As crypto scams continue to grow, 9% of existing crypto has simply disappeared.
Many investors play it safe and only trust relevant cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, Cardano, Binance Coin; stablecoins like Tether either USD Coin, there are even those who prefer meme coins, like Dogecoin Y Shiba. But there are those who are risky (or very naive), enter practically unknown projects and many times -like sheep- end up shorn.
According to reports from CoinMarketCap, As of today there are 18,990 registered cryptocurrencies. Of these, many have measured up, but others have not, they even turned out to be scams. According to an article published by Finboldwith data from 99Bitcoins, to this day 1,705 of these digital assets have simply “died”, that is, it has disappeared from the market. That is, 9% of the existing cryptocurrencies failed (note, the number of coins that scammed may be higher, but they are not in these records).
Among the examples that can be seen in the list are some projects that had a name, such as the case of BitConnect (BCC). He is also named to many other projects, including VegasCoin (VEGCOIN), Storeum. (STO), 1coin (ONE), Adrenaline Coin (ADN), Agrolot (AGLT), Beatlecoin (BEA), Bitcoin Platinum (BTP), Bitcoin Token (BTK), CannabisCoin (CANN), Demoncoin (DMC), Viruscoin, Vodkacoin , among many others.
In the list of 99Bitcoins You can see each of these failed projects and the reasons why they are no longer active. Among them: missing website, inactive social networks, not listed on any exchange, not indexed, stopped development…
highlights Finbold that for the most part, dead coins are digital tokens that turned out to be scams, abandoned by their teams, lacked funds, or failed for some other reason, and are therefore no longer viable or active. On rare occasions, some of these coins can come back to life and increase in value if they gather enough interest.
BitConnect, An example
Some of the dead coin names may sound familiar. One of them is BitConnect, because the team invested a lot of money in marketing just to become a ponzi scheme massive that raised more than USD $2 billion from investors.
In addition to the 1,700 names on the list of dead coins, there are some that have shown potential to join them for reasons similar to those that killed others, he says. Finbold and exemplify with safemoon, which many analysts have long warned was a pump-and-dump coin. Recently, his former head of marketing, Ben Philips, got caught up in a classic $12 million pump and dump scheme, as he used his influence to “inflate” the price of the token, only to sell it to inflated prices.
Another currency that did not last long and fooled many was the cryptocurrency. Squid Game (SQUID) inspired by the popular korean show Netflix, The Squid Games, whose value dropped to almost zero six months ago after the project went offline. According to the notification on SQUID’s CoinMarketCap page, “the project is now apparently run by the community” after developers pocketed millions. Some investors reported how they lost their life’s money in this scam.
In 2021, around $2.8 billion in assets were stolen due to such fraudulent schemes, averaging more than $7 million per day, according to data from Finbold.
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