Top crypto scams before the birth of Shitcoins

One of the best way to avoid being scammed in the crypto world is to stay vigilant, make use of common sense, stay rational, but common sense is ironically not common.

Before you invest in any crypto related opportunities you should try to check list the list below

1. No whitepaper
2. They have a whitepaper but the white paper is promising you the world
3. Their project is promising massive returns
4. They always sound too good to be true 99% of the time and your guts know that.
5. They make referral compulsory

ONECOIN
This project was created by some one called Ruja Ignatova who deceived people into buying an educational packages. The cost for these packages ranged from €100 to €118,000. A token was included in these packages which was supposed to mine the “onecoin”. They claimed it is being mined by servers in Bulgaria and Hong Kong.

Ruja Ignatova was no where to be found as Ruja disappeared after people discovered there was no real project not even a blockchain. This scam cost people over $4 billion dollars. It was marketed as the “bitcoin killer”. She called herself the crypto queen, and promised her investor that her coin would kill bitcoin and no one will hear about bitcoin anymore.

ironically no one heard from her again.

BITCONNECT
This name might sound new to you if you were involved in crypto starting from late 2018. Bitconnect was an alleged fraud that operated as a pyramid scheme between the year of 2016 to 2018. Bitconnect operates by you sending them bitcoin, and they use their “trading robot” to make 40% interest per month for you. This platform targeted small time retail investors who have relatively no understand in financial education. Over $3.4 billion dollars was made in this scam.

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