
Erica Stanford
An in-depth exposé of cryptocurrency scams and their impact, balanced with insights on crypto’s transformative potential.
OneCoin was never a real cryptocurrency but a spreadsheet manipulated by its founders.
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Section 1
10 Sections
Imagine a world where anyone with a computer and a few hundred dollars could create their own digital currency overnight. This was the reality of the cryptocurrency boom around 2017, a time when the market was akin to a Wild West frontier—full of promise but riddled with lawlessness. The initial coin offering, or ICO, became the new gold rush. It offered an unprecedented way for startups to raise millions without the traditional hurdles of equity dilution or regulatory scrutiny.
The hype was intoxicating. People saw early Bitcoin investors become millionaires and wanted their slice of the pie. Fear of missing out, or FOMO, drove a buying frenzy where rational skepticism was overshadowed by dreams of wealth.
Despite the chaos, some ICOs did lead to genuine innovation, but they were the exceptions in a landscape dominated by opportunists. This explosive period set the stage for the scams and crashes that followed, illustrating both the potential and peril of unregulated financial innovation. As we move forward, we will delve into the darker tactics scammers employed when they decided to vanish with their ill-gotten gains, and how unsuspecting investors were left in the lurch.
Let's now explore how these exit scams unfolded and the human stories behind them.
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Unveiling the explosive rise and catastrophic fall of ICOs and exit scams that defined the early crypto era
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