, it was in fact, another pyramid scheme where investors had to invest millions before the founders of the scheme were arrested.
The post Remarkable Crypto Ponzi Schemes That Shook the Market appeared first on Crypto News Land.
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