The Biggest Crypto Scams in Recent Months

Did you know that in 2021, many people visited duplicate cryptocurrency websites at least 9.6 million times? These fake websites mislead and collect your private information while posing themselves as genuine.

Many hackers and digital thieves used this opportunity to steal millions of money through cryptocurrency globally. Currently, multiple news portals focus on crypto thefts. Let us now look at the biggest crypto scams in recent months.

Prevent Yourself: Don’t Become a Victim

In this article, we’ll cover some of the famous crypto thefts that happened in recent months. But before you drool into the article, we want to tell you one thing quickly.

It’s likely you are aware of Web 3.0 and crypto. And probably you use them as well. If you watch the news, you know crypto scam revenue hits billions of dollars. Since it’s still a very new world, it’s vulnerable and open to hackers.

Therefore we recommend you to use a fast VPN app called VeePN to protect your identity. You can download this VPN for Apple iPhone or Android phone.

How will VeePN help? It will redirect the traffic and mask your identity and your real location couldn’t be identified.

Top 5 Crypto Theft (Latest)

Now let’s briefly look at ​​some of the biggest cryptocurrency scams in 2021 and recent months.

1. Save the Kids Scam

In June 2021, the e-sports group members of the FaZe clan implemented the scheme of saving the kids. Multiple influencers promoted this token without understanding the true intention behind such a promotion.

This token came along with decent promotional videos and images that promoted the #SaveTheKids campaign. But they tanked it after a few days of launching the token.

But later, the Internet experts found a phenomenal pattern where the clan has been constantly creating tokens and then tanking it after the launch. This idea caused an issue in the market, and they suspended multiple members after the complete analysis of the process.

Such types of promotional campaigns are active on the internet. Before you invest or promote these campaigns ensure their genuinity and avoid being a part of crypto thefts!

2. Squid Coin Issue

The South Korean show named Squid Game created a revolution in the market because of its popularity, but it also caused a rug pulled scam. Here, the developers start the project and sell the tokens. But then, they escape with the funds that they received. The same thing happened with the Squid Coin controversy.

But later, continuous investigations proved that the original cast members and official show creators were not a part of this controversy. People who invested in this Squid Coin token later faced multiple issues while selling the coin back.

3. Poly Network Issue

Even though most people are not aware of this concept called Poly Network. Some people with a financial background might understand it. If you have ever tried to trade your stocks, you might get that Poly Network is a financial platform that was subjected to a scam during the year 2021.

A crypto hacker analyzed the platform and found an error that allowed them to transfer nearly $600 million into their account. But later, he turned out to be a white hacker who focuses on finding the flaws within a network and improving its security for the upcoming future.

The amount was returned to the original owners, and they rewarded him with huge prize money for detecting the vulnerability.

4. Africrypt Scam

This issue is more like a bedtime story where two brothers worked together to steal an enormous sum and run away into oblivion. However, it is certainly one of the biggest cryptocurrency scams that happened in South Africa.

Two brothers, Ameer and Raees Cajee, from South Africa defrauded investors for Bitcoin worth $3.6 billion. They claimed that their entire business was hacked and someone had transferred the money from their client’s accounts.

But with the investigations, the experts found it was the brothers who transferred the amount. Though the amount wasn’t hacked by real hackers, you know there are many risks involved when you deal with your finances online.

5. Bored Ape Scam

This issue caused a phenomenal situation where the owner lost millions of dollars as ‘ Bored Ape Yacht Club’ Non-Fungible tokens. Each of these NFTs is valuable with a value of more than $2,25,000.

The hacker here portrayed himself as a person who provides technical support for his tokens and gained access to the website. He finally left after stealing three tokens and was never retrieved. The owner Calvin Beccara claimed he lost millions of money because of this scam.

Final Thoughts

So, these are the biggest scams in cryptocurrency that happened recently. These losses are in millions of dollars and it is the common people like you and me who are most affected.

Though you need not be a tech-savvy or geeky person to invest or interact in web 3.0, it’s necessary you do have some knowledge. And you should always be mindful while taking some precautions. Never act on greed or in hurry!

So using preventive measures such as VPNs can ensure your safety and mask you online, preventing you from being a hack victim. Even the original websites nowadays make mistakes that cost a downfall for their brand. So invest carefully after a thorough analysis.