Top 5 Crypto Currency scams of all time!



four Crips are Global News I'm Edward right now we're taking a look at five of the biggest scams in crypto history let's get started top five number five at number five on today's list we have one point now one coin was promoted as a crypto claim with a private blockchain one coin Ltd was based out of Dubai and One Life Network Ltd out of Belize both of which were founded by Raja Ignat OVA according to one coin its main business is selling educational material for trading members are able to buy educational packages ranging from 100 years up to one hundred and eighteen thousand euros and even though that may sound like there could be a business model there during a series of investigations by Indian authorities they discovered that one coin despite what many people thought was an honest marketing platform is in fact a multi-level Ponzi scheme one coins Bulgarian officers were recently raided with claims and court cases against the ICO growing on top of a 2.5 million euro fine issued by the Italian government along with additional 30 million dollars that was seized by Chinese authorities investigating the one coin operation in Asia a question for you good people out there since cryptocurrencies are transnational which country's authorities should step in in a case like this number 4 next up we have Plex a coin which saw its final days in December of 2017 now Plex the Corp was promising its investors and thirteen hundred percent returns and I know it feels just a silly to say it as it does to hear it flex acclaim was also a Ponzi scheme and the Securities and Exchange Commission told plexi group to stop operations and eventually the CEO Dominic Lera Crowe was charged and jailed for fraud plexy claim was in landmark case so far as crypto goes as it was the first time the SEC stepped in and charged an ICO through its cyber crime unit what we would love to know from all of you watching out there is what kind of returns would you trust from an investment I would assume and be a little bit less than 13 hundred percent but what sounds reasonable let us know in the comments below number three like this now in the third spot we're looking at big connect now this one was also a Ponzi scheme and it came with a pretty big presence online mainly as it had an interesting group of characters all promoting the platform [Applause] we're big connect was different from your run-of-the-mill Ponzi scheme was they ran a lending program where users could lend out BCC or bid connect out to other users to make interest depending on how much BCC they lent on the platform at the end of the day a number of the users launched a class action lawsuit against big connect to gain back some of their lost funds this total to about seven hundred thousand US dollars for the particular claim now whether it be bit connect or any other scam how much blame should actually rest with the people who are promoting the business and in turn what punishment should they face number two the silver medal for this video goes to pink coin and I fan 2i cos out of Vietnam run by the company modern tech now both I SEOs have since been classified as multi-level marketing scams I fan was advertised as a social media system built as a platform for celebrities to promote content to their fans pink wine claimed to be building an online platform encompassing an ad network auction and investment portal and peer-to-peer marketplace built on blockchain technology also advertising a 40 percent monthly return on investments on their platform these two companies are believed to have liberated a combined 660 million dollars from around 32,000 investors modern tech is the company behind both of these icos it closed up his doors recently in Ho Chi Minh City getting away with all the investors money now since 660 million dollars were stolen in this heist I would love to hear from all of you out there how you feel this will affect trust in cryptocurrency and blockchain generally and with all that trust eroded what could be done to fix it number one was that dope leave the girl with the top spot in this video belongs to Sentra Tech now Center Tech was not the biggest scam so far as money taken from investors but there were three reasons why we've placed this at number one in this video reason number one celebrity endorsements roll champion boxer with a 1500 record in the ring Floyd Mayweather and world famous DJ Khaled were among those who endorsed this cryptocurrency reason number two the actual functionality of the platform was to provide a Visa and MasterCard debit service that would allow users to convert crypto currencies into fiat this was a really big deal as Visa and MasterCard are trusted by millions if not billions the world over and the final reason Center Tech is number one on the list is the commitment to storytelling here's an actual quote from an SEC report on this ICM the SEC also alleges that to promote the ICO Sharma and Farkas created fictional executives with impressive biographies posted false or misleading marketing materials to Sentra's website and paid celebrities that's healthy ICO and social media yes you're not dreaming found a surah or Sam Sharma and Robert Farkas invented fake people that were behind the scenes to deceive their investors maybe Sam and Robert will try their hand at writing books or movie scripts while they're in prison so that's our list ladies and gentlemen but what's yours we'd love to hear from all of you out there about what you feel are the biggest scams in crypto history's I'm Edward for crypto global news until next time take care

13 thoughts on “Top 5 Crypto Currency scams of all time!”

  1. This list could have been waaaaayyyy long. There will be more in the future, but this list has a bunch of the bad hombres.

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