Ponzi Schemes in Crypto

A ponzi scheme, Ponzi system, or Ponzi game is a fraud method that aims to attract investors to the system by pretend that there is a high-profit production, and that the payment to the first investors made with the money of those who join the system later. As Cointoplist, we have compiled 3 ponzi scheme events that have occurred in the crypto currency market for you.

Bitconnect

Bitconnect, which the company launched in 2016, emerged in 2017 and rapidly increased in value, was one of the most popular cryptocurrencies for a period.
It was a borrowing platform where investors gave and received Bitcoin.

According to the Beincrypto website, the system, which offers investors more daily interest and returns than the number of tokens they lend, known as the chain of happiness.
in 2018, the Texas Board of Securities(PTSD) decided to discontinue the company, confirming rumors that Bitconnect was a felony chain.After this decision, the Bitconnect price first fell by 92 percent, and then went down to zero.
It is estimate that Bitconnect raised more than $ 2.5 billion.

PlusToken

Another of the most famous crypto felicity chains. Crypto wallet, which is accuse of stealing the money of more than 4 million people, mainly Asian investors.

PlusToken, which appeared in 2018, offers Asian investors a monthly return of between 9 dec and 18%. PlusToken used Social media quite effectively. He was also trying to make a difference by emphasizing face-to-face meetings with potential investors.
PlusToken advertisements and posters were also hung on the walls, giving the impression that everything was legal.

in 2019, customers who had trouble withdrawing their profit from the platform began to worry. Customers who had trouble withdrawing their profits from the platform in 2019 began to worry. It turned out that the PlusToken team escaped with around $3 billion from different cryptocurrencies, including Bitcoin and Ethereum.

The note they left behind them said: “Sorry, we ran away.” it has happened.

OneCoin

OneCoin found by Ruja Ignatova together with Sebastian Greenwood. It is a Ponzi scheme promoted as a crypto by offshore companies OneCoin Ltd and Onelife Network Ltd. It described by The Times magazine as “one of the biggest scams in history”.
US prosecutors have suggested that the scheme has generated about $4 billion worldwide. China has also collected 1.7 billion yuan. Ruja Ignatova fled in 2017, when a secret US warrant issued for her arrest and she replaced by her brother Konstantin Ignatov. Although Ruja Ignatova has not been found, most of the leaders have either disappeared or been arrested. Greenwood arrested in 2018,and Konstantin Ignatov in 2019. In 2019, Konstantin Ignatov admitted money laundering and fraud charges. He received a total of 90 years in prison for the charges.