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Cryptocurrency scams have become a very common issue. But what is the biggest Bitcoin scam ever? Now such incidents are happening regularly. A few months ago, the Twitter accounts of some of the richest people in the world were hacked, and such incidents took place with Bitcoin. In that incident, hackers could be arrested, but many people’s bitcoins are gone.

Similarly, different big scams have happened at different times, and different companies have run away with billions of dollars. In today’s article, I will talk to you about the biggest bitcoin scam in the world. So let’s get started without delay.

Biggest Bitcoin Scam Ever

Not only Bitcoin but also various cryptocurrencies have been the subject of numerous scams so far. If we only think about Bitcoin, we may not find any such incidents because there have not been any horrible incidents with Bitcoin so far. However, there have been many scams with different cryptocurrencies so far. I am trying to discuss some of them. 

BitConnect Scam

A type of scam known as Initial Coin Offering as well known as ICO in short. This is one of the biggest scams in the history of cryptocurrency so far. In such cases, buyers are usually promised a return on a large amount. And believing in that promise, they invest a lot of money. Thus authority sells different coins to buyers. But in the end, they turned out to be fake, and those in authority fled. One such incident took place on January 16, 2018.

A new type of open-source cryptocurrency called BitConnect was launched by a man named Satish Kumbhani. It started on February 15, 2016. According to the promise of his organization, buyers or customers buy a lot of Bitconnect at a fixed price, and at that time, the price of Bitconnect was quite high. But at the beginning of 2018, the price of Bitconnect suddenly started to go down. Which eventually dropped to about 92 percent. The Bitconnect authorities fled at the same time as customers were facing huge losses even if they paid all Bitconnect money at the new price. Although some people are reluctant to call it a scam, most people call it a scam for their multilevel marketing.

Bitconnect scam was a kind of Ponzi scheme scam. The scam cost the average people about $3.45 billion, and all the money was then in the hands of the Bitconnect authorities.

Some Other Cryptocurrency Scams

The Bitconnect scam was the biggest cryptocurrency scam. But apart from this, many other big scams have taken place so that people have lost a lot of money. That’s what I’m going to tell you about some cryptocurrency scams.

1. Pincoin Scam

This happened via Vietnamese cryptocurrency. This cryptocurrency company offered people to buy any kind of cryptocurrency at a very high price. Seeing this, many people at that time sold the cryptocurrencies they had. But instead of giving them liquid money, the company offered them another new token. Whose name was iFan? Ordinary people could not sell these tokens anywhere or convert them into liquid cash. And in the meanwhile, all the officers of the organization disappeared. About 32,000 people were deceived in the scam, and the company went missing with about $870 million.

2. 184 Billion Bitcoin

Bitcoin has been created in such a way that there is always a shortage, and its value continues to rise. But in 2010, a hacker started thinking differently due to the weakness of coding. It generates about 184 billion bitcoins in a very short period of time and offers a hefty sum to minors for these transactions. But within minutes of the transaction starts, Satoshi Nakamoto realizes the matter and quickly destroys those bitcoins. 

The hacker was later arrested. Although this scam did not happen completely. But still, if somehow those hackers could have transacted this whole bitcoin, today’s popular bitcoin would have ended in 2010, and people would have lost billions of dollars. Then this would be the biggest bitcoin scam in the history of the world.

3. ACChain

Another ICO scam took place in China. It had to stop its journey at the beginning. At first, the company was getting good feedback from the customers, and quickly people’s trust in them started growing. People also start to invest. The company was headquartered in Shenzhen, China. 

The company became the owner of about 40 million US dollars after gaining the trust of the people. All of which were fraudulently taken from people. But at some point, the whole matter became clear to the people, and someone from the headquarters of this company leaked the matter to the media. Then the head office slowly turned into an empty room, and all of the authorities fled.

4. Bitcoin Saving and Trust

Think once. An organization is giving you a profit of 7% if you deposit money with them. What would you do if you ever received such an offer? Surely you will deposit all your money with him. Even if you don’t do any work, your money will turn into a big amount in a few days. One such incident took place on August 28, 2012.

Pirate made such an offer to everyone, and then people believed him and deposited around 700,000 bitcoins with him. In 2012, the value of bitcoins was very low. In all, about 40 million was deposited with him. A few days later and his organization was no longer found. They disappeared with the whole money.

Conclusion

All these are the biggest bitcoin or cryptocurrency scams in their history. I hope you get all info about What is the Biggest Bitcoin Scam Ever?. Though these scams are very bad they are also our mistakes. If we become aware and remove greed, then the scammers will not get any chance of doing such things. You may read other articles from our site like How To Know Which Cryptocurrency Is Scams? Thanks for reading from us.

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