Top 10 Crypto Scams of the Last Decade: A Wild Ride Through Crypto Chaos

1. Mt. Gox (2014) – The OG Heist

Loss: $460M
Once the king of Bitcoin exchanges, Mt. Gox handled 70% of global BTC trades. In 2014, hackers drained 850,000 BTC due to shoddy security. Users like Reddit’s u/BitcoinBummer lost life savings: “I had 50 BTC on Mt. Gox. Poof, gone. Now I’m paranoid about every exchange.” The fallout sparked tighter regulations, but repayments are still trickling out in 2025. Think Tony Stark losing his arc reactor—catastrophic.

2. BitConnect (2016–2018) – The Meme-Worthy Ponzi

Loss: $4B
BitConnect promised 40% monthly returns via a “trading bot” that was pure fiction. It collapsed in 2018, but not before promoter Carlos Matos became a viral meme, yelling “BITCONNEEEECT!” on stage. Reddit user u/CryptoCrushed shared: “My uncle sank $10K into it. He’s still embarrassed.” The SEC later clawed back $24M for victims. It’s like Fyre Festival, but for crypto.

3. PlusToken (2019) – Asia’s Mega-Scam

Loss: $2B+
PlusToken posed as a crypto wallet with 8–16% monthly returns, scamming over 2 million users, mostly in Asia. When founders vanished, Bitcoin prices tanked due to their sell-offs. X user @MasterCryptoHq posted: “PlusToken was slick—fake app, big events, pure lies.” Think Ocean’s Eleven, but the heist was on users.

4. QuadrigaCX (2019) – The Mysterious Death

Loss: $190M
Canada’s biggest exchange imploded when CEO Gerald Cotten reportedly died in India, taking cold wallet keys with him. Or did he? Reddit’s u/QuadriGoner said: “I lost $20K. Still think Cotten faked it.” Conspiracy theories abound, with no closure for users. It’s like a Black Mirror episode gone wrong.

5. OneCoin (2014–2019) – The Crypto Queen’s Con

Loss: $4B
Ruja Ignatova, the “Crypto Queen,” sold OneCoin as a Bitcoin killer. Spoiler: it had no blockchain. She vanished in 2017, leaving investors broke. A BBC podcast chronicled victims like Jane, who lost €50K: “I trusted her charisma.” Ignatova’s still a fugitive. Think Gone Girl, but with crypto.

6. Thodex (2021) – Turkey’s Great Escape

Loss: $2B
Turkish exchange Thodex halted withdrawals, and CEO Faruk Fatih Özer fled with $2B. Investors like Ali, quoted in Reuters, lost $30K: “It was my retirement fund.” Özer’s arrest in 2022 brought little relief. Picture The Wolf of Wall Street, but in Istanbul.

7. FTX (2022) – The Golden Boy’s Fall

Loss: $8B
Sam Bankman-Fried’s FTX was a crypto darling until it crashed in 2022, with $8.7B of user funds misused. Reddit’s u/FTXSucker raged: “SBF’s ‘effective altruism’ was a scam. Lost $15K.” SBF got 25 years in prison. It’s like Succession, but with real money and no redemption arc.

8. Luna/UST Crash (2022) – The Stablecoin Disaster

Loss: ~$40B
Terra’s UST stablecoin and LUNA token collapsed in a “death spiral” when UST lost its $1 peg. Founder Do Kwon’s arrest followed. X user @CryptoLostBig called it “the most devastating algorithmic failure in history.” Reddit’s u/LunaLostBig said: “I lost $100K in a week. Still hurts.” Think GameStop stock crash, but worse.

9. Celsius, Voyager, BlockFi (2022) – The Lending Meltdown

Loss: ~$30M
These lending platforms promised high yields but filed for bankruptcy in 2022 amid FTX’s ripple effects. Reddit’s u/CelsiusScrewed shared: “I locked up $50K in Celsius. Got pennies back.” It’s like trusting a bank that’s secretly a house of cards.

10. SaveTheKids & Influencer Scams (2023–2024) – The Logan Paul Era

Loss: ~$4M
Rug pulls like SaveTheWorld, hyped by influencers like Logan Paul, tanked after insiders dumped tokens. Reddit users like u/WorldScammed cried: “I bought $8,000 worth because of YouTubers. Total loss.” Think influencers selling snake oil, but it’s crypto.

Lessons Learned & How to Stay Safe

• Do Your Homework: Research projects on platforms like CoinGecko. No blockchain? Red flag.

• Avoid FOMO: Promises of 40% returns are scams 99% of the time.

• Use Cold Wallets: Keep your crypto off exchanges. Hardware wallets like Ledger are your friend.

• Check the Team: Google the founders. If they’re ghosts, run.

• Trust Your Gut: If it feels too good to be true, it is. As Dory from Finding Nemo would say, “Just keep swimming” away from shady deals.

Crypto’s a rollercoaster, but you don’t have to get burned. Stay sharp, and don’t let the next scam catch you off guard!

There is also information about 7 common types of scams on : https://cryptoblackrock.com/top-7-crypto-scams-in-2025