The Cryptocurrency Graveyard: A Look at Projects that Once Promised the Moon but Crashed (and scammed) to Earth.

In the world of crypto, not every project is destined for success. Some coins and tokens have achieved astronomical gains and revolutionized industries, others have faded into obscurity, leaving behind tales of shattered dreams and lost fortunes. Let's talk about 6 coins/projects that once promised the moon but ended up crashing to earth.

1. Bitconnect (BCC): Perhaps the most infamous of them all, Bitconnect was a cryptocurrency platform that promised high returns through a lending program. It's now widely regarded as one of the largest Ponzi schemes in the crypto world. At its peak, BCC reached a market cap of over $2.5 billion. However, regulatory crackdowns and growing skepticism led to its dramatic collapse in early 2018.

Read more: https://www.justice.gov/opa/pr/bitconnect-founder-indicted-global-24-billion-cryptocurrency-scheme

2. OneCoin: Dubbed the "Bitcoin killer," (lol) OneCoin was a project that claimed to be the next big thing in crypto. However, it turned out to be a multi-billion dollar fraud that duped investors worldwide. Its founder, Ruja Ignatova, disappeared in 2017 and remains at large.

Read more: https://www.justice.gov/usao-sdny/pr/co-founder-multi-billion-dollar-cryptocurrency-pyramid-scheme-onecoin-pleads-guilty

3. Confido (CFD): This small ICO raised over $400,000, promising to be a revolutionary escrow service. However, shortly after the ICO, the team vanished, deleting their online presence and leaving investors in the lurch.

Read more: https://medium.com/raising-the-entrepreneurial-boom/yet-another-ico-fraud-case-confido-4a92fa8aa5f

4. Prodeum: A project that aimed to revolutionize the fruit and vegetable industry using blockchain. After raising a modest amount in their ICO, the team disappeared, leaving behind a website with just one word: "p*nis."

Unbelievable but google the image. It actually happened....

Read more: https://www.wired.com/story/cryptocurrency-scams-ico-trolling/

5. PlexCoin: The SEC first emergency asset freeze to halt an ICO scam. PlexCoin promised a 1,354% profit in less than 29 days. The SEC intervened, and its founder was charged with fraud.

Read more: https://www.sec.gov/news/press-release/2017-219

6. Terra's LUNA and UST: Terra's UST plummeted from its $1 peg to 35 cents, and LUNA dropped from $119.2 to just cents in May 2022. Regulatory scrutiny and capital flight were key culprits. The failed attempt to stabilize UST using LUNA reserves led to massive investor losses. Terra's founder, Do Kwon, is now reportedly facing legal prosecution in South Korea due to the tokens' collapse. The fallout resulted in multiple lawsuits and ongoing investigations, further eroding trust in the Terra ecosystem.

Read more: https://www.forbes.com/sites/qai/2022/09/20/what-really-happened-to-luna-crypto/?sh=2713d2394ff1

This is just 6 out of 2383 crypto coin failures from 2013 to 2022, according to CoinKickoff. Average lifespan of a cryptocurrency is just 15 months. Ouch.

Remember that "If it sounds too good to be true, it probably is".

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