Crypto Scammers Receive $4.3 Billion in Q2

In 2019, scam activity reignited, tracking the trends of growing Bitcoin (BTC) prices and more innovative altcoin projects that offered loopholes for exploits – or were scams themselves. Exploits, scams and schemes netted $4.3 billion’s equivalent in the second quarter of 2019, shows research by Cipher Trace. Exploits in the crypto space remain very varied, calling on the vigilance of traders, investors and crypto enthusiasts. The biggest scam in 2019 turned out to be a Ponzi scheme, known as Plus Token. The project, targeting mostly South Korean investors, opened a dedicated exchange, which then exit-scammed, taking away the equivalent of $2.9 billion. Compared to this giant scheme targeting a wider audience outside the space of crypto enthusiasts, the hacks against Binance and Bi...