Billion Dollar Crypto Scam
Cryptocurrency is one of the biggest scams among thousands. Thieves and scammers stole more than $4.26 Billion from cryptocurrency exchanges, investors, and user in first half of 2019 according to Ciphertrace report. Cryptocurrency investors have been scammed out of massive real money.
One of the largest scams within this ecosystem was perpetrated by OneCoin. OneCoin was invented to rival Bitcoin and promised vast returns on something virtually no one had heard of. It seemed too good to be true.
OneCoin founded by Dr. Ruja Ignatova was one of the biggest cryptocurrency scams. She managed to persuade investors around the world to part with as much as $4 Billion by 2017 according to BBC News.Cryptocurrency investors have been scammed out of massive amounts of real money. ICO (Initial Coin Offering) act as a way to raise funds and is a popular method used primarily by start-ups wishing to offer products and services, usually related to cryptocurrency and blockchain space.
Surprisingly, Dr.Ruja Ignatova has been missing since 2017 when a secret US warrant was filed for her arrest.
OneCoin turned out to be a Ponzi scheme promoted as a cryptocoin by offshore companies OneCoin Ltd (Dubai) and OneLife Network Ltd (Belize) both founded by Dr. Ruja Ignatova. After she went missing, there was an update on Onelife official site, under corporate announcement it has been mentioned “recent media announcements about an exposed criminal group, engaged in money laundering using OneCoin cryptocurrency are untrue and are misleading the public”.
Scammers have multiple reasons in proving themselves as innocent. Lack of skills in investors is the cause of rise in scams around.
Below are the few serious signs to keep yourself safe from Cryptocurrency frauds.
- Impersonation: It means when someone pretends to be another person. This is a common trick scammers use, when it comes to investment. You can figure it out just by checking the profiles online.
- Check for the company details with corporate affairs online: Getting fake documents and making it physically present is not rocket science. For scammers it is just a play. Check for the company details on legal website.
- High Interest Rate: Hearing a high return on investment makes you feel rich. That’s true but is it really true? Never take decision on the spot. Ask for the time and check for the interest rate offered country wise.
- Look for the official website: You can confirm the details on website such as contact details, Email, Registered Head Office Address, Number of branches available. If possible raise a query on a registered email and check the response time.
- Requesting to arrange money anyhow: This is not applicable for all cases but many scammers want to see the money in their account as soon as possible. Irrespective of your financial situation, they will request you to arrange money by giving suggestions like Borrow it from friends, sell your personal things because time is limited for this scheme, etc.
We will keep on updating everyone about these scams happening around.
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