The project revolved around crypto literacy and offered a wallet service. Ultimately, the fraudsters convinced investors to purchase the project’s token, PlusToken, resulting in colossal financial losses. The most popular exchange to buy and trade DXdao is Bancor (V2), where the most active trading pair DXD/BNT has a trading volume of $103.85 in the last 24 hours. Similar to Amit Bhardwaj’s MCAP tokens, Bitconnect came out with BitConnect Coins (BCC) and marketed it as an investment option for traders. In this case, investors were supposed to earn daily interest of 1% while their RoI would double in 100 days.
- Analyse investment strategies, profile successfulinvestors, and keep track of upcoming funds, accelerators, and more.
- According to Kerala Police, EOW, Nishad K and his team collected a minimum of INR 15K from every investor and managed to onboard around 11 Lakh people, primarily from India.
- In 2016, GainBitcoin emerged as an India-based cloud mining solution with the promise of generating monthly returns of 10% for 18 months.
- Regalcoin enticed investors by promising monthly returns of up to 50% for holding their newly introduced token.
- PlusToken stands as one of the largest and most recent Ponzi schemes in the crypto world.
- The trading volume of DXdao (DXD) is $6,118.91 in the last 24 hours, representing a 345.40% increase from one day ago and signalling a recent rise in market activity.
Bitcoin Gold (BTG) vs Dekado (DKD)
The major crypto scams discussed so far show how prevalent such incidents are and how they rob the consumer investment markets of billions of dollars. The absence of a pan-India watchdog/regulatory body scrutinising these digital assets and flashing the early warning lights also makes the country a hotbed of crypto scams. Add to that botched-up investigation in many cases, primarily due to these scams’ opaque and highly technical nature.
Dekado Coin: Another Crypto MLM Scheme By Divyesh Darji And Team
The number of Indian visitors dipped drastically from 17.8 Mn in 2020 to 9.6 Mn in 2021, according to a Chainalysis report. The suspect websites most visited by Indian users in the past year included Coinpayu.com, adBTC.top, HackerTyper.net, Dualmine.com and Coingain.app. However, new names pop up every year https://turbo-tax.org/ with new hypes, casting more sophisticated scam nets far and wide. In a conversation with GainBitcoin founder Amit Bhardwaj (now deceased), some investors asked whether their money was safe. We hope that as you read this, it is because you prioritize educating yourself for prevention rather than recovery.
How do you feel about DXD today?
Another major crypto Ponzi scheme, Bitconnect, launched in 2016 as a Bitcoin lending solution promising monthly returns of 40%. The operators were unknown developers headed by an individual named Satao Nakamoto, which is obviously a pseudonym. Investors had to purchase BCC tokens, lock them on the platform and wait while trading bots used their locked funds to trade.
We will shed light on how the individuals behind these schemes leveraged the volatility, intricacies, and unique appeal of cryptocurrencies. Before delving into the crypto Ponzi scheme list, let’s first explore the defining characteristics that constitute a crypto Ponzi scheme. Let’s explore ten of the biggest cases where investors found themselves receiving more than they had initially anticipated from some of the most notorious bad actors in the crypto ecosystem.
Onecoin is perhaps the longest-running Ponzi scheme ever witnessed in the crypto industry. Founded by the Bulgarian fraudster Ruja Ignatova, aka Cryptoqueen, Onecoin managed to lure investors in their numbers between 2014 to 2019. During this period, the Ponzi scheme was said to have defrauded investors of $5.8 billion by marketing Onecoin as a “Bitcoin Killer” and the next hottest innovation in the crypto industry. Adding DXdao (DXD) to MetaMask allows you to view your token holdings, trade on decentralized exchanges, and more. You can copy DXD’s contract address (0xa1d65e8fb6e87b60feccbc582f7f97804b725521) and import it manually, or if you’ve installed MetaMask’s chrome extension, add DXD to MetaMask with one click on CoinGecko.
The scam size in the US alone was estimated to be INR 18,000 Cr ($2.4 Bn). According to the Surat CID team, which has been investigating the case in India, it is worth INR 41,000 Cr, out of which Darji got a 10% cut or INR 4,100 Cr. He had allegedly run two more copycat scams known as Dekado Coin and Regal Coin scams. Lately, crypto has become all the rage as a get-rich-soon investment solution, and scammers find it convenient to target the uninitiated with a variety of crypto Ponzi schemes. Scams of different shapes and sizes are frequently rolled out to cash in on the buzz of quick big returns around crypto. And the people who are easily lured are ill-informed buyers/investors caught up in the spiral of greed.
In the 1920s, Ponzi promised investors a 50% return within a few months for what he claimed was an investment in international mail coupons. Ponzi used funds dekado coin from new investors to pay fake “returns” to earlier investors. This article features the 10 crypto Ponzi schemes that ravaged the digital asset market in 2022.
The Gujarat CID (and later ED) has been investigating the Bitconnect case since 2018, while the U.S. probe agency FBI came in a year later. District Court (San Diego) has already indicted Bitconnect founder Kumbhnani, while its India head, Divyesh Darji, is still on the run after receiving bail. Also, the US is now working on dissolving the assets of Bitconnect (US) to compensate the investors. However, after the stipulated lock-in period, all investments started showing as zero or the investors could not withdraw their money.
