8 Notorious Digital Currency Scams

Though Bitcoin didn’t revolutionize the financial system the way that many early adopters had hoped, there’s no denying that the digital currency and its associated blockchain technology have led to massive public awareness and interest in cryptocurrency in recent years.

By 2016 this interest had prompted a wave of speculative investing, a sort of new digital gold rush that transcended esoteric ambassadors of the technology, and saw many in the general public pouring large amounts of money into cryptocurrency. This windfall of cash also caused an explosion in the amount digital currencies and services that were available, as many tried to capitalize on cryptocurrency fever. Initial Coin Offerings seemed to be launching daily, new exchanges for the buying and selling of digital currency were popping up rapidly, and it seemed as though every new technology company was determined to use the word “blockchain” somewhere in their marketing.

However, the gold rush also opened the door to a similarly new frontier for scammers. Like with any new technology, many invested before understanding digital currency, in fear of missing out on the supposedly huge profits. This made them prime targets for cryptocurrency scams, from fake exchanges, to fraudulent ICO’s, to more traditional pyramid and Ponzi schemes.

According to recent numbers, this trend of cryptocurrency scams is hardly slowing down. In 2019, over $4 billion was lost in thefts and scams, more than double the previous high in 2017. Today we wanted to take a look at some of the most notorious of these cryptocurrency scams, focusing on some of the most well known and the most common, as well as a variety of the different ways scammers have stolen from unsuspecting investors.

Before we get to our list, don’t forget to subscribe to Crime Zone for more true crime content like this, making sure to hit the notification bell to stay up to date with our latest videos. With that out of the way, here is our list of “8 Notorious Cryptocurrency Scams”.

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