New crypto scams are sprouting up each day, and we must say that cryptos are by far the most attractive asset to invest your funds. Regardless of a few initial turbulences, cryptos have been expanding steadily across all financial world segments.
With the launch of cryptos each day, some being fake and some real. The most widespread among them is the BitConnect Racket, arguably the vastest cryptocurrency fraud. The firm entered the crypto market in December 2016. At that point in time, they made an Initial Coin Offering with tremendous success and soon turned out to be the best accomplishing currency in late 2017. BitConnect had an incredible market value of approximately $2.6 billion at a given point. The value of each coin touched $400.
Despite its success, financial specialists argued that it might be one of the largest Ponzi Schemes at all times, and that’s what happened. By December 2018, BitConnect delisted from all renowned crypto exchanges worldwide. There were absolutely no traces of the persons associated with the firm, and soon, everything was lost.
They say that people have been attempting to recover the information of the actual persons linked with BitConnect but have failed. Such crypto scams are pretty common these days. They spend a great deal on marketing by hiring celebrities and famous business people to promote it as much as they can. Then they gather a lump sum by duping investors. Eventually, they run away with the pool of funds. Funny state of affairs, isn’t it?
We highly recommend verifying the white paper to protect you from any cryptocurrency hoaxes. The white paper is a legal document publicly available before conducting an Initial Coin Offering. They encompass all valid details about the Crypto. If anything seems out of place or something appears to be suspicious, it is suggestible not to invest in that Crypto.
Refraining from investing will save you a lot of money, time, and patience. Until then, let’s hope that the financial authorities devise a great plan to eradicate all kinds of financial fraud soon and that no one loses their money due to such new crypto scams.