There are many cryptocurrency project which aims in achieving something unique and contribute something which is helpful to all its users. This is the main reason behind the sucess of every crypto project.
A well layout and promising roadmap is what every project should rely on. But there are some crypto project which mimic such image just to attract traffic and gain popularity in no time and latter vanish untraceable .Stealing people weath leaving them with nothing but with some worthless and useless scam coin.
This is what many ponzi scheme are up to and such scheme can also be seen in some crypto project. Most of them are now death and are just in the history of cryptocurrency. Here is my top 3 biggest ponzi scheme crypto project in the history of cryptocurrency
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BITCONNECT
This was one of the most popular memes on the internet trolling the bitconnect community.When we mention the term ponzi scheme in a cryptocurrency ecosystem Bitconnect is one of those crypto project which came to the mind of people. It is the biggest ponzi scam in the history of cryptocurrency. It is a dead project with many story behind it. Meddelin Bigatton wife of Bitconnect Director john Bigatton was reported to be found missing due to persistence death thread after the project collapsed.
In a nut shell BitConnect Coin is an open source, peer-to-peer, decentralized cryptocurrency project that allow people to store and invest their wealth with the aim of earning interest . Its ICO was released in 2016 with a total distribuition of about 4.5 million BCC coin.
It offers a multilevel(MLM) referal progrm where users can earn 1% everyday from their affilate. It also announced 4 different phase of their project starting from their ICO program till their promise of introducting a smart card. The platform also promised a wooping 480% interest per annum for their investor with a profit of over 90% and a huge 120% as their annual staking reward.
The collapse of Bitconnect is one of most notable in the history of cryptocurrency. Within a period of two years the marketcap of BCC suffers a mighty fall from 2 billion to about 130 million . Besides it coin price fall from nearly 500$ to a mear bellow 1$. This collapse is the biggest price fall in the cryptocurrecy history. Also it was delisted from many exchange platform making its token holder a 100% loss on their investment.
The worst thing is that the collapse of Bitconnect is not the end of this project as they launched another project called BitconnectX. But was a big unsucess with its ICO program.
Besides bitconnect doesn't provide any white paper for its ICO project and its team is completely anonymous. There was no evidence of trading bot on their platform. And it has many red flags amd bad reputation.Hence it is the biggest ponzi scheme offering a high interest rate with a minimum lending amount of 100-1000$, Aggressive social media promotion, high level of MLM referral program. Etc.
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REGALCOIN
Regal coin is another popular ponzi scheme project in cryptocurrency history. Its ICO program was released in 2017 where thay sale over 5 million coin.The idea behind regalcoin was very much simillar with Bitconnect that it was considered as the second version and a replica of Bitconnect. One interesting thing about this project is that it act just like bitcoin by limiting thier total coin supply by 27 million very much simillar to the Bitcoin total supply of 21 million. There was a time when regalcoin was even traded on an exchange such as yobit at over 70$ per coin.
Simillar to Bitconnect regalcoin also offers an MLM model of referal program but with only up three level. In level 1 users get 7% commission, level 2 with 2% and level 3 of 1% commission.Besides it also promised a return of 45% interest monthly to the investor which is about 540% yearly. Which is beyond possible. Users have to deposit BTC in a supported exchange inorder to get the regalcoin.Above all the price of regalcoin(REC) falls from over 70$ to a mear 0.003$ in 2020 within a period of 3 years
Regalcoin is one of the biggest ponzi scheme project with many red flags and bad reputation as they do not have any raw trading history, no transaparent and trustwothy team members, no proper and well layout website. Moreover investors have to locked up their invested amount for a minimum of 99 days. But there is no worry about this scheme as it is already a dead project.
Latter in 2019 an indian citizen name Divyesh Darji was arrested for illegal blackmoney and with scam related to regalcoin. He was also connected to bitconnect ponzi scheme
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DEVORCOIN
Just like Regalcoin and Bitconnect Devorcoin is also a ponzi scheme crypto project . It is a crypto project with the aim of becoming the most valuable coin other than Bitcoin and Ethereum. But the only thing is its aim doesn't last long. The project was developed by some undisclosed team of bankers and traders from Paris, Europe and london. One interesting thing in this project is that its whitepaper is just a page long.
Its ICO was relesed on 6th November 2017 with a total supply of over 6 million DAV coin. But the fact is by the time of announcing its shutdown they are into their ICO offering .which means the scamers behind the project have already sold all the coins which lead to fall of price drastically. Hence investors were left nothing but a worthless coin on their wallet.Simillar to regalcoin users have to deposit BTC in a supported exchange and have to wait for increse in price in order to withdraw. It offers a hugh interest of over 48% per annum.
It is a kind of get rich overnight project. In order to withdraw the interest users have to lock up its invested amount for a minimum period of 89 days and is only possible with the investment of over 25,000$. They are very good in advertising there their product that they compare Devorcoin(DAV) with Bitcoin and Ethereum. Moreover they intend to partnered with crypto debit card issuers. Hence the project is a pure ponzi scheme with no proper landing platform and purely based of investing and depositing assets which is the main principle of ponzi scheme.
CONCLUSION
Such kind of project are the one which pollutes the cryptocurrency ecosystem. Even though most of them are dead project there is no guaranteed that this is the end . Decentralisation could bring anything in the crypto space. The only thing we need to do is to be more aware of various new upcoming project in future.
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