Biggest crypto SCAMS in 2021

2021 has been a very successful year for cryptocurrencies, but there have also been many scams, with billions of dollars worth of crypto stolen. Here we will look at some of the biggest scams this year.

Squid game coin

This is a currency based on the extremely popular South Korean tv show Squid game. It got a lot of attention in the media and the public when it rose from a fraction of a dollar to nearly $3000 in a few weeks. Many people complained they had lost their life savings by investing in this. It was then revealed that it was a scam, and the creators of the token removed liquidity and had gotten away with millions of dollars. Many people believed it was legit as some official websites like https://coinmarketcap.com listed it. However, there were some signs from the start that the coin was a scam, such as the fact that many people claimed they could buy squid game coins, but not sell them.

Poly network hack

In supposedly the biggest crypto attack ever, $600 million dollars worth of crypto was stolen from the Poly network, and transferred directly from the platform into the hacker’s personal account in early August this year. But in an even stranger twist, the hacker nicknamed “Mr. white hat” decided to return all of the stolen money, first returning$400 million dollars, but refusing to return the remaining amount. The poly network then tried to plead with him, offering $500 000 as a bounty reward if he returned all the money, as well as making him the “chief security advisor” of the company. Finally, the hacker, or hackers returned the money.

PancakeBunny

In May, hackers took advantage of flash loans to steal roughly $45 million worth of Bunny tokens, therefore also tanking the price of them from an impressive$220 down to $10 in less than a day.

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Cream finance

Cream finance suffered a tough year, being majorly hacked 3 times this year, stealing in total over $190 million. They stole all of the company’s assets and tokens on the ethereal blockchain.

Others

In some other attacks, hackers stole $196 million from *Bitmart*,$120 million from BadgerDAO, and $31 million from MonoX.