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 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. Following the scandal, Pierce had t...
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...
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...
Reddit detectives bust Venezuela Bitcoin donation fraud by @Cryptobill
Reddit detectives have done it again. A fake charity which requested donations for Venezuelans during hardship has been busted using a fake image as proof that children had suppose...
Understand Bitconnect [BCC] : Is it legit? by @Cryptobill
Update 1: Bitconnect was shut down shortly after this article was published. At the time of writing we did not know the extent of the Bitconnect scheme. While the official Bitconn...