List of 5 Crypto that are Scam
Hello guys, welcome to bigtech - your number one (1) tech blog in Nigeria. In today's article, I will be listing top five (5) cryptocurrencies that are big scam in the crypto market.
One of the most important characteristics of cryptocurrencies is that they are irreversible - when a transaction is completed, it cannot be reversed or undone. Infact, not even bitcoin miners or Satoshi Nakamoto - which is the cryptocurrency's creator can reverse the transaction. So, if someone is duped, there is no way to recover their cryptocurrency. Scammer knows this, that's why they are working hard to scam people through fake cryptocurrency.
Because of large usage of pseudonyms for Bitcoin addresses, crypto scams can also deadly. They generally comprises of around thirty (30) random chain characters that have nothing to connect with real-life entities. In the event of scam, determining the name of the perpetrator and their whereabouts is quite difficult.
Without much Ado, let's dive into the main reason of this article:
Five (5) Cryptocurrency that are Scam
The Squid Game Token
In September 2021, a limited series movie from South Korea was released on Netflix - breaking the previous record with over 1.65 billion viewing hours in its first four weeks.
Squid Game Movies was such a hit to the extent developer has to create its own cryptocurrency - The Squid Game Coin. The creators sold all of their tokens within two weeks, causing the coin's value to drop to $0. This decision cost investors about $3 million.
Africrypt
Africrypt is a popular crypto frauds involving two South African brothers in 2020. They began by asking Investorss to deposit funds that would be used to buy Bitcoin.
All Africrypt workers and I investors lost access to their accounts seven (7) days before they claimed "hack." The brothers defraud investors with $3.6 billion in Bitcoin after the attack which was a big lie.
The 2020 Twitter Hack
In July 2020, most popular personnel Twitter accounts were hacked. People like Elon Musk, Joe Biden, and Barack Obama all have accounts.
The fakes offered to double the amount of Bitcoin deposited to a wallet. As a result, fans of the stolen accounts began sending bitcoins. Before the public realized it was a fraud, the hackers had defraud about $100,000 in Bitcoin.
Thodex
Thodex is a Turkish cryptocurrency. The creators devised a complex scheme to defraud investors over $ 2.2 billion in crypto market.
They announced the discontinuation of Thodex activities in April, 2021 owing to a "ongoing relationship." They assured investors that operations will restart in around five days. But after the fifth days, people began to complain that they couldn't withdraw money from their accounts.
Coin Dash
The Coin Dash fraud happened on July 17, 2017, the same day that CoinDash launched its Initial Coin Offering (ICO). The hackers acquired 43,000 tokens by replacing the original Ethereum address with their own.
Every Investors who submitted ETH to the fraudulent address would be compensated with CDT tokens equal to the amount of money they lost.
However, three (3) months later, in September, the hacker restored 20,000 of these tokens while keeping the remaining 23,000. Members of the public speculated that it was an inside job as a result of this decision.
Conclusion
There are still lots of cryptocurrencies out there that are scam. However, I will advise you to beware of scammers and do more research on any coin before you invest in it.
I hope you find this article interesting? Follow us on any social media pages and our newsletter. Drop the crypto scam you know in the comments section. Thanks for reading, cheers!.
