Cryptocurrency has delivered fortunes and heartbreak. For every story of a lucky investor turning a small bet into millions, there are many more about scams that have quietly (or loudly) wiped out life savings. Criminals have gotten smarter, using social media, sophisticated websites, and even deepfake videos to lure in victims.
Here are 10 of the biggest crypto scams in history, recent and real, that together stole tens of billions of dollars. Learn what happened, how they worked, and the warning signs you need to remember before you risk your money.
- FTX & Alameda Research (2022)
- OneCoin (2014–2017)
- PlusToken (2018–2019)
- BitConnect (2016–2018)
- Thodex (2021)
- Mt. Gox (2014)
- Coincheck Hack (2018)
- PlusToken Copycats — Wotoken, Forsage, HyperFund
- Terra-Luna/Anchor Protocol Collapse (2022)
- Recent Pig-Butchering & Deepfake Scams (2023–2025)
1. FTX & Alameda Research (2022)
- Stolen/Lost: Over $8 billion
- What happened:
FTX, once the world’s second-largest exchange, collapsed after it was revealed that its founder, Sam Bankman-Fried, misused customer deposits to cover bad bets made by his trading firm Alameda Research. When users rushed to withdraw funds, FTX could not pay. - How it fooled people:
Slick marketing, big-name endorsements, and a reputation for reliability masked the internal chaos and fraud.
2. OneCoin (2014–2017)
- Stolen: About $4 billion
- What happened:
Marketed as the next Bitcoin and run by “Cryptoqueen” Ruja Ignatova, OneCoin never had a real blockchain. It was just a multi-level marketing (MLM) Ponzi scheme that used relentless recruiting and fake trading dashboards. - How it fooled people:
Global seminars, flashy events, and promises of guaranteed riches. Ignatova disappeared in 2017 and remains at large.
3. PlusToken (2018–2019)
- Stolen: Between $2 billion and $4.3 billion
- What happened:
PlusToken claimed to offer high yield in a “smart wallet,” but was merely using new deposits to pay old users. The scammers cashed out, causing major price dumps in Bitcoin and Ethereum. - How it fooled people:
Slick social media, global “community leaders,” and regular payouts (at first).
4. BitConnect (2016–2018)
- Stolen: About $2.5 billion
- What happened:
BitConnect promised 1% daily returns using a “trading bot.” In reality, it was a classic Ponzi scheme. When authorities cracked down, the token’s price plummeted and the platform vanished. - How it fooled people:
Aggressive referral bonuses, viral marketing, and YouTube testimonials hyped up fake gains.
5. Thodex (2021)
- Stolen: Close to $2 billion
- What happened:
This Turkish crypto exchange suddenly suspended trading. Its CEO fled the country with investor funds, leaving hundreds of thousands unable to access their assets. - How it fooled people:
Longstanding operation, local celebrity endorsements, and high trading volume.
6. Mt. Gox (2014)
- Stolen: About 850,000 BTC (worth $460 million then; billions today)
- What happened:
Once the biggest Bitcoin exchange, Mt. Gox lost nearly all user coins to years of undetected thefts and terrible security. - How it fooled people:
Handled 70% of global Bitcoin trades, had early trust until everything disappeared.
7. Coincheck Hack (2018)
- Stolen: $534 million in NEM tokens
- What happened:
Hackers broke into the Japanese exchange’s hot wallets and made off with half a billion dollars in crypto. Most victims only received partial compensation. - How it fooled people:
Coincheck was a well-known, regulated Japanese exchange with little prior trouble.
8. PlusToken Copycats — Wotoken, Forsage, HyperFund
- Combined loss: Billions
- What happened:
These apps and “investment clubs” promised “easy” yields with smart contracts or arbitrage, but were just clever copy-paste Ponzi schemes built on Telegram, YouTube, and WhatsApp. - How it fooled people:
AI-generated testimonials, “community rewards,” and social media influencers.
9. Terra-Luna/Anchor Protocol Collapse (2022)
- Lost value: Over $40 billion evaporated
- What happened:
A “stablecoin” (UST) lost its dollar peg, causing a chain reaction collapse for both Terra (LUNA) and the Anchor savings platform, which had promised nearly 20% yields. - How it fooled people:
Promised “safe” high returns, widespread VC and influencer support, large ecosystem hype.
10. Recent Pig-Butchering & Deepfake Scams (2023–2025)
- Losses: Tens of billions globally since 2020
- What’s happening now:
Organized criminals contact people via social media or messaging apps. They build relationships over weeks (“pig butchering”), convincing victims to “invest” in a fake platform. Others use deepfake videos—convincing AI-generated influencers or celebrities—to push scams. - How it fools people:
Bespoke contact, emotional manipulation, fake trading results, and trust built over time.
Are You Next? Warning Signs to Watch
- Guaranteed big returns: “1% per day” or “risk-free profits” don’t exist.
- Pressure to act fast: Scammers exploit urgency; real opportunities don’t.
- Anonymous or unverifiable developers: If you can’t find who is behind a project, run.
- Hard to withdraw funds or unexplained trading freezes: Common before sudden failures.
- Fake celebrity endorsements or deepfakes: Always confirm through official website or social media.
- Complex explanations, lack of transparency, or secret “insider” access: These cover up how money is really moving.
How to Protect Yourself
- Slow down: Research carefully—don’t trust hype or testimonials.
- Use regulated platforms: Stick with well-known, audited exchanges that publish proof-of-reserves.
- Never share wallet keys or recovery phrases with anyone.
- Diversify holdings: Don’t put all your crypto in one basket or platform.
- If something sounds too good to be true, it is.
Crypto is full of real opportunities—but also real danger. Scammers evolve, but their traps remain timeless. If you know the warning signs, stay skeptical, and value caution over envy, you’ll be far ahead of the next victim.
Don’t let your name be added to the next billion-dollar headline.
