Major Cryptocurrency Scams Highlight Need for Caution and Regulation
• Centra Tech co-founders ran an elaborate scam promising cryptocurrency debit cards and financial products that did not exist, defrauding investors of millions.
• FTX founder Sam Bankman-Fried was found guilty of defrauding FTX customers and investors out of billions in one of the largest financial fraud cases in history.
• BitConnect operated a Ponzi scheme disguised as a cryptocurrency lending program, accumulating $2.4 billion from investors.
• OneCoin and founder "Cryptoqueen" Ruja Ignatova allegedly defrauded investors of $4 billion through their fraudulent cryptocurrency.
• BitClub Network solicited hundreds of millions from investors using a fake cryptocurrency mining operation from 2014-2019.