The biggest scams in digital currencies and crypto

The biggest scams in digital currencies and crypto

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Answer The biggest scams in digital currencies and crypto

Cryptocurrency scams and illegal deals create a bad reputation for bitcoin and cryptocurrency.

While many projects seek to demonstrate the capabilities, characteristics and advantages of cryptocurrencies, it must be remembered that this is not always the case.

To raise awareness about different scams, We will go over the top four cryptocurrency scams.


This coin is marketed as a currency for trading via a private and secure blockchain network. In fact, “OneCoin” has become one of the biggest scams in the industry.

The coin is being promoted by two offshore companies in Belize and Dubai, both of which are owned by Bulgarian businesswoman Roja Ignatova, and a quick scan of OneCoin’s website does not lead to this being noticed or suspected of fraud.

Read:An international task force to investigate more than 200 projects in the cryptocurrency world

Describing itself as “the first transparent global currency available to all,” the company presents an elegant and polished look to the public. It claims to provide low-cost educational materials to new traders and those looking to improve their “trading” level, with prices ranging from $200 to more than $300,000.

However, behind this story the truth appears.

It turns out that OneCoin is adopting a “Ponzi chain” on a large scale to strip unsuspecting investors of their savings. When a customer purchases “educational materials” his money is transferred to a previous customer under the guise of ROI, and this cycle continues until the number of existing customers exceeds the amount collected by first-time buyers.

One Queen and its employees defend their brand. They assert that OneCoin’s activities are legitimate. However, reports are constantly showing investors being taken advantage of.


While its founders are now under arrest for cryptocurrency fraud, CentraTech rose in popularity in 2017 when it raised $32 million in an initial coin offering (ICO).

The company presented itself as a platform that provides financial solutions in partnership with Visa and MasterCard. This really wasn’t real at all. In fact, the credit card companies Visa or MasterCard had never heard of Centratech, let alone agreed to support it.

Read:Tim Draper: Netflix is ​​the next company to join the bitcoin buying bandwagon

But this is only the beginning.

Centratech’s board of directors was another lie, put together using photos of random people stolen from Facebook.

In a media statement following the trials of the working group, US Deputy Attorney General Robert Khouzami said.

As he claimed, (Raymond Trapani) conspired with the other defendants to lure investors with false claims about their products and about the relationships they had with trusted financial institutions. While investing in cryptocurrency is legal, fraud and deception of investors is not.”

Boxer Floyd Mayweather, rapper DJ Khaled and a host of other celebrities promoted Centra Tech.

“Dragon Coin”

News broke in August that a Finnish investor lost nearly $24 million in bitcoin thanks to suspicious transactions from DragonCoin. Thai cryptocurrency markets claim to provide cryptocurrency for the entertainment industry. In fact, it is a currency intended for fraud in cryptocurrency.

An investigation by the Crime Suppression Authority of Thailand (CSD) has revealed that Finnish businessman Arne Utava Saraema has been robbed by a gang targeting cryptocurrency investors.

The scammers set up a plan to build a casino and a cryptocurrency linked to it, but after collecting investment money from their targets, the Thai gang immediately fled and the total proceeds they got are estimated to be approximately 797 million Thai Baht.

Read:China reveals important details about its digital currency … Get to know it

According to the Asia Times:

“It was said that about a quarter of this amount was used to purchase 14 plots of land, while the rest was deposited in the bank accounts of three suspects, all brothers.”

The suspects include Thai actor Jiratpiatej Garavijit and his family.

“NCR coin”

Based out of Surat province in western India, NCR Coin is the latest cryptocurrency scam (Ponzi pyramid) application.

In June 2018, the news exposed a company selling counterfeit currency without investment returns. Instead, they found themselves stripped of their savings with no recourse, and the data indicates that there are 30 victims of this major fraud.

Hindustan Times reports that this is not the first cryptocurrency scam in India.

According to their correspondent in Lucknow:

“[المحتالون] They generate a user ID on various cryptocurrency exchange sites and place bitcoins for sale. They first attracted merchants to buy Bitcoin at low prices, and even moved some of them to their e-wallets to gain their trust.”

After building this trust, the NCR scammers transferred the original coin to their bank accounts, and they disappeared.

Since then, the “Indian police” have arrested 6 people in connection with the cryptocurrency scam.

While the above stories represent the worst possible scenario, the reality is that anyone, anywhere can be scammed. In such a newly growing industry, criminals see opportunities to defraud and rob inexperienced investors.

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