Let’s talk about the biggest scam cryptocurrencies in history. This is the dark side. Come over to the dark side, my son. Just keep your Bitcoin where it is.
Unfortunately the crypto game is still - even after all these years - the Wild Wild West of investing. Tread carefully, but you knew that already.
It goes without saying that this list isn’t exhaustive. Scam coins are like playing ‘Whack A Mole’. They are everywhere, but these are the worst of the worst. In no particular order, let’s go!
Centratech: who remembers in late 2017 when this steaming pile of garbage was launched with much fanfare, including with the celebrity endorsement of Floyd Mayweather and DJ Khaleed. It claimed its prepaid card was partnered with BitGo for the provision of enterprise wallet solutions and it had joined companies such as Microsoft and Cisco as executive committee members of the Chamber of Digital Commerce.
I call it the ‘Fyre Festival’ of cryptocurrencies, although I’d wager you’d have more fun at the ‘Fyre Festival’ over being a Centratech investor. The co-founders, Sohrab Sharma and Robert Farkas, were incarcerated in April 2018 on charges of fraud by duping investors through the ICO.
They falsely claimed to offer unregistered investments in the company through the sale of CTR virtual tokens. Both of these creeps have also been banned from serving as company officers or directors (when they get out of the pen), and have lifetime bans from participating in any securities offerings. Have a good time in jail, guys.
Peepcoin: It’s funny because you don’t hear a peep out of the Peepcoin crew anymore. Because: exit scam.
Peepcoin was sold as a "privacy coin”. In reality, it was a "scam coin." It changed-slash-forked to DAPS. Not that lame dance move soccer players do. The same olde shit wrapped in shiny foil for mugs.
If you use Twitter, I presume you will have seen their charts showing how Peepcoin was technically superior to Monero.
They promised a one-for-one swap Peepcoin for DAPS, then canceled it, the price tanked, they changed their mind, the damage was done. And they faded away. Thankfully.
Apollo (APL): According to Apollo’s website, it's an all-in-one cryptocurrency concentrated on combining every beneficial feature utilized in top-tier currencies. Whatever that means.
But here's the kicker, it doesn't have any of those vague things anyway and the dev team just cloned NXT. Any changes to the code were insignificant. Window dressing.
It’s basically the same thing as NXT, but with a flashy website. It got pumped and dumped. There was some speculation the team was behind it. People got rekt.
According to one Reddit user, the team were actively telling people word-for-word to “load their bags now” as APL would be one dollar each soon (that would've made it the 2nd biggest MC cryptocurrency in the world). They said Apollo would make ETH obsolete. Pffttt. It’s now 11 sats. Eleven sats too much.
The same Reddit user said if people said "take profits if you've made gains” or "it will correct soon" they would ban people from the Telegram group, all while dumping onto the poor saps FOMO-ing in.
Unscrupulous projects copy open source projects all the time, but APL Founder Steve McCullah (a proud title indeed) took it to a whole other level. When the NXT core developer called APL out, a whole army of APL shills went over to cheer for Steve, saying APL was the bee’s knees. Apollo is the Greek God of the Sun and Light. Apollo the scam cryptocurrency went down the toilet bowl to be with its fecal matter friends.
One Coin: A 'ONE' way route to Rekt-ville.
Investigators believe as much as four billion U.S. dollars was raised globally in what was a massive Ponzi scheme.
A British newspaper said OneCoin / OneLife was a get-rich-quick scheme scam and a cult. It went on to say One Coin is "virtually worthless." Fake news alert! It’s 100% worthless.
It was promoted as a cryptocurrency by Bulgaria-based offshore company OneCoin Ltd (registered in Dubai) and OneLife Network Ltd (registered in Belize). It was founded by a brother and sister duo in conjunction with another guy. The sister disappeared into thin air in 2017, but her brother took the fall. Busted. In November 2019, he pleaded guilty to charges of money laundering and fraud. The maximum sentence for the charges he is facing is 90 years in prison.
Despite police swooping on the Bulgaria-based scammers, One Coin promoters tried to brush off the whirlwind of criticism and mountain of evidence. They labeled it “politically motivated” or coming from "haters". This was a huge case dragging in investigators from around the world, international manhunts & enormous sums of laundered money. Would make a good movie. I'd watch.
Last, but not least. You’ve probably guessed what it is by now.
BITCONNECT: This is the most well-known Ponzi scheme in a decade or so of crypto history. In the space of 12 months from late 2016, it went from a crappy ICO to a "project" with a market capitalization of more than 2.5 BILLION U.S. dollars. And it did so without so much as a white paper.
It promised investors the moon, but instead they got a shit sandwich. The mind-blowing rewards were literally mind-blowing as you'd be blowing your brains out with a Glock, if you had a big bag.
It was your classic pyramid scheme referral system. The website was riddled with basic spelling mistakes. And over the top shilling was taking place across all platforms.
On January 7th, 2018, Bitconnect was being traded for an astounding 432 dollars per 1 Bitconnect. INSANITY. Just over a week later, it was down to 290 bucks. As this was going on, in mid-January 2018, Bitconnect said "hey guys, we are shutting our lending platform and exchange”.
That’s when the penny really started to drop. “Oh, we got played”.
Then the world saw the biggest stampede mass dump in crypto history as greedy investors lured in by promises of life-changing gains panicked and panicked fast. In four days, the price had plunged from 290 bucks to just over 25.
Fast forward a few months and Bitconnect had been delisted from every single crypto exchange. Why it took some of them so long is anyone’s guess.
The BCC token had gone to zero and the chumps holding bags lost their shirt, their pants, their underwear and their wallets, but perhaps most importantly, their dignity.
It's thought well over a million people lost money because they saw flashing dollar signs and invested in Bitconnect. Some, according, to YouTube videos that were made about it, had lost everything. Sad.
Thanks for reading! Comment below with your biggest crypto scam coins!
Find me on YouTube (subscribing is greatly appreciated!): https://www.youtube.com/channel/UCx8l7guk4wfu481pJs-uu1g/
Find me on Twitter: @cryptofrog202