Summary
This article highlights some of the biggest crypto frauds, cons, and schemes that have occurred recently. It covers a range of scams, including a unique case in Ukraine, the fraudulent taking of funds from Axie Infinity, a questionable investment opportunity called Day of Defeat, the BBC sponsoring a crypto-fraudster, and the theft of a celebrity’s NFT collection.
Introduction
Cryptocurrency frauds and scams have become a significant concern in recent years, with billions of dollars’ worth of cryptocurrency being stolen. However, these thefts go beyond just monetary losses. In this article, we explore some of the worst crypto frauds, cons, and schemes that have taken place recently, highlighting the audacity and uniqueness of these criminal activities.
Main Points
1. Ukraine removes contributions (rightly)
Shortly after Russia invaded Ukraine, the Ukrainian government decided to accept cryptocurrency donations to capitalize on the generosity of crypto wallets. However, they ended up canceling the airdrop after individuals took advantage of the situation, contributing small amounts with the hope of receiving a larger reward.
2. $615 million fraudulently taken from Axie Infinity
The creator of Axie Infinity, Sky Mavis, suffered a significant loss when hackers took advantage of a security vulnerability in the Ethereum-based Ronin sidechain. The breach impacted users who earned cryptocurrency through gameplay, causing financial harm to those who relied on the platform.
3. Red flags on the day of loss
Day of Defeat, a supposed investment opportunity promising a massive price boost, turned out to be a scam. Investors lost millions when the project’s creators breached their commitments and removed a large amount of money, resulting in a significant drop in the token’s value.
4. BBC sponsored a crypto-fraudster
In an unfortunate turn of events, the BBC featured a crypto-fraudster in a documentary, praising his apparent success in cryptocurrency investment. However, the individual behind the project deceived investors, leading to financial losses and disappointment.
5. The work of Seth Green
Actor Seth Green fell victim to a phishing scheme, resulting in the theft of his valuable NFT collection. Green’s loss not only included monetary value but also the intellectual property rights associated with his NFTs. He eventually managed to reclaim one of his stolen NFTs through repurchase.
Conclusion
Crypto frauds and scams continue to pose a threat to the cryptocurrency industry. These cases highlighted in the article demonstrate the need for increased vigilance and caution when engaging in crypto-related activities. It serves as a reminder that thorough research and skepticism are essential to avoid falling victim to fraudulent schemes.