Bitcoin Gold versus Dekado BTG vs DKD

State CID (crime) on Thursday unearthed another cryptocurrency scam from Surat. Police have so far got complaints of Rs 1.26 crore, but according to CID sources, the actual scam figure and the number of victims are likely to be much bigger. Both types of schemes exploit unsuspecting individuals, but understanding their differences can help investors recognize the warning signs and protect themselves from falling victim to such fraudulent activities.

Ether Trade Asia Scam: Defrauding People In The Name Of Ether

  1. At the height of the Bitconnect fraud, Michael James and Raymond Weil launched a similar staking scheme, promising up to 50% monthly returns for holding its all-new token Regal Coin.
  2. However, just like every other crypto Ponzi scheme, much of the business model relied on heavy marketing campaigns geared at attracting new investments.
  3. However, the data mentioned in our stories has been taken from chargesheets, and the corresponding investigatve agencies’ estimations.
  4. People could no longer access their accounts on the website
  5. India also requires a digital-age-ready judicial system that can speed up the procedure and take early cognisance of tech-powered financial irregularities to mitigate investors’ risks.
  6. We will shed light on how the individuals behind these schemes leveraged the volatility, intricacies, and unique appeal of cryptocurrencies.

The project revolved around crypto literacy and offered a wallet service. Ultimately, the fraudsters convinced investors to purchase the project’s token, PlusToken, resulting in colossal financial losses. The most popular exchange to buy and trade DXdao is Bancor (V2), where the most active trading pair DXD/BNT has a trading volume of $103.85 in the last 24 hours. Similar to Amit Bhardwaj’s MCAP tokens, Bitconnect came out with BitConnect Coins (BCC) and marketed it as an investment option for traders. In this case, investors were supposed to earn daily interest of 1% while their RoI would double in 100 days.

Crypto Scams & INR 72,000 Cr+ Lost: Why India’s Probes Into Biggest Crypto Scams Have Failed

The Gujarat CID (and later ED) has been investigating the Bitconnect case since 2018, while the U.S. probe agency FBI came in a year later. District Court (San Diego) has already indicted Bitconnect founder Kumbhnani, while its India head, Divyesh Darji, is still on the run after receiving bail. Also, the US is now working on dissolving the assets of Bitconnect (US) to compensate the investors. However, after the stipulated lock-in period, all investments started showing as zero or the investors could not withdraw their money.


However, if the latter is the case, please make sure to report crypto scam cases known to you to the authorities in your region and file a complaint at as soon as possible. This statement emphasizes the need for caution and due diligence when engaging in any crypto investment opportunity, regardless of the perceived reputation of the company promoting it. Unfortunately, Ponzi scheme operators are skilled at concealing these red flags and manipulating investors’ emotions, enabling them to thrive even in today’s digital age, a century after Charles Ponzi himself.

What is the fully diluted valuation of DXdao (DXD)?

In the case of crypto scams, they are often rug-pulled into buying some sketchy digital tokens or other, often known as ‘shit coins’ due to their dubious origins. Yet, the victims rarely hesitate to take the plunge as these ‘promo’ sessions unveil the immense potential of the Ponzi schemes – huge incomes and lavish lifestyles. The wealth chant pushes countless dreamers to gamble their money away, overlooking legal concerns or investment safety. Ether Trade Asia operated as a crypto trading platform, offering investors a daily return of 3% on their investments.

Onecoin is perhaps the longest-running Ponzi scheme ever witnessed in the crypto industry. Founded by the Bulgarian fraudster Ruja Ignatova, aka Cryptoqueen, Onecoin managed to lure investors in their numbers between 2014 to 2019. During this period, the Ponzi scheme was said to have defrauded investors of $5.8 billion by marketing Onecoin as a “Bitcoin Killer” and the next hottest innovation in the crypto industry. Adding DXdao (DXD) to MetaMask allows you to view your token holdings, trade on decentralized exchanges, and more. You can copy DXD’s contract address (0xa1d65e8fb6e87b60feccbc582f7f97804b725521) and import it manually, or if you’ve installed MetaMask’s chrome extension, add DXD to MetaMask with one click on CoinGecko.

The number of Indian visitors dipped drastically from 17.8 Mn in 2020 to 9.6 Mn in 2021, according to a Chainalysis report. The suspect websites most visited by Indian users in the past year included,,, and However, new names pop up every year with new hypes, casting more sophisticated scam nets far and wide. In a conversation with GainBitcoin founder Amit Bhardwaj (now deceased), some investors asked whether their money was safe. We hope that as you read this, it is because you prioritize educating yourself for prevention rather than recovery.

Investors had to purchase BCC tokens and lock them on the platform, with trading bots supposedly using the locked funds for trading. However, the scheme eventually collapsed, resulting in severe losses for participants. Dekado Coin, orchestrated by Divyesh Darji, Ranjeet Saxena, and their partners, managed to scam investors on two occasions. The scheme promised significant monthly returns on Dekado Coin investments, attracting a substantial user base from countries like India, Indonesia, the Netherlands, and Africa. However, after the launch, the website suddenly went offline, leaving investors unable to access their accounts. Dekado Coin became one of the prominent crypto Ponzi schemes that caused substantial financial losses.

PlusToken stands as one of the largest and most recent Ponzi schemes in the crypto world. The scam primarily targeted Chinese investors, leveraging the popular messaging app WeChat for marketing purposes. PlusToken enticed investors with promises of monthly returns ranging from 10% to 30%.

According to people close to Amit Bhardwaj, what the Enforcement Directorate (ED) and the special investigation team (SIT) of Pune Police have unearthed is the tip of the iceberg. Interestingly, none of the ongoing probes into major Indian crypto scams has neared a conclusion. Not even a mammoth scam like GainBitcoin that saw the filing of more than 33 FIRs at home and many overseas complaints from the US, the UK and dekado coin Thailand. In the realm of cryptocurrency, now that you have gotten yourself acquainted with the full crypto Ponzi scheme list, Ponzi schemes pose a significant threat to unsuspecting investors. These elaborate investment frauds exploit the allure of crypto’s innovative technology and the potential for substantial profits. Scammers take advantage of the lack of crypto education among many individuals around the world.

We will shed light on how the individuals behind these schemes leveraged the volatility, intricacies, and unique appeal of cryptocurrencies. Before delving into the crypto Ponzi scheme list, let’s first explore the defining characteristics that constitute a crypto Ponzi scheme. Let’s explore ten of the biggest cases where investors found themselves receiving more than they had initially anticipated from some of the most notorious bad actors in the crypto ecosystem.

In India, whether it’s ED or state police, all these investigations have been so far focusing on proving whether the accused has done the crime and not on the injustice done to the victims. India also requires a digital-age-ready judicial system that can speed up the procedure and take early cognisance of tech-powered financial irregularities to mitigate investors’ risks. Speed is of the essence here, and moving away from the traditional judiciary practices will give investigators more teeth while procedural rules and delays clip their wings. Wary of the latest developments, fewer people are now visiting the scam websites/apps promising too much, too soon.

However, when users attempted to withdraw their tokens, the platform constantly cited “technical glitches” as the reason for the inability to process withdrawals. The lack of transparency, including the absence of a physical address or contact information, raised further suspicions regarding the legitimacy of Ether Trade Asia. Launched in 2016, Bitconnect gained significant attention as a Bitcoin lending solution, assuring investors monthly returns of up to 40%. The project was led by anonymous developers, with an individual named Satao Nakamoto serving as the figurehead, using an obvious pseudonym.