Did you know that 2021 was a big year for the cryptocurrency industry? Did you also know that it’s a big year for crypto scams? While many crypto enthusiasts are making a fortune through cryptocurrencies, some greedy ones weren’t lucky in counting their losses. These cryptocurrencies soared to new highs, attracting attention from people who may not have been familiar with the industry previously. With so many crypto newbies jumping and hoping to have a bite of the cake, over the past year, scammers have used these newfound opportunities to cash out at their expense.
Now let’s go ahead with the top ten cryptocurrency scams in the world.
1. The Squid Game Token
The Squid Gain token is one of the most widely publicized scams of the year. Many newbies and even experienced crypto investors fell for this token because of the hype of the Netflix series Squid Game which almost got everyone engaged.
The most surprising part is that the squid game token went from worth a few bucks to nearly $3,000 within a few weeks and keeps organizations like CNBC, Forbes, and Business Insider wondering and a slew how quickly it was rising in value. Of course, greedy investors were attracted to this token, and before they knew what was going on, they weren’t able to sell what they bought.
The squid game token ended up the same way. Most of these altcoins, which are pump and dump, are strategies used by creators to enrich themselves and leave other investors with losses. It was indeed a very painful experience for investors.