Biggest scams reported in the sector of cryptocurrency

Biggest scams reported in the sector of cryptocurrency

Biggest scams reported in the sector of cryptocurrency

Scams have been revolving around digital currency for a very long time now. In the year 2021, computer currency has experienced extreme highs and lows. Some people were able to build a fortune out of the deck. However, some people suffered a huge loss. Moreover, new currencies were also launched every other day as people started understanding the concept of trading in cryptocurrency. These new coins and tokens allowed the scammers to pave the way into the wallets of the people who were new or ignorant of their investments. Moreover, many people also begin investing in tokens and new digital currencies because they fear that they might miss a chance to earn great profits. BitPrime Gold is the best platform for traders and investors in digital currency to earn good profits.

So, as people became more conscious about their investment and became more aware of the cryptocurrency, the digital scavengers became active. Many scams were recorded in 2021, and some of them are mentioned below.

Faze Saga

Cryptocurrency attracted everybody’s eyeball as the price of bitcoin was skyrocketing. From normal people to celebrities, everybody was attracted to investing in digital currency to earn great profits.

Many influencers have been vocal about the price of computer currency on their social media platforms. Moreover, some of them were responsible for falsely enhancing the prices of the currencies by exciting them up among their audience. One similar scam was reported with the savethekids tokens.

An e-sport team initiated this token, FaZe, to promote charity towards children for a good casual. The publicity of this token was carried out in full swing as it was officially promoted on various websites, and even the photographs of its members were used to prompt this coin.

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After the promotion was done and became very popular among the traders and investors, the initial investors who bought the maximum number of tokens sold them. The market crashed as the price crashed considerably. Some smart people on the internet who were sitting to carry out fraudulent activities began noticing thy pattern in which the clan promoted the token and planned out the entire plan to bring down the market.

Squid Coin

Squid coin was a very popular web series in 2021, and it became part of a scam. The release of this south Korean show gave popularity to one of the altcoins that attracted the eyeballs of many traders and investors. The popularity of this altcoin raises to its throne so fast that it began with a very minimal rate, and within a matter of a few weeks, it rose to three thousand dollars. However, it was another act where digital scavengers were sitting and waiting to throw their net and trap the newbies or even the expert traders and inventors.


Thin entire altcoin gained a lot of popularity in a short period. When the project developers received the investment funds, they abandoned the entire project and eloped with the amount they had received in the beginning. However, many signs showcased that this entire project was a hoax. The first and foremost was that none of the show’s cast was involved in its promotion. Moreover, many buyers who bought cryptocurrencies in the beginning also complain that they cannot sell their tokens. So, it was one of the scams that gained popularity in 2021.


Poly network hack

This scam cannot be considered a scam; it helped expose some of the loopholes in the system. The poly network is a decentralized finance platform that is not very popular among the masses. This platform witnessed one of the biggest hacks where one of the hackers found one of the biggest loops in their system. He noticed that he could transfer six hundred million dollars in his account from the poly network platform. He successfully transferred the amount into his account; however, fortunately, he was a white-hat hacker and enlightened the authority about this loophole.


This hacker assisted the poly networks in tightening their security and helped them make their platform more efficient for the traders. Moreover, he was rewarded with five hundred dollars by the poly network as a token of thanks.

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