Top 3 Scamcoins Giving Cryptocurrency a Bad Name

The cryptocurrency world has seen its fair share of scams, Ponzi Schemes, and other programs where people lost a lot of money. Some of those projects will always stand out, mostly due to their sheer size. Interestingly enough, some scam coins have made an impact on the ecosystem as well. Only one of the currencies listed below is still in operation today, and they are being scrutinized by law enforcement agencies as we speak.

#3 The Billion Coin

tbc logo

With a name such as The Billion Coin, it is not hard to see why this cryptocurrency has been labeled as a scam. This Ponzi Scheme advertised itself earlier in 2016 as the biggest cryptocurrency, even dethroning bitcoin. As one would come to expect from this malicious schemes, The Billion Coin claims its value will always go up. TBC mainly targets users in Indonesia, and a lot of innocent people fall victim to this scheme.

However, with no source code – hence no currency to speak of – and no whitepaper – it becomes evident this project is selling nothing but hot air. There is no development roadmap either, indicating there is no one developing this project. Even the block explorer seems suspicious, which is not surprising considering there is no technology powering this scam. Moreover, it is not possible to exchange The Billion Coin anywhere, as no exchange wants to list it.

#2 PayCoin

paycoin logo

Everyone in the cryptocurrency world has heard of PayCoin, an infamous cryptocurrency scheme operated by Homero Joshua Garza. PayCoin portrayed itself as a global currency that could compete with bitcoin, yet never lived up to that expectation. Mining Paycoin could only occur through the company’s proprietary cloud mining platform, called Zenminer.

GAW Miners, the company operating Zenminer and PayCoin, once claimed a US$8m investment was made in the platform, but that information was completely bogus. Things unraveled for Paycoin once Zenminer started attracting a lot of money, eventually leading to all withdrawals being suspended indefinitely. All platforms who listed PayCoin for trading purposes promptly removed XPY shortly afterward. It remains unclear how much money has been lost due to the PayCoin scam to this very day.

#1 OneCoin

onecoin logo

When talking about cryptocurrency scams, one should look no further than OneCoin. Similarly to The Billion Coin, OneCoin has no technological infrastructure, no development, and no white paper. This entire ecosystem is created out of thin air, yet it continues to attract investments from unknowing consumers all over the world.

Thankfully, OneCoin is meeting a lot of resistance from various governments all over the world. The London Police is actively investigating this pyramid scheme. Plus, Italy has banned OneCoin activity due to an ongoing fraud investigation. Bringing down this scheme once and for all could be challenging, but things are heading in the right direction.

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  1. Stephen Gornick January 23, 2017
  2. Edu Guimaraes January 23, 2017
  3. Michael Wilterdink January 23, 2017
  4. bitcoin January 24, 2017
  5. Mohammed Suleman Abid January 24, 2017
  6. Gabriel Dawodu March 8, 2017
  7. Tim Tayshun March 9, 2017
  8. kelvin March 10, 2017
  9. kelvin March 10, 2017
  10. kelvin March 10, 2017
  11. kelvin March 10, 2017
  12. Tim Tayshun March 12, 2017
  13. Tim Tayshun March 12, 2017
  14. Pocpoc Gahassa March 17, 2017
  15. Tay Blair April 12, 2017
  16. Tay Blair April 12, 2017
  17. Will Hopkins May 23, 2017
  18. Tay Blair May 29, 2017
  19. Faith Sloan June 14, 2017
  20. Faith Sloan June 14, 2017
  21. Faith Sloan June 16, 2017
  22. Faith Sloan June 21, 2017
  23. Faith Sloan June 21, 2017
  24. Tim Tayshun June 22, 2017
  25. Tim Tayshun June 22, 2017
  26. Faith Sloan June 24, 2017
  27. Faith Sloan June 24, 2017
  28. James Ferris July 16, 2017
  29. Stephen Jones July 17, 2017
  30. Tay Blair July 17, 2017
  31. Bikash Maharjan July 21, 2017
  32. ace July 22, 2017
  33. nafees alam August 8, 2017
  34. Faith Sloan August 26, 2017
  35. Faith Sloan August 26, 2017
  36. Gogoboy September 19, 2017
  37. Zachary Williams November 1, 2017
  38. Faith Sloan November 2, 2017
  39. Greg Lombardi November 5, 2017

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