Top 5 Biggest Crypto Scams of the Year:

As 2022 finally comes to a close, it’s time to take stock of the year’s biggest scams. In an already complex year for investors, these shenanigans didn’t help matters.

The 5 best crypto scams of the year

For this ranking of the most important crypto scams of the year, crypto hacks will not be considered, since their origin varies from a project whose creators are suspicious from the beginning.

1- Pixelmon NFT: $70 million

A game to win again finds itself in the middle of trouble. Players appear constantly worried from cryptocurrency scams or carpet pulling cases. Indeed, on a regular basis, it seems that games in the crypto world are inspired by video games that already existed to initially bait investors.

The idea of pixelmon adopts this kind of strategy, with the initial aim of getting closer to the world of Pokemon, mixing the gameplay with the graphics of Minecraft. At first, project teams find themselves going far, not hesitating to compare their project to a Pokemon from metaversethrough the purchase of NFT.

Other elements also contributed to the good launch of the project, the number of NFTs was limited to 10,000 as per Blockverse. Pixelmons exist as NFTs and can be used by players in the game and then trained and potentially resold. At a price of 0.6 ETH for each NFT and knowing that the project had 10,000 immutable tokens, this is no less than 70 million dollars that were harvested on Ethereum at the time. A work that lovers of nft games they will not be forgotten.

2- Bored Bunnies: $20 million

Inspired by Bored Apple, we find a trick again through a collection of NFTs. Obviously, when there are advertisements, it is essential to be very attentive to the multitude of projects that arise and to use the advertised elements of the moment, such as metaverses, immutable arguments, or games to win. Sometimes they can be dangerous crypto scams.

For the Bored Bunnies project, celebrities have been “hired” and used for publicity, such as boxer Floyd Mayweather. Project NFTs promised a lot with an interesting benefit, both from the placement and from the possibility of “mint” [frapper] Other NFTs from early releases, or metaverse related lands.

Then the developers reported various promises, in particular to develop a guide and collections of derivatives like Bored Bad Bunny, which can also be “assembled”. After this mint, a new collection of non-exchangeable tokens appeared with the mutant Bad Bunny.

Unfortunately, after this innovation related to the project, nothing followed. Indeed, during the night, the developers were discreet and there was no longer any communication on social networks and the Discord channel, which was even deactivated. A total of $20 million in cryptocurrencies had been raised by investors.

Then, to avoid investor complaints from the FED, the project team reported a minimum of activity to fake a project restart and be able to disappear more quietly. Thus, the pretext of releasing a collection of physical objects (t-shirts or various goodies) allowed developers to save time.

Moreover, according to Nansen, one in three NFT projects cannot survive over time, due to low trading activity. Even if the NFTs of the mentioned projects do not trade at $0, the volume weakens when the project sows doubts and its creators stop giving news.

3- BNB42: $2.8 million

BNB 42 was a crypto project the promised profits for all these investors. Fast and incredible, these profits were 100% within days as promised by the project team. Even if these crazy profit promises are generally seen as one-way crypto scams, investors still fall into the trap. In this scenario, several thousand people finally decided pour in in this project.

In total, these are almost 2.8 million dollars who left when the crooks behind the project ended the adventure as quickly as it had begun. Currently, the project’s website no longer exists at all after the funds were stolen around mid-February, just after Valentine’s Day, when the creator behind BNB 42 set up a different contract address to continue withdrawing funds.

The funds were subsequently lost as the stolen cryptocurrencies passed through crypto mixer Tornado Cash. Unlike other scam projects, this one was based on the BNB Chain, and therefore the funds were stolen in BNB.

In total, 6,445 BNB coins went through Tornado Cash. While the minimum deposits were 0.01 BNB, the project unfortunately received support from some crypto influencers who helped raise funds for the scammers.

4- Baby Musk coin: 2 million dollars

On paper, this project that turned out to be one of the biggest crypto scams had everything to succeed, with a symbolic name inspired by Elon Musk and the word “baby” like Baby Doge and other projects of this kind.

However, again, not everything went as planned. The same very promising coin ultimately only benefited the developers of the project, since then 2 million dollars have been raised thanks to the ICO. While the price of the token exploded after its release, gaining more than 100% in value, the same coin sank, reaching a very low price.

Moreover, by the time the token reached its ATH, investors were inthe inability to sell their tokens, being stuck while others were able to enjoy more profits. The Baby Musk coin had, however, several elements that gave or reinforced its legitimacy, having clear objectives, but also a roadmap available on the project’s website, which outlined the main steps to follow for the project.

Among the papers published by the press, the CEO’s name would have been leaked, especially in Yahoo Finance: Grant Liu. However, given the way the project sank, everything would suggest that Liu is not not a real name or at least does not correspond to the CEO of the project. In any case, although Elon Musk’s name has been mentioned in this project, the eccentric multi-billionaire has nothing to do with the scam, but his name has been instrumental in making the project more popular.

Elon Musk bitcoin

5- Blockverse: $1.2 million

Here we find a scandal inspired by the world of Minecraft, with a game NFT from the name of Blockverse which took many principles of the famous pixelated game. It won’t soon be forgotten by investors, as it’s the first time a famous video game has been taken over for a crypto project and turned out to be a scam.

Pre-sales for the project were successful, as in total, 1.2 million dollars were harvested and therefore “stolen” by investors. Initially, the project had investor appeal, with a private project accessible only by NFTs that “made” Minecraft more private.

With 10,000 NFTs up for sale, an extremely limited amount, the project had a flash sale that took several minutes to sell all of these NFTs. The 10,000 NFTs were sold very quickly, thus helping to raise a total of $1.2 million.

Even if the project team has commented on the situation, no refund has been made yet and no relevant information is circulating about a future opening of the famous Minecraft server. What takes a good place in this ranking.

Crypto Bonus Scams: Government of Ukraine

This year, a “donor pulls the rug” was decided by the Ukrainian government. Indeed, although seemingly negative and incomprehensible, the phenomenon has an explanation.

Perhaps the only “good” scam in the crypto realm? While Ukraine has been in the middle of a war since February 2022, the nation has decided to take advantage of cryptocurrencies for the conflict between it and Russia. Aware that it is a means of getting money from donors who defend it and mobilize to raise funds, Ukraine probably thought that the first prize could be interesting and help it a lot in its war effort, such as for the purchase of weapons, as well as to retain some essential public. services.

As a reminder, around this time, cryptocurrencies entered a bear market, but not yet as advanced as later in the year. Therefore, the amounts of BTC or ETH received from Ukraine were still significant at that time.

Following the rapid adoption of digital assets, a throwing air was created for all people who would send funds to Kiev.

Source: I tweet

However, nothing went as planned. Although thousands of donors initially came forward, they seemed more motivated by the lure of potential benefits associated with a throwing air instead of helping a country at war. While 60,000 transactions in two days were carried out on the Ethereum blockchain for the Ukrainian wallet, the amounts turned out to be small, indicating malice on the part of the donors. Indeed, the latter seemed interested only in himthrowing air and intended to take advantage of the situation, as there was no minimum amount required for these donations.

In response, Ukraine decided to to suspend it throwing air and to preserve the funds, at the same time signing one of the most intriguing “crypto-scams”. Indeed, even though Ukraine walked away with money from cryptocurrency investors, the investors still made payments for a charitable purpose, even though that was not their intention.


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