Since the first use of Bitcoin in 2009, cryptocurrencies have grown into a booming market with over 1500 different types of coins. One certain thing is that this market is volatile, and investors need to be careful about where they put their money. For efficient cryptocurrency trading, you should trade with www.bitqz.app. Here are some of the worst investments in cryptocurrency history:
The cryptocurrency exchange Bitconnect was a lending platform for Bitcoin, Ethereum, and Litecoin. They shut it down in 2018 after being accused of being a Ponzi scheme. The price of BTC dropped from $400 to $0 when the news came out that it was shutting down.
OneCoin was a digital currency and cryptocurrency launched in 2014. It was supposed to be a Ponzi scheme where they paid early investors returns from new people who invested later. The company behind OneCoin claimed that it had over 3 million members, many of whom lost money after the cryptocurrency crashed.
The creators of OneCoin also made false claims about their association with various celebrities and companies, including sports stars and banks. They also created fake educational materials claiming their cryptocurrency had value because it could be used as payment for services or products. In reality, the only way to use OneCoin was by buying more coins from an exchange like Bitconnect or Cryptopia. And these exchanges eventually closed down due to a lack of interest in cryptocurrencies overall.
The Prodeum cryptocurrency was one of the largest scams in the history of cryptocurrencies. It was supposed to be a solution for the fruit and vegetable industry, but it turned out that there were no plans or technical knowledge behind this project.
One day, a Twitter user published an article about Prodeum’s alleged scamming activities. People who had invested in this project lost all their money at once because they didn’t understand how cryptocurrencies work or blockchain works.
Cointellect was a cryptocurrency MLM scheme that launched in 2017. They shut the company down in December 2017 after its founder was kidnapped in Ukraine. This event triggered the closure of all operations and led to the arrest of its CEO Pavel Lerner, who unknown kidnappers took at that time.
The investigation revealed that Lerner’s kidnapping was related to an internal conflict within Cointellect staff. According to unconfirmed reports, several senior managers wanted to take control of other members’ funds and resources. In contrast, others wanted to continue working with Pavel Lerner on new projects related to cryptocurrency mining operations around the world.
MCF Coin, 2016
In 2016, Russian con artists created MCF Coin: a cryptocurrency that promised investors high returns and a presale price of $0.02 per coin (a steal!). Investors were told they could buy as many coins as they wanted without restrictions on the amount of time frame. And if they didn’t want their money back after three months, they could keep it in their account and continue receiving interest payments. The only thing standing between you and your fortune? Your willingness to pay an upfront fee of 35 euros, about USD 39.
The whole thing was a scam; there was never any intention on the part of these scammers to provide actual value for their worthless tokens beyond simply holding on until someone gave them money for them. And despite being listed on multiple websites claiming that MCF Coin was legitimate and trustworthy, including Google, the coin never made it onto any exchange before being removed from most sites due to a lack of interest among investors who realised how fraudulent it was.
Banco Popular de Desarrollo Comunal Coin, 2018
The Venezuelan government created the Banco Popular de Desarrollo Comunal Coin as a way for citizens to access banking services. The coin, designed to be both stable and cryptocurrency, was supposed to be backed by oil reserves owned by the government. It failed miserably.
The list of the worst investments in cryptocurrency history is long and varied, with many scams and failures. However, there are also a few shining examples of what can go wrong when investing in these digital currencies. So, before you dive into the world of cryptocurrencies, be sure to do your research and consult with an experienced financial ad