🔟 BitConnect
BitConnect was a Ponzi scheme that scammed investors out of $2.5 billion between 2017 and 2018.
They promised high returns through trading bots, but in reality relied on new investors' money to pay returns to old investors.
When the $BCC token was delisted and the website closed, the founder disappeared with the funds.
9️⃣ WoToken
WoToken is a Chinese crypto platform that promised high returns through trading bots and referral systems, but turned out to be another Ponzi scheme.
By May 2020, it had scammed 715,429 people out of a total of $1.1 billion.
Four team members were sentenced (ranging from 2.5 to 8.8 years), but only $63.6 million was recovered.
8️⃣ PlusToken
PlusToken was also a Chinese crypto platform that scammed investors out of $2.25 billion from May 2018 to June 2019 (now valued at $11 billion).
Founder Chen Bo and 15 others fled to Cambodia but were arrested in June 2020, later sentenced and fined.
7️⃣ StableMagnet
The StableMagnet team stole $27 million in June 2021 by manipulating smart contracts.
They deceived blockchain explorers to verify fake code, making it appear legitimate, then exploited hidden backdoors to steal funds, leading to heavy losses for investors.
6️⃣ Luna Yield
In August 2021, Luna Yield, a DeFi yield aggregator, executed an 'exit scam' just two days after launch, taking away $6.7 million.
The website and social media quickly disappeared, with developers using Tornado Cash for money laundering, causing significant losses for investors.
5️⃣ Mutant Ape Planet NFT
The Mutant Ape Planet (MAP) NFT series was created by 24-year-old French citizen Aurelien Michel residing in the UAE.
He promised rewards and exclusive access, scamming investors out of $2.9 million.
Michel was arrested at JFK Airport in New York.
4️⃣ Squid Game
The Squid Game ($SQUID) token, based on the popular Netflix series, scammed investors out of $3.3 million on the BNB chain in 2021.
A Twitch streamer saw its market cap drop from $2.2 trillion to nearly zero in an instant.
3️⃣ AnubisDAO
AnubisDAO, a 'Dogecoin' project, raised $60 million in $ETH by promising $ANKH tokens, but the funds disappeared within 24 hours, rendering the tokens worthless.
The project claims to be a fork of OlympusDAO but has no website or whitepaper, operating solely through Discord and Twitter.
2️⃣ Thodex
Thodex, a Turkish crypto exchange, suddenly disappeared in April 2021, taking $2 billion of investor funds.
Founder Faruk Fatih Özer claimed to have been hacked and fled.
Turkey arrested several employees and seized assets, and Interpol issued a global wanted notice. Özer was arrested in Albania in September 2022.
1️⃣ OneCoin
OneCoin, founded by Ruja Ignatova, scammed investors out of $4 billion through a Ponzi scheme, claiming to be the 'Bitcoin killer.'
Ignatova disappeared in 2017 and is currently one of the FBI's most wanted fugitives. Her brother Konstantin was arrested in 2019 and pleaded guilty to fraud.
Investors must be vigilant, it's better to hold physical assets for safety, and be cautious of high returns!
Here I recommend ROBOT (ETH chain), a Musk-themed MEME AI that has undergone long-term consolidation! Musk has frequently mentioned ROBOT and changed his avatar to ROBOT in September of this year. Compared to similar GROK, there is huge room for growth, welcome everyone to join the community to observe and build!
