Cryptocurrency Ponzi schemes amassed billions in siphoned funds, equal to several major coins' market caps, finds report AMBCrypto News
From exchange hacks to propped-up ICOs to shady investor plots, Ponzi schemes in cryptocurrency markets have been layered to swindle billions of dollars from gullible investors, and in some cases, have succeeded. A recent report by Longhash highlights three such scams and their valuation with reference to the top-10 coins. Onecoin, Bitconnect, and GainBitcoin were used as the standards for the scams in the cryptocurrency market. Onecoin, hailed as the “gold standard of Bitcoin-based Ponzi schemes,” amassed a whopping $3.8 billion. The project was titled a “fake cryptocurrency,” with “no uti...