• 5 Bitcoin Fraud Cases You Should Know About

    | Updated on December 9, 2022

    We see people enjoying the bliss and benefits of cryptocurrency like Bitcoin in the market. They are gaining massive benefits from their investment. Thanks to Blockchain technology helps crypto assets to use comfortably and compliantly in the market. It is impossible to reap all the benefits before you know about the illegal players in the market who are ready to take you for a ride. We are talking about the scams and frauds that have occupied the market. 

    We have seen vast amounts of money getting lost in this domain. As per reports of Statista, we see a whopping 950 M USD were lost in fraud for crypto, with a massive chunk of Bitcoin gutted from the market. Read More detailed information about Bitcoin and start trading now.

    Similarly, in 2020 we have seen the figure reaching 513 M USD. Thanks to the awareness people have developed about fraud, the figure went down. We see tremendous money getting gutted from the market in Bitcoin and other crypto frauds. The article discusses the five copies that have taken place in the crypto world. 

    Bitcoin Savings & Trust

    It was earlier known as a Ponzi scheme, where we see people generating money through the investment of other people. However, this scheme was soon seen as a market fraud case involving a fake ICO racket getting huge money from it. We see ICO as something that starts the business venture and helps sell away the crypto assets and scams, which further helps make things simple. However, it remains the classic case of any fake company that seemed to claim to be more accurate and the one that helped in taking away the investors’ money. 

    In the end, we see around 148 investors are now becoming part of the investment coming through this scheme. 

    Later, it was learned that around half of 100 investors lost their money by investing in BS&T. 

    Bitcoin Gold

    There are many Bitcoin and crypto-based assets in the market, and today the figure is 5.7K in this market. Also, it is natural to see a scammer that takes the benefit of Bitcoin Gold. Also, a new crypto-based asset, like the Bitcoin Gold name, is employed. 

    It remains a legitimate group where people are seen coming along with it. It helps gain the crypto assets used, like Bitcoin gold, like any genuine organization. It helps in making the product legitimate in the market. 

    However, it was a big scam that appeared so natural. It covers many more users, allowing you to develop a Bitcoin gold wallet. 


    The next is BitKRX, a fake South Korean Bitcoin exchange platform. It became popular across Asia thanks to its promotion in the market. The exchange platform claimed that it is the branch of the bigger brand called KRX and created KOSDAQ, a trading platform of KRX. It also imitated the respectful crypto-based asset exchange. By 2017, people reported that their money had gone away from this platform. Many people lost money, and the scam was exposed when the investors suffered significant losses. Many people investing in crypto assets saw the theft of their digital money. 

    My Big Coin

    The next is My Bitcoin, which is posed in the market as a crypto asset. It helped gain big in the market and lured too many more investors that funded a whopping 6 M USD with fake currency in 2018. The group behind this fraud was a US-based company exposed by CFTC or Commodity Futures Trading Commission. It comes with commodity fraud and misappropriation linked with the clients’ ongoing solicitation that remains like a digital coin called My Big Coin. The scam accrued a whopping 6 m USD for many more customers, among the other things that helped transfer the customer funds to their accounts. 

    Cryptocurrency Clipboard Hijackers

    We know that malware is the biggest threat to crypto users. One of the known ones working as malware for crypto asset-based transactions was Clipboard Hijacker. It helps give away the cost to many more who are seen adding the monitors that remain in the windows like a clipboard for many more crypto addresses in the market. 

    It helps discover the detection and will swap the intended address with a decent approach. Bitcoin fraud cases come along with many more variations, and this appears like a giant fraud to be named here.

    Joseph Williams
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