Top 10 Scummiest Crypto Currencies to Avoid at All Costs
AUTHOR: Vuk Jovanovic
Cryptocurrencies represent one of the innovations of the modern economy and the Internet. They experienced the greatest boom in the last five years, where the prices of some and the number of people who got rich grew exponentially. But as in everything that involves the word investing, it’s possible for scams to also happen in the crypto world.
The emergence of crypto tokens that are scams is becoming more and more common today as they become more popular.
1. SafeMoon
One of the most popular tokens at its peak, the safe moon seemed like the perfect path to easy money. The founders and Many celebrities advertised this token and raised it to the sky. Thousands of investors rushed to put their money into this token without knowing it would cost them all their invested capital. According to many people on the Internet, it’s a stay-away thing.
2. Squid
Announced immediately after the series, the Squid token became unimaginably popular, and in a concise time, its value rose to several million dollars. Unfortunately, when more than 3 million dollars were collected from investments, fraudsters cashed in all the coins in that amount, which led to an unexpected drop in the price of this token. The value reached one-third of a cent, enough to leave investors in the lurch.
3. Bitconnect
One of the prime examples is when people don’t pay much attention to researching the crypto they want to invest in. The Bit-connect Ponzi scheme ended up wort over 2.4 billion dollars and frauding more than five thousand people. Many users and researchers explained how it could have been avoided if only the usual amount of research had been given. Read the White paper and look at the founders always.
4. Saitama
Following some dangerous and suspicious acts from the developing team, people argued about the Saitama coin’s validity. In addition, people commented on the false promises from the founders and the lack of designated public offices or operations centers. Summing up all the data, it can be said that this coin is on the list of suspicious and scammy ones.
5. HEX
The characteristic of this particular crypto coin may indicate some red flags. Of course, the people who lead the polemic cannot claim with certainty that hex is a scam. But rounding up all the information and data about this coin can be helpful for determining validity.
6. OneCoin
One-Coin is a deceptive cryptocurrency hoax that is a prime example of a Ponzi scheme due to its organizational structure of paying and similar. It is believed that more than four billion dollars were taken from millions of investors who thought this Onecoin was an excellent opportunity to earn money.
7. FTT
Cryptocurrency for traders who used the FTKS trading platform, which also happened to be with the platform itself when the FTX crypto scam in 2022 happened. It was a fraudulent scheme involving the exchange and its founders. The developing team manipulated the prices and trading volumes, leading to significant financial losses for all traders.
8. World-coin
World-coin is a decentralized open-source protocol supported by a global community of big developers and companies. Although the support is excellent, past experiences have proven that, in essence, nothing can guarantee a token is valid and not a scam, at least on the first page. People commented about some scary and scummy stuff, the truth behind the coin and its developers too. So at least before investing, a sound check and investigation are required to be sure it’s 100% valid.
9. Terra Luna
This was all over the news and there has been enough discussion of the collapse of this “stablecoin.” The regulators and agencies are investigating the owner and it looks like quite dismal for investors to recover any of their funds.
10. Ethereum Max
Ethereum Max (EMAX) is another one of the thousands of tokens to promote how they are unique and different than anyone else. They had celebrities tout the coin and ultimately those promotors got investigated. The token has never registered as a security.
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This originally appeared on AmmarRangwala.com.
Ammar has started several online businesses and is a blogger who loves providing quality content to help others. He is involved with affiliate marketing, domain names, NFTs, and cryptocurrencies. Check out my blog if you want to learn more about these areas and business in general.
