Top 3 Fraudulent Cryptos of 2021
Cryptos are great. But there are hardly any rules, so you can also be cheated or robbed. We have listed 3 fraudulent cryptos.
You can get filthy rich with it. But you can also lose an awful lot of money with it. The digital currencies are very volatile and there are almost no rules. This ensures that people quickly develop a coin, inflate the price and run away with the money. It is no secret that fraud and theft are common in the cryptocurrency industry. Reports from several watchdog groups have shown that the largely unregulated landscape of digital finance is teeming with crime.
Scammers and theft
It’s also clear that scams and theft seem to be getting worse, not better. According to an investigation by Crypto Head in August, this year was one of the worst ever for cryptocurrency hacks and heists – with about 32 incidents reported, of which about $2.99 billion in associated losses. That is higher than last year’s figures.
Top 3 Fraudulent Cryptos
So there were many cases of fraud and online robberies in 2021. But a few take the cake.
- thodex
Thodex is a Turkish crypto exchange platform, whose young CEO reportedly ran off with about $2.7 billion in investor money last spring. After huge investments since its launch in 2017, Thodex unexpectedly went offline in April and Faruk Fatih Ozer, the platform’s 27-year-old founder, took a quick flight to Albania. The collapse of the exchange led to major problems in Turkey, where authorities detained and detained 83 people, including Ozer’s relatives. But not Ozer himself! Authorities are still searching for him.
2. Vulcan Forged
Another unfortunate victim is Vulcan Forged. The company operates a number of different crypto services and products. Vulcan was reportedly robbed of $140 million earlier this month when a hacker somehow managed to get hold of the private keys of 96 of the platform’s wallets. And yes, he ran off with all the money. Unlike many crypto platforms, Vulcan has returned the money that was lost to investors.
3. Poly Network
This is a hit. On August 10, the exchange was reportedly hacked, leading to a loss of approximately $600 million in investor funds — one of the largest in crypto history. Poly’s leadership frantically put together an online mission begging the hacker for their money back. “Dear hacker,” the letter began hilariously — then pleaded with the anonymous token rover for a safe “return of the hacked assets.”
The letter was largely greeted with derision and stunned sympathy online, and no one really believed the stolen money would ever be seen again. However, Poly’s tactics worked! The hacker, whoever it is, began returning the stolen funds — later claiming in blockchain-encoded memos that they hacked the exchange just “for fun” and exposing a glaring security flaw in Poly’s system. By the end of August, the thief had reportedly returned the entire massive loot. Remarkable!
