2022's largest cryptocurrency fraud attempts

Last Updated on 5 months by newseditor

The term cryptocurrency has become the trendiest phrase of 2022. Cryptocurrency has seen everything from sky-high peaks to catastrophic declines, grabbing the interest of both investors and fraudsters. The severe cryptocurrency frauds of 2022 caused individuals to lose millions of dollars. Fraudsters are most likely to use Bitcoin, Tether, and Ether to get payments, with the rankings high at 70%, 10%, and 9% respectively, according to updated data from the Federal Trade Commission. Cryptocurrencies are still relatively unlicensed and are unknown to many investors, so they are viewed with suspicion.

Even experienced investors find it challenging to manage the dangers and frauds associated with cryptocurrency. The majority of those who suffered losses have stated that they were misled by a link or social media post. This percentage is close to 4 out of 10 people. The largest cryptocurrency frauds of 2022 are highlighted here as a lesson on how to avoid falling victim to scams in the future.

Crypto Rug Pulls Scam: Ukraine Tried To Con Its Donors

The Ukraine rug pull scam is a strange scam that does not happen very often. The Ukrainian government decided to take advantage of people’s money in the crypto space who were always looking to generate mega returns and get positive attention. Therefore, the Ukrainian government started accepting cryptocurrency donations in February 2022. But the government withdrew its donors. Contributions totaled a respectable amount. After the government announced freebies through crypto airdrops to people who sent donations, the number of crypto donations started to swell. After a few days, Ukraine canceled the airdrop. People who gave money expecting to benefit called it a scam. This action of Ukraine is a classic example of what is formally called a rug pull.

Phishing Attack: Axie Infinity Was Broken Into, And The Hackers Made Off With $615 Million

The Ronin blockchain, which powers the well-known cryptographic game Axie Infinity, was found to be vulnerable by hackers in March 2022. The hackers used this opportunity to their advantage and stole roughly $615 million. The firm didn’t become aware that they had been conned until a gamer raised an issue because he was unable to liquidate the funds. By the end, Axie Infinity had collected $125 million to pay back its players. However, the loss of $615 million cannot be recovered since it is one of the biggest scams of this year.

A Scamming Coin: Day Of Defeat

A 10,000,000 increase in cost had been forecasted for the Day of Defeat. Many individuals fell for this even though the promise clearly did not come true. They have also guaranteed that an unidentified award would be distributed in June of the following year. At that point, the value of their token will have increased by a factor of one million. It turned out they had not kept their promise, and $1.35 million was stolen in May. The outcome was a stunning 96% decline in the token’s value. The investors did actually lose that day.

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