They looked legit-websites, apps, big promises.
“Easy money,” they said… then disappeared with everything.
Here are 7 of the biggest crypto scams ever.
Read this before you trust any project 👇
1/ #OneCoin
$25B lost
$3M+ victims
Launched in 2014 by Ruja Ignatova, who called it the next Bitcoin.
But it was all fake.
– No real blockchain
– Used MLM to lure investors
– Sold “education packs” with worthless tokens
– Token price was fake
– Could only trade inside their own system
Ruja vanished in 2017- so did the money.
2/ #FTXCrash
$8–10B gone
$1M+ people affected
In 2022, FTX - run by Sam Bankman Friedcollapsed fast.
– Customer funds secretly used by Alameda
– Huge $10B hole in finances
– No proper records or controls
– Lavish spending in the Bahamas
Filed for bankruptcy on Nov 11, 2022.
One of crypto’s biggest disasters.
3/ #Terra-LunaCrash
$40B wiped out
Millions lost money
In 2022, Terra’s stablecoin UST and its token Luna crashed hard.
– UST lost its $1 peg after big withdrawals
– Luna was printed non-stop to try and fix it
– Supply exploded from 340M to 6.5T
– Luna dropped from $80 to near zero
– UST fell to just a few cents
A flawed design triggered one of crypto’s worst collapses.
4/ #BitConnect
~$4B lost
~ 100K–500K+ victims
BitConnect was a flashy Ponzi scheme promising daily returns.
– Used MLM to pull in new users
– People traded Bitcoin for BCC tokens
– Funds were locked for months
– Promised “guaranteed” profits
It collapsed in 2018.
Top promoter pled guilty.
Founder now faces up to 70 years in prison.
5/ #PlusToken
- $3–5B lost
- 1M+ victims
Launched in 2018, PlusToken promised 10–30% monthly returns and exploded across Asia.
– Classic pyramid scam with a fake “PLUS” token
– Slick app and big events faked legitimacy
– Millions joined, billions flowed in
– In 2019, withdrawals stopped and founders vanished
China later arrested 100+ people linked to the scam
6/ #MtGoxHack
- $450M lost (worth $7–8B today)
- 24,000+ victims
Mt. Gox was the biggest Bitcoin exchange until it collapsed in 2014.
– Hackers drained 850K BTC over years
– Poor security and messy management
– Ran on buggy software with zero control
Only 200K BTC were later recovered.
CEO was arrested. Payouts to victims are still in progress.
7/ #BitClubNetwork
~$722M stolen
Victims: Tens of thousands
Ran from 2014–2019, posing as a legit Bitcoin mining pool.
– Faked mining profits
– Used MLM to lure in new investors
– Promised easy passive income
– Behind the scenes, founders mocked their victims
Shut down in 2019. Founders arrested for running a massive scam.
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