As the crypto industry grows, so does the scale and frequency of theft crimes. These crimes do not only affect a certain individual or organization. They affect the whole ecosystem. This is why it is important to have some preliminary knowledge about these scams. It will allow newer generations of crypto enthusiasts to trade carefully. Here we go!
Ronin Network Hack
This is often touted as one of the biggest hacks of the last few years. The theft took place in 2022. The perpetrators siphoned close to $620 million in ETH and USDC. The heist was massive in scale. Investigators found the Lazarus group of North Korea to be responsible for the theft. Later, it was found that the state funded the group.
As a result, the Ronin network hack is often called one of the biggest network hacks sponsored by a state. The funds were then laundered through a series of complex channels, making them hard to trace.
Bitfinex Hack
The Bitfinex hack is one of the biggest BTC hacks of all time. The perpetrators siphoned 120,000 BTC, which was worth 70 million USD at the time. For years, authorities failed to trace the perpetrators.
However, in a weird turn of events, a money trail was traced back to a couple living in New York: Heather Morgan and Ilya Lichtenstein. The duo laundered the stolen assets and lived under an assumed name.
OneCoin Ponzi Scheme
OneCOin was a popular name in the ecosystem’s initial phases. However, it was not a real coin. In fact, it was more of a front for a crypto scam led by Dr. Ruja Ignatova, who was lauded as the Crypto Queen.
In reality, the coin was a Ponzi scheme that sold the dream of ‘rags to riches’ to unsuspecting individuals. The Queen has since been missing, and authorities are still looking for her. The Queen is one of the most wanted figures by the FBI.
