With the advent of cryptocurrencies, the instruments of investments has changed exponentially. After looking at the potential of cryptocurrencies and their base, Blockchain technology, people are investing in crypto market heavily. Of course, crypto market has a lot of potential in the near future as every day a new crypto get launched into the market with a great and ambitious vision. Some people invest in crypto space because they believe in the long term potential of cryptocurrency market while some people invest in crypto space just under the influence of FOMO.
If we talk about current times, the total crypto market capitalisation stands at $110 Billion which is a whopping amount for something which is still in developing phase. With great success in crypto, there is also a huge risk of failure too. Cryptocurrencies are more prone to high price volatility and scams. There are thousands of crypto scams running right now which can affect a user's invested money.
Now, Let's talk about a popular Scam which actually had nothing to offer yet people invested enormously in this project.
This Scam is the scam of The Billion Coin !!
This cryptocurrency was launched in year 2016 with a promise to conquer Bitcoin itself. This was an absolute Ponzi scheme which was launched by a person named Kris Kringle. In fact, the owner never revealed himself physically over any website or video related to The Billion Coin.
The coin offered was an absolute MLM scheme which targeted the investors to bring more people into the project in order to receive more ROI on their invested money. The basic idea was that the coin value will not increase by the market forces, rather it will increase with the number of investors in the community.
This means initial value of 1 TBC was $1. If 10k members had to added to the community, then 1 TBC value would have been $10000 and so on, so forth.
So, did you smell something like scam? If not, then you should have.
This project had very strict rules as to the wallet guide lines. Company asked his investors to submit verified documents of their identity within 6 months and whosever documents were not submitted, his/her wallet would have been suspended without any prior notice.
TBC scam targeted the people mostly in Indonesia and a huge number of people fall victim to this cryptocurrency scam. When some people get suspicious about the intentions of the project, then after deep research they got to know that there was no whitepaper ever existed for the project. The websites don't even work and made with basic website maker. There was no road map of the company and it was just selling promises instead of solid product.
The irony was that this cryptocurrency was never listed on any exchange because no exchange never allowed it to enter into the exchange by looking at the fake roadmap and empty promises.
This project raised approximately $10 Million before their websites stopped working altogether. All the investors tried to file case against this company but there was no use of it. There was no one to arrest and all the documents and company address were fake.
So, I would urge every investor to research a lot before putting your hard money into a crypto project.
There are lots of crypto scams and conspiracies already running through crypto space. So, Be cautious.
Thanks for reading ..!!
