As cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. scams continue to grow, 9% of existing crypto has simply disappeared.
Many investors play it safe and only rely on relevant cryptocurrencies, such asBitcoin, Ethereum, Litecoin, Cardano, Binance Coin; stablecoins asTether o USD Coin, incluso hay los que prefieren las monedas meme, como Dogecoin y Shiba. But there are those who are risky (or very naive), enter into practically unknown projects and many times -like sheep- end up shorn.
According to reports from CoinMarketCap, As of today there are 18,990 cryptocurrencies registered. Of these, many have made the grade, but others have not, and have even turned out to be scams. According to an article published by Finbold with data from 99Bitcoins, to this day 1,705 of these digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets have simply “died”, that is, it has disappeared from the market. That is, 9% of the existing cryptocurrencies failed (note, the number of coins that scammed may be higher, but they are not in these records).
Among the examples that can be seen in the list are some projects that had a name, such as the case of BitConnect (BCC) . Many other projects are also mentioned, among themVegasCoin (VEGCOIN), Storeum. (STO), 1coin (ONE), Adrenaline Coin a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. (ADN), Agrolot (AGLT), Beatlecoin (BEA), Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. Platinum (BTP), Bitcoin Token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. (BTK), CannabisCoin (CANN), Demoncoin (DMC), Viruscoin, Vodkacoin, among many others.
In the list of 99Bitcoins you can see each of these failed projects and the reasons why they are no longer active. Among them: website disappeared, inactive social networks, not listed in any exchange, not indexed, stopped development…
Highlight Finbold The vast majority of dead coins are digital tokens that turned out to be scams, abandoned by their teams, lacked funds or failed for any other reason and are therefore no longer viable or active. On rare occasions, some of these coins may come back to life and increase in value if they gather enough interest.
BitConnect, an example
Some of the names of the dead coins may sound familiar. One of them is BitConnect, because the team invested a lot of money in marketing only to become un Ponzi scheme masivo que recaudó más de USD $ 2 mil millones de los inversores.
In addition to the 1,700 names on the list of dead coins, there are some that have shown potential to join them for reasons similar to those that killed others, says Finbold y exemplified by SafeMoon, which many analysts have long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. warned was a pump-and-dump coin. Recently, its former head of marketing, Ben Philips, was caught in a classic $12 million pump-and-dump scheme, as he used his influence to “inflate” the price of the token, only to sell it at inflated prices.
Another currency currency is a medium of exchange that defines value. that lasted a short a trading technique in which a trader borrows an asset in order to sell it, with the expectation that the price will continue to decline. In the event that the price does decline, the short seller will then buy the asset at this lower price in order to return it to the lender of the asset, making the difference in profit. time and fooled many was the cryptocurrency Squid Game (SQUID) inspired by the popular Korean Netflix, The Squid Games , whose value was reduced to almost zero six months ago after the project went offline . According to the notification on SQUID’s CoinMarketCap page, “apparently, the project is now in charge of the community” after the developers were left with millions. Some investors reported how they lost their life’s money in this scam.
In 2021, around USD$2.8 billion in assets were stolen due to such fraudulent schemes, which represents an average of more than USD$7 million per day, according to data from Finbold.
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