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20 of the Biggest Cryptocurrency Scams of the Past Year – 24/7 Wall St.

Loan Scams

20 of the Biggest Cryptocurrency Scams of the Past Year – 24/7 Wall St.


Cryptocurrencies have an air of being 100% secure. Yet the past year was full of hacks and scams resulting in billions of dollars worth of cryptos lost. Mostly, the large hacks have to do with the systems that help users transact, such as decentralized finance, or DeFi, platforms, many of them barely one to two-years-old. In other cases, the scams are simply pump-and-dump, rug pulls, or other schemes.

And just like most things cryptos, even the scams are sometimes shrouded in mystery. It is not always clear who scammed who — who were the actual attackers or scammers and who really lost money. In fact, it is not always clear how much money was involved. In a few cases, it is not even certain that there was an attack — whether the claims are false or overblown by hype. 

What is clear is that in a decentralized system that has little in the way of oversight and regulation, investors should be ultra careful when it comes to crypto. (While relatively few dabble in crypto investment, everybody should be aware of identity theft risk. Here are the states with the most identity theft.)

To find some of the biggest and most famous cryptocurrency scams of the past year, 24/7 Wall St. reviewed media reports, trying to create a representative list of some of the biggest, more recent headlines involving crypto scams. The list is by no means exhaustive, nor does it necessarily list the scams with the most money involved (the sums are not always clear). Rather, it tries to…

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