Finances

The Biggest Cryptocurrency Scandals in History

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Written by Quentin Hack

Because this is the perfect time to invest, it’s time to invest. Yes, crises are an ideal period in which savings can be directed in order to make money. In times of crisis, the value of the investment is lower than it is in normal conditions when investments cost more than more aspects. Otherwise, if you have already imagined or had the desire to invest, our warm recommendation is to ignore all the ideas for businesses, then for real estate, but to focus on the two main sources of generating additional income in the form of profit, and These are well-known stocks in some of the big corporations or cryptocurrencies that have been very popular in the past.

From these two options as an option chosen by all people who would like to try themselves as investors, I would single out the option with cryptocurrencies. Why them? Because it is much easier to manage, and often with a significantly smaller amount invested in them you can start and reach something big after a certain period of time. They have been part of the most popular investment options for 10 years, and Bitcoin stands out as the number one. Although these coins seem ideal, as something that is harmless, which can only bring profit, it has not been shown in practice. No, do not think that it is about the instability of the coins, on the contrary, they are perhaps one of the most stable options. But it is something else, and that is fraud.

Although it works perfectly in the world of finance, there is nothing ideal in that world. The world of finance, although it seems interesting, it seems amazing and as a world full of opportunities, sometimes it is necessary to be careful. We say this rightly and we mean the part of the world of finance that deals with cryptocurrencies. Wondering why? Because in just 10 years as long as these types of coins exist all over the world, countless scandals and countless incidents have occurred in which someone was deceived.

Yes, and this world of cryptocurrencies is not ideal, especially when it comes to fraud. They are present at every step and you need to be careful, not to believe in everything and to think carefully before accepting an offer or before you are interested in an option that seems to be ideal, but in fact is not. In order to prevent you from settling on such a thing and to prepare you, but also to get acquainted with the biggest scandals from the aspect of cryptocurrencies, today we decided to write about that topic. Are you ready to get acquainted with some of the biggest scandals that have ever shaken the world of investing in cryptocurrencies? Let’s get started!

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  1. Mt Gox – the biggest ruthlessness of the last decade – in highlighting these events that were scandalous in terms of cryptocurrencies, we decided to give preference to the Mt Cox case. What is it actually about? What kind of fraud is at stake? With the release of bitcoin and other cryptocurrencies less than 11 years ago, the development of a huge number of various applications that will be used for exchanging and trading cryptocurrencies began. One of them was Matt Cox. It was an application that guaranteed safe trading with coins, but despite all the guarantees and promises, nothing came out like that in the end. Since its appearance in 2010, everything has been fine, but since the end of 2012, scams have started slowly that were initially unnoticed, but then began to become more obvious. Payment in dollars was banned, the site was often unavailable which gave a bad signal for the option. This was the case until 2015 when an owner who robbed users for a long time was arrested in Japan. If this used to exist, today developers do not want to try to do it at all, but they are trying to make better and more stable internet options for crypto, and a great example of that is Bitcoin Pro, which is constantly working on improving it. makes it special. Check here for more info: https://bitcoin-pro.app/.
  2. Have you heard of the Silk Road scandal? – If you thought that this is the only and worst thing that can happen when it comes to cryptocurrencies, then you are wrong. There are even bigger events that are remembered, and one of them is the one with the Silk Road. It is an illegal and worm website that was known among the people on the Internet as the best and safest way for drugs, weapons, and other illicit drugs, and it was all paid in bitcoins. As time went on, this plan worked great until one day when all the participants were accused and punished for bitcoin fraud. The accusations were big, ie they were above normal, which is expected for such a bad option, which is easy if you do not think in time and if you have unhealthy habits like others.
  3. Pyramid savings fraud – Over the years in the world of finance there have been a number of fraud related to savings, especially pyramid savings. That is exactly what we are talking about today. An event that is considered one of the most scandalous events took place in the world of crypto. What did it actually promote? It promoted investing money in the savings bank and later returning it, but with a larger amount. People did it thinking it was true, they invested their money expecting to get an increased amount back on the account after a week, but they were deceived. A huge number of people were offered, and nearly 600,000 dollars were stolen.

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These are just some of the highlights of the scams and scandals that have taken place. It is a proof that you should not trust anyone, that no option is 100% safe, so you need to think a little more and be careful when buying anything and while investing. So think carefully before making any investment.

About the author

Quentin Hack