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CRYPTO FRAUD

Lack of regulation makes it easy for scams to grow undetected.

Research and caution are essential before investing in any digital asset

Cryptocurrency has experienced significant growth over the last few years due to advancements in technology. But with that growth, the risks are also growing. Crypto scams and frauds have shaken the confidence of investors. Billions have been lost to scams and fraud in the digital finance sector.

FTX Collapse – $8 Billion Disappears

FTX was once the second-largest crypto exchange. In 2022, it filed for bankruptcy. Founder Sam Bankman-Fried was accused of misusing customer funds. Nearly $8 billion was reported missing. This shook the crypto market globally. It also brought massive regulatory attention to digital assets.

Also Read: Six Footballers Under Investigation for $3.4M NFT Crypto Fraud in Spain

OneCoin – The Billion-Dollar Scam

OneCoin claimed to be the next Bitcoin. Started by Ruja Ignatova, it raised over $4 billion from investors. But it was all a scam. There was no blockchain behind OneCoin. Ruja vanished in 2017 and remains missing. This fraud is one of the largest in crypto history.

Mt. Gox Hack – The Original Crypto Disaster

In 2014, Mt. Gox was the biggest Bitcoin exchange. It lost 850,000 Bitcoins in the biggest crypto hacks ever. At the time, this was worth around $450 million. Today that would be over $50 billion. The hack exposed significant weaknesses in early cryptographic systems.

BitConnect – Promised Returns, Delivered Losses

BitConnect launched in 2016 and promised high daily returns. It utilised a referral system to achieve rapid growth. In 2018, it suddenly shut down. Investors lost around $1 billion. Authorities called it a Ponzi scheme. The BitConnect scam is still regarded as a classic example of crypto fraud.

PlusToken – A Multi-Billion Dollar Ponzi Scheme

PlusToken was a Chinese crypto wallet platform. It promised high returns on crypto deposits. Over 3 million users joined.