The appeal of crypto has grown, the latest cryptocurrency news show. This has presented a lot of opportunities for scammers to part naive investors from their money. This year has been no exception as many cryptocurrency and blockchain experts named it “the year of the exit scam.” This is why today, we are listing the biggest crypto heists that have been discovered by various researchers.
But before we do that, let’s give you our two cents on spotting an exit scam.
Most of the biggest crypto heists and exit scams have tell-tale signs that investors should look out for. First, they have inconsistent or misleading information behind the project. Second, they usually fake online credibility. And most important, you should always check for user reviews before investing in any form of crypto.
Now, let’s list the biggest crypto heists done so far:
- $2.9 Billion Plustoken Scam That Could Be Largest Scam Ever
We are starting the list with a famous case. An estimated loss of around $2.9 billion was identified after Chinese police uncovered an alleged Ponzi scheme involving the South Korean wallet provider and exchange PlusToken. Although more is being uncovered about PlusToken, the mystery is all around the key events and there is analysis in the altcoin news about the case.
- Pincoin’s Case Which Scalped Investors Out Of An Alleged $660 Million In Tokens
On April 9 last year, two ICOs including iFan and Pincoin were operating under the umbrella of one tech company based in Vietnam. They both went silent after reports showed that 32,000 investors were scalped out of an alleged $660 million in tokens, as Tuoi Tre News reported.
Victims are still featured on the best cryptocurrency news sites, claiming the damages amount to roughly 15 trillion Vietnamese dong ($660 million) in token sales. This makes the Pincoin case one of the biggest crypto heists ever.
- QuadrigaCX Made Investors Lose $195 Million In Crypto
The death of the 30-year old CEO of the exchange QuadrigaCX shook the crypto world – not only because he was the head of the largest exchange in Canada – but also because he had full control of the passwords and keys to accounts rendered all the assets on the exchange forever inaccessible. The losses amounted to more than $195 million of stolen cryptocurrency, which makes QuadrigaCX one of the biggest crypto scams too. However, the death of the CEO is still a mystery and there is an ongoing investigation by the FBI on the entire case.
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“Therefore, these should be registered with the Commission and necessary disclosures need to be made for the protection of the investing public," the draft notes.In February this year, CEZA announced a new set of rules governing digital asset token offerings, designed to regulate the industry and protect investors against acquisition of utility and security tokens.
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US Treasury Sanctioned Major North Korean Hacker Groups For Cyberattacks
“Treasury is taking action against North Korean hacking groups that have been perpetrating cyber attacks to support illicit weapon and missile programs. [...] We will continue to enforce existing U.S. and UN sanctions against North Korea and work with the international community to improve cybersecurity of financial networks.”In August this year, many best cryptocurrency news sites talked about the US Treasury and its attempts to sanction hacker groups. The news also reported that the United Nations claimed that North Korea had netted around $2 billion by hacking banks and cryptocurrency exchanges. The UN Security Council North Korea Sanctions Committee also came up with a statement, saying that these hackers formed an essential part of the government's funding, reporting the following:
“Democratic People’s Republic of Korea cyber actors, many operating under the direction of the Reconnaissance General Bureau, raise money for its WMD (weapons of mass destruction) programs, with total proceeds to date estimated at up to two billion US dollars.”On September 1 this year, we also reported that the North Korea official state media denied allegations of massive theft by North Korean agents. The KCNA cited a statement from the National Coordination Committee of the DRPK which accused the US and other hostile forces of spreading slanderous rumors. The statement read:
“Such a fabrication by the hostile forces is nothing but a sort of a nasty game aimed at tarnishing the image of our Republic and finding justification for sanctions and pressure campaign against the DPRK.”The statement also added that the UN is "re-enacting the same old trick as the fascist propagandists of Hitler used to use."
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