TOP 11 LARGEST CRYPTO SCAMS EVER

The cryptocurrency world is a land of opportunity, but unfortunately, it also attracts fraudsters. Here’s a deeper dive into 11 of the biggest crypto scams to ever happen, helping you stay vigilant in the crypto space.

1. FTX

• Details: FTX collapsed in November 2022 due to the misappropriation of billions in customer funds.
• Outcome: Founder Sam Bankman-Fried received a 25-year sentence for fraud.

1. Luna and TerraUSD

• Details: The crash in May 2022 wiped out $60 billion.
• Outcome: Founder Do Kwon was arrested in March 2023.

1. QuadrigaCX

• Details: The death of founder Gerald Cotten in 2018 made $215 million inaccessible. Investigations revealed it was a Ponzi scheme.
• Outcome: Ongoing investigations.

1. Africrypt

• Details: In 2021, founders Ameer and Raees Cajee stole 70,000 BTC.
• Outcome: Under investigation for money laundering in Switzerland.

1. SafeMoon

• Details: Executives withdrew over $200 million in 2021 for personal use.
• Outcome: Charged with fraud by the SEC.

1. BitConnect

• Details: Disappeared in 2018 in an exit scam.
• Outcome: Investors lost everything; under investigation.

1. Pincoin and iFan

• Details: Raised $660 million in 2018 through a Ponzi scheme by Modern Tech. The team vanished after collecting funds.
• Outcome: Ongoing investigations.

1. Celsius Network

• Details: Paused withdrawals and filed for bankruptcy in 2022, owing $4.7 billion.
• Outcome: Plans to return assets to customers.

1. Centra Tech

• Details: Raised $25 million in 2017 with false promises.
• Outcome: Founders sentenced to prison.

1. Mining Max
   • Details: Defrauded investors of $250 million in 2017. Only $70 million was spent on mining, impacting 18,000 investors.
   • Outcome: Ongoing investigations.
2. OneCoin
   • Details: Revealed as a Ponzi scheme in 2016, defrauding investors of $4 billion.
   • Outcome: Founder Ruja Ignatova, the “Cryptoqueen,” disappeared and is still at large.

Amount Lost in Top Crypto Scams

| Year  | Amount Lost (USD) | Scam Name          |
|-------|-------------------|--------------------|
| 2016  | 4 Billion         | OneCoin            |
| 2017  | 25 Million        | Centra Tech        |
| 2017  | 250 Million       | Mining Max         |
| 2018  | 215 Million       | QuadrigaCX         |
| 2018  | 660 Million       | Pincoin and iFan   |
| 2018  | Unknown           | BitConnect         |
| 2021  | 200 Million       | SafeMoon           |
| 2021  | 70,000 BTC        | Africrypt          |
| 2022  | 60 Billion        | Luna and TerraUSD  |
| 2022  | 4.7 Billion       | Celsius Network    |
| 2022  | Billions          | FTX                |

Amount Lost in Top Crypto Scams (USD)
|------------------------------------------------------|
|                                                      |
| 60 Billion - Luna and TerraUSD (2022)                |
| 50 Billion                                           |
| 40 Billion                                           |
| 30 Billion                                           |
| 20 Billion                                           |
| 10 Billion - Celsius Network (2022)                  |
|  9 Billion                                           |
|  8 Billion                                           |
|  7 Billion                                           |
|  6 Billion                                           |
|  5 Billion                                           |
|  4 Billion - OneCoin (2016)                          |
|  3 Billion                                           |
|  2 Billion                                           |
|  1 Billion - FTX (2022)                              |
| 215 Million - QuadrigaCX (2018)                      |
| 200 Million - SafeMoon (2021)                        |
| 250 Million - Mining Max (2017)                      |
| 25 Million - Centra Tech (2017)                      |
|------------------------------------------------------|

How to Avoid Crypto Scams

• Do thorough research: Always research the crypto project, its team, and its history.
• Verify team credentials: Ensure the team has a credible background.
• Be wary of unrealistic promises: If it sounds too good to be true, it probably is.
• Diversify your investments: Spread your investments across various assets.
• Never store all funds in one place: Use multiple wallets and storage solutions.

Staying vigilant and informed can help you avoid falling victim to these scams.