Posts about Crypto
It‘s been over eight months now since the Youtuber and seemingly professional scammer had “apologized“ to all of his fans for running a scam called CryptoZoo, while he once again did not take any blame on himself, even though Coffeezilla clearly give out evidence that he was an integral part of the scam too, he did say to compensate the victims…
Well that did not happen and he is getting more and more heat for that right, just in the build-up for his next Youtuber fight, his opponent Dillon Danis (who is also a well known Crypto scammer, also got exposed by Coffeezilla) called him out for being ready to place a $1M bet instead of compensating the people he scammed.
Another Youtuber has entered the field and that is by far the most reliable person in this situation, Jidion. No scams, no steroids for boxing fights, just purely a youtuber that does content like the old days.
Now he had just bet $100k on Logan Paul being defeated by Dillion Danis and he even pledged to give the profits of that trade to CryptoZoo victims, it is not much, but at least someone is starting. (Also beware that Jidion is doing it for his own interest, as Logan Paul had called him a “two-faced bitch“ before).
In the world of crypto, not every project is destined for success. Some coins and tokens have achieved astronomical gains and revolutionized industries, others have faded into obscurity, leaving behind tales of shattered dreams and lost fortunes. Let's talk about 6 coins/projects that once promised the moon but ended up crashing to earth.
1. Bitconnect (BCC): Perhaps the most infamous of them all, Bitconnect was a cryptocurrency platform that promised high returns through a lending program. It's now widely regarded as one of the largest Ponzi schemes in the crypto world. At its peak, BCC reached a market cap of over $2.5 billion. However, regulatory crackdowns and growing skepticism led to its dramatic collapse in early 2018.
Read more: https://www.justice.gov/opa/pr/bitconnect-founder-indicted-global-24-billion-cryptocurrency-scheme
2. OneCoin: Dubbed the "Bitcoin killer," (lol) OneCoin was a project that claimed to be the next big thing in crypto. However, it turned out to be a multi-billion dollar fraud that duped investors worldwide. Its founder, Ruja Ignatova, disappeared in 2017 and remains at large.
3. Confido (CFD): This small ICO raised over $400,000, promising to be a revolutionary escrow service. However, shortly after the ICO, the team vanished, deleting their online presence and leaving investors in the lurch.
Read more: https://medium.com/raising-the-entrepreneurial-boom/yet-another-ico-fraud-case-confido-4a92fa8aa5f
4. Prodeum: A project that aimed to revolutionize the fruit and vegetable industry using blockchain. After raising a modest amount in their ICO, the team disappeared, leaving behind a website with just one word: "p*nis."
Unbelievable but google the image. It actually happened....
Read more: https://www.wired.com/story/cryptocurrency-scams-ico-trolling/
5. PlexCoin: The SEC first emergency asset freeze to halt an ICO scam. PlexCoin promised a 1,354% profit in less than 29 days. The SEC intervened, and its founder was charged with fraud.
Read more: https://www.sec.gov/news/press-release/2017-219
6. Terra's LUNA and UST: Terra's UST plummeted from its $1 peg to 35 cents, and LUNA dropped from $119.2 to just cents in May 2022. Regulatory scrutiny and capital flight were key culprits. The failed attempt to stabilize UST using LUNA reserves led to massive investor losses. Terra's founder, Do Kwon, is now reportedly facing legal prosecution in South Korea due to the tokens' collapse. The fallout resulted in multiple lawsuits and ongoing investigations, further eroding trust in the Terra ecosystem.
Read more: https://www.forbes.com/sites/qai/2022/09/20/what-really-happened-to-luna-crypto/?sh=2713d2394ff1
This is just 6 out of 2383 crypto coin failures from 2013 to 2022, according to CoinKickoff. Average lifespan of a cryptocurrency is just 15 months. Ouch.
Remember that "If it sounds too good to be true, it probably is".
