Scams

Unfortunately scams do happen. Although cryptocurrencies offer unprecedented levels of security, scammers are still able to exploit users.

Here we discuss and document past scams, known schemes and gimmicks that crypto enthusiasts should watch out for.

ELI5 Was Usi-Tech a Ponzi scheme? by Gal Crypto
Usi-Tech was a Dubai-based cryptocurrency platform that is surrounded by controversy and is, by some, considered a Ponzi scheme. Starting with the State of Texas, several US and...
ELI5 Understand the several OneCoin’s by Gal Crypto
There are several cryptocurrency projects called OneCoin. In some naive cases, the name was not properly researched and got accidentally reused by different small projects throu...
ELI5 What was Oasis Mining? by Gal Crypto
Oasis Mining was an initiative by former crew from OALend Coin (OACCOIN). The core business idea was to raise money via crowdfunding (ICO) in order to produce cryptocurrency min...
ELI5 Altex Exchange [Formerly BTCPool.Exchange] by Gal Crypto
Altex was a cryptocurrency exchange active from 2016 to 2018. Before 2016 Altex used to be called BTCPool.Exchange The exchange presented itself as an innovative offering tha...
Brock Pierce scandal, background and net worth [EOS cryptocurrency] by Gal Crypto
The so called Brock Pierce scandal became a WWW sensation after it was mentioned by comedian John Oliver in an episode of Last Week Tonight. John Oliver's Last Week Tonight Segmen...
The complete guide to Bitcoin and altcoin hacks by Gal Crypto
Perhaps you'd be surprised to find out that Bitcoin has been hacked in the past? Millions of fake Bitcoins were minted out of thin air and injected into the blockchain. Even the...
ELI5 USI Tech / Eyeline Trading / Wealth Boss. Scam? Ponzi? What’s the deal? by @Cryptobill
USI Tech was a MENA region (UAE-based) cryptocurrency exchange which has been accused of operating a ponzi scheme. As of this writing, USI Tech's website is unreachable. There i...
Target’s blue tick Twitter account was hacked. Users targetted in most recent Bitcoin impersonation scam by @Cryptobill
The Target Twitter account was hacked and is actively promoting a Bitcoin scam. Worse yet, they have taken control of the Target ad account and have paid for promoted tweets...
Is BAT (Basic Attention Token) token a ponzi scheme? by @Cryptobill
If you've been following recent cryptocurrency news, then you probably know that Coinbase Pro has listed Basic Attention Token (BAT). While the price has nearly doubled in the p...
Is Bitcoin a Ponzi scheme? by @Cryptobill
A system where the early birds made billions of U$ and the newer investors who entered in late 2017 are losing money, a system where more and more people enter the mining competiti...