Thursday, September 21, 2023

Trending Crypto Scams in 2021 & 2022

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Shreya Christina
Shreya has been with for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

Cryptocurrencies are one of the most trending investment assets due to its technological adaptation and liquidity. While it gives out enormous profits for traders and investors, its volatile nature also embarks significant risks and losses. However, the emergence of Cryptocurrency scams is another such mammoth risk that traders should be cautious about.

While cryptocurrencies have always managed to star in news updates, here are some popular cryptocurrency frauds in 2022 that brought out the negative side to cryptocurrency trading;

1. Day of Defeat, for whom?

Ever heard of an investment where you get a promised $10 million times the amount you invest. It is too good to ignore and appears to be one of those once-in-a-lifetime offers. An offer that will change your life. It did change the lives of those poor investors who invested in the Day of Defeat token.

The developers of Day of Defeat proposed a unique project called an “innovative social experiment” that was mathematically designed, giving the holder a 10,000,000X price increase. Additionally, they boasted about a “Mystery Plan” that would be implemented in June next year and further increased the token’s price by 1,000,000. Finally, in response to a query about their access to the fund pool, they said they would “promise” not to redeem it in a FAQ on the Day of the Defeat website. 

It was not surprising that they broke their promise. After $1.35 million was pulled by the project in May, the token’s value crashed by more than 96%. It was doubtful that the people who parted away from their investment did not notice the unreasonably promised returns. It was their greed that overtook their rational thinking. They wouldn’t have lost their investments if they had foreseen it.

2. BBC was duped into endorsing an alleged crypto scammer.

People are crazy to listen to a rags-to-riches story. And one particular story was loved by BBC so much that they failed to do a proper background check on an individual who claimed to have erected from rags to riches, merely promoting a scam and making difficult to get the cryptocurrency scams money back.

The BBC ran an article about a crypto investor in February. The story ran about Hanad Hassan, a local in Birmingham claiming to have put £50 into crypto last year, converting it into millions overtime. However, the story does not just end there; it continues with how Hassan helped his people within the community with the help of his newfound wealth.

However, this was far from the truth. The internet was flooded with people claiming that Hassan had scammed them.

Hassan launched Orfano, a charity token, in April 2021. Furthermore, it is a cryptocurrency investment; 3% of the fund would be set aside for supporting charity projects. A common practice in cryptocurrency is the rug pull tactic, where the investors believe they are making a moral and ethical investment decision. After a few months, Orfano abruptly shut operations, taking all of the investors’ money with them. Users were unable to withdraw any of their money.

A few months later, Hassan reintroduced Orfano as OrfanoX repeating the same tactic with a new coin this time and essentially pulling off a cryptocurrency scam. And now the BBC announced Hassan’s “lady luck” shining on him to its viewers.

The story is so absurd that David Gerard, a cryptocurrency critic and the author of the book “Attack of the 50 Foot Blockchain,” is one of the first to mention it. Gerard claims that in addition to running a “puff article” on the cryptocurrency fraudster Hanad Hassan, the BBC also made a 30-minute documentary about him titled We Are England: Birmingham’s Self-Made Crypto-Millionaire. It was canceled a few hours before it was slated to air in February.

Although Hassan managed to pull the scam in 2021, he also pulled a fast one on the BBC. He spun a yarn regarding his story, essentially a scam skillfully hidden within a scam.

3. Stealing Seth Green’s Bored Ape

Bored Ape was stolen from an actor; Seth Green. The creator of Robot Chicken, had his entire NFT collection stolen after falling for a phishing scam in May. Bored Ape Yacht Club #8398, two Mutant Apes (NFT projects by Bored Ape Yacht Club creators Yuga Labs), and a Doodle NFT were lost in the phishing scam.


All this article intends to do is to help you look beyond the silver lining. You could be the biggest crypto enthusiast or investor, or just someone who reads all of the hot crypto trading news off the internet. But, you are still at the risk of falling for a Crypto scam if you don’t remain updated with the trending Cryptocurrency frauds. Practice caution and avoid jumping in and out of crypto investments even if you are an experienced investor. Most fraudulent sources seem genuine and lucrative until you get your funds stuck up with them. 

Don’t lose hope even if you got your money misplaced. You can acquire aid from a fund recovery agency and recover your money at the earliest.


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