Which are the biggest Crypto Ponzi Schemes?

Crypto Ponzi Schemes

Crypto investment has become an attractive option for investors due to the potential for high returns. Unscrupulous actors are taking advantage of this by luring unsuspecting people into crypto schemes with impossible promises. The volatile nature of digital assets makes it easy for these individuals to peddle false investments and execute outright scams.

Crypto scams are on the rise, taking advantage of investors’ hope for discovering the “next Bitcoin” and the lack of public education about blockchain technology. In this guide, we will look at five notorious crypto Ponzi schemes to help raise awareness and reduce the impact these fraudulent projects have had in the industry. So, if you are planning to trade or mine Bitcoin, then you may consider the Vena System, a reliable trading platform online.

Some of the biggest Crypto Ponzi Schemes


PlusToken was one of the largest Ponzi schemes to ever be recorded in the cryptocurrency world. The fraudsters behind this scheme conducted massive marketing campaigns, primarily via WeChat in China and other countries like South Korea and Japan offering investors promises of 10-30% monthly returns on investment. Over three million people were lured into purchasing PlusToken tokens with a single promise: investing their assets would generate huge profits through crypto literacy and wallet services. Unfortunately, it all turned out to be an elaborate scam as those who invested have yet to receive any payouts from its administrators.


Onecoin is widely considered to be the longest-standing Ponzi scheme in the history of cryptocurrency. Founded by the Bulgarian swindler, Ruja Ignatova (aka ‘Cryptoqueen’), between 2014 and 2019, it scammed investors totalling $5.8 billion by marketing Onecoin as a more advanced alternative to Bitcoin. This fraudulent business model was chiefly based around multi-level marketing where members were paid with cash – plus many Onecoins – each time they enlisted new participants within their networks.

Onecoin’s issue wasn’t a lot because of its advertising method since it had been with the reality it did not possess a blockchain to work with. Anytime investors obtained or purchased Onecoin, they kept a worthless coin which wasn’t supported by recognized electronic asset technologies.


GainBitcoin was created in 2016 as an India-based cloud mining system together with the promise of producing 5% monthly earnings for a year. As absurd as this seems, the project drew around USD 300 million worth of funding from Indian business owners. In 2017, it started to be apparent that neither the actual mining tools nor the mining activities were assisting the complex scheme.

Luckily, in 2018 the scheme’s nemesis Amit Bhardwaj was questioned as well as charged with extorting more than 8,000 people. Nevertheless, out of all indications, it appears as though the situation has died and it’s extremely improbable that investors will recoup their losses.


Bitconnect’s suspicious Bitcoin lending scheme made its debut in 2016, headed by a mysterious developer named Satao Nakamoto. The platform attracted investors with unrealistic returns of up to 40% per month on BCC tokens locked into the program. Notable figures like Ethereum co-founder Vitalik Buterin and cryptocurrency icons Mike Novogratz and Charlie Lee expressed skepticism regarding the huge ROI promised by Bitconnect—a warning that went unheeded until it collapsed completely shortly thereafter.

Mining Max

Mining Max utilized an ostensible cloud Mining venture, similar to GainBitcoin, to conceal the real character of its unlawful activities. The platform provided investors with a way to take advantage of the prevailing crypto buzz. Mining Max showcased the notion of committing to a multi-crypto mining environment that had the chance of creating huge profits. A large part of the company plan nonetheless, was built, like any other crypto – Ponzi scheme, on enormous advertising efforts created to encourage new capital investment.

Disclaimer: This is sponsored marketing content. The presented material by no means represents any financial advice or promotion. Be sure to do your research and acknowledge the possible risks before using the service of any trading platform.

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