Big Stage, Bigger Scams: 5 Crypto Projects That Made Headlines… for All the Wrong Reasons

Here’s a look at five of the most notorious crypto scams—high‑profile frauds that once dazzled the world before crashing hard.

1. BitConnect

Once claiming to offer a “Bitcoin trading bot” that delivered 1% daily returns, BitConnect powered a lending platform whose native token — BCC — surged to ~$463 before collapsing to under a dollar in January 2018. When regulators shut it down, investors lost over $2.4B, and its founder and U.S. promoter faced SEC charges for defrauding retail investors via a Ponzi scheme.

2. OneCoin

Marketing itself as the “Bitcoin Killer,” OneCoin was a $4 billion crypto pyramid scheme backed by fancy conferences, exotic branding, and grammatically awkward “educational packages.” It had no blockchain, no mining, and no tokens you could trade on real exchanges. In early 2017, founder Ruja Ignatova vanished, and authorities worldwide consider it one of crypto’s largest-ever frauds.

3. PlusToken

Launched in 2018 as a wallet-based rewards program, PlusToken drew users in China and South Korea with promises of 9–18% monthly payouts. Its collapse in mid‑2019 revealed a $2–3 billion Ponzi scheme, triggering massive BTC sell-offs that tanked prices and devastated investor confidence.

4. WoToken

Emerging in 2018 from the same operators behind PlusToken, WoToken was another MLM-style crypto wallet scam. In just over a year, it defrauded 715,000 users, siphoning over $1 billion into a sprawling pyramid ahead of arrests and scandal.

5. Centra (CTR Token)

Centratech raised $32 million via an ICO backing a “Visa/Mastercard crypto debit card”—endorsed by Floyd Mayweather and DJ Khaled. But investigations revealed fake executives, no licenses, and nonexistent airline. The U.S. SEC charged its founders with fraud, securing prison sentences and forcing token forfeitures.

🌐 What These Scams Had in Common:

Celebrity endorsements and polished branding

Guaranteed returns that appeared too good to be true

Little technical credibility (or outright fakes)

Heavy reliance on recruiting new participants for payouts

They all made global headlines—only to collapse under legal scrutiny, investor losses, and shattered reputations. A stark reminder that visibility ≠ legitimacy.

⚠️ Key takeaway: If it’s too glossy, guarantees sky-high returns, or hides behind opaque team claims—do your homework before you invest.