OneCoin was a Ponzi scheme promoted as a cryptocurrency by Bulgaria-based offshore firm OneCoin Ltd. Launched in 2014, OneCoin was promoted by the self-acclaimed “CryptoQueen,” Ruja Ignatova. From an all-time excessive of $0.02, OneCoin is now valued at $0.0008661.
OneCoin gained such a following as a result of it was touted as a “Bitcoin Killer.” The mission concerned utilizing the cash from new traders to pay returns to the prevailing ones. Ultimately, customers misplaced over $4 billion to the Ponzi scheme.
Gem Coin (GEM) is likely one of the extra distinctive scams. The founder alleged that the digital gem cash (just like NFTs immediately) had been backed by actual gems mined by his firm, U.S. Effective Funding Arts, Inc. (USFIA). He additionally alleged that the digital gems may very well be traded on the USFIA platform.
The worth of the digital cash supposedly elevated as the corporate’s gemstone gross sales elevated. In actuality, USFIA didn’t personal any gemstone mines. Steve Chen, the mastermind behind the mission, was charged with a $147 million rip-off. From an ATH of $0.06153, GEM now trades at $0.0003183.
- GetGems (GEMZ)
Following the idea of treasured stones, in 2015, Daniel Peled launched GetGems. Not like Gems, GetGems was a social messaging app that allowed individuals to ship and obtain Bitcoin.
At its 2015 ICO, GetGems raised $1 million by way of crowdfunding and direct funding. The mission didn’t ship on its promise of invigorating the social media realm. The mission misplaced momentum, and although it’s nonetheless working immediately, most of its preliminary aims have been dropped.
PayCoin, one of many earliest crypto initiatives, is one other respectable lifeless coin. In 2014, crypto miners Josh Garza and GAW launched PayCoin as an improve to Bitcoin’s community. At its top, PayCoin was one of many largest crypto initiatives, hitting a market cap of $115 million in its first 48 hours.
With the intention to ship on guarantees and hit the market early, PayCoin had a rushed manufacturing. This got here on the expense of compromised safety. The mission didn’t stay as much as expectations, dying within the course of.
SpaceBIT stays one of the formidable crypto initiatives so far. In 2014, its founders selected launching nano-satellites into house to make digital currencies accessible to all of the corners of the globe. It ended as a futuristic mission with out the infrastructure to again its improvement.
Launched in February 2016, BitConnect is legendary for being the most important crypto Ponzi scheme in historical past. How large was BitConnect? Shortly after its launch, BitConnect grew to become a top-10 crypto, with greater than $2 billion in market cap.
BitConnect was bought to traders as a decentralized digital forex and peer-to-peer protocol that enables individuals to take a position their possessions in a non-government-related forex. The creators of BitConnect had been just lately charged with defrauding traders of over $2 billion.