Post
Topic
Board Altcoin Discussion
Merits 1 from 1 user
Re: The scams I've seen in crypto
by
BenOnceAgain
on 29/03/2018, 20:24:19 UTC
⭐ Merited by Pearls Before Swine (1)
These are the scams I've witnessed myself in the last six months and how much the scammers got away with. I know there are a lot more but these are the ones I saw first hand.

EthDark: a scammy shitcoin - At least 2 million usd
Litecoin gold- scam erc20 token- Around 200k usd
Ethereum cash- scam erc20 token - anywhere from 100k-1m hard to tell
Ethereum lite- scam erc20 token - at least 70k usd made in one weekend
Denaro ICO- straight up scam, devs left with at least 10million
Stone- Fake private dag crypto coin- Scammer got at least 300k usd
Confido- another scam ico, scammers made away with 500k usd.
Bitcoinred- another erc20 scam token.- AT least 1 million +
Mooncoin- 62 billion coins that were stolen from cryptsy were not locked, and dumped over 1 mill usd.
Wifi global- another scam ICO- at least 500k usd.

This is by no means an all-inclusive list either.  I'm really not a fan of these fork-coins that really change nothing but seemingly "create value from nothing" by forking the blockchain.  Oh, and don't forget the premine.  The only value they created is for themselves through immediate dumping.

It will be nice when we get past these obvious scams because legitimately done, ICO/ITOs can be great ways to launch or grow a business.  Altcoins also have their place, but as long as the scam:legit ratio remains so high, the bar is quite high in terms of the sophistication needed to avoid fraud.  (Though I have to be honest, some of these scams that people have gotten away with were pretty blatant.)

Best regards,
Ben