Top 3 scams in the Crypto Industry in 2019

Top 3 scams in the Crypto Industry in 2019

By DimitarM | Welcome to my life | 1 Jan 2020

With each year the crypto becomes more and more integrated in our daily life. This makes the crypto related crime more and more prominent and the scams more insolent. During this year only over $4.5 billions of crypto were lost from users to different in nature crypto schemes.


The top spot undoubtedly goes to One Coin. According to reports about $4 billion crypto assets were lost by defrauded investors in this Ponzi scheme. In China alone, over $265 millions were recovered by government enforcement agency and around 100 people were prosecuted. One coin presented itself as a decentralized network the company team was providing all the technical work and expertise and the coins were obtained via mining. However it turns out, that it was nothing more than a MLM Network, masked as mining operation.


The second biggest scam according to reports was condoned by two Israeli brothers who operated a phishing scam for the period of 3 whole years. The amount of over $100 million in cryptocurrency were stolen during that period. Both siblings were arrested in June. The extent of the scam was insane. From popular crypto forums on Reddit, the brothers lured multiple users to popular website clones of popular Exchanges.


The third spot in my top 3 list goes to the Moneytrade Coin scam. The amount of around $71 millions in crypto assets were lost by the Indian ICO "Moneytrade Coin" exit scam earlier in 2019. The coin itself were actually never listed on any external exchange, except their own site, however this did not send a red flag to the investors when the price was manually inflated by the ICO company which led to the loss of even more money from the users when the plug was pulled. 

There were multiple other cases of scams in the crypto realm for significant amount of money. All this is to remind us not to trust plain words, but do our own research and never to invest any money we are not prepared to lose. And do never, ever take a credit or a loan to invest in crypto or any other assets that can disappear overnight. Just remember Bitconnect. Back in time I was very tempted to invest in BCC, but thank god I was without job at the time and did not want to risk losing money...

This was such a good lesson to me.

I really hope you guys find this information useful.




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