In the cryptocurrency market, where there are about 19,000 altcoin projects, it was inevitable that some of them would be wiped out. According to their statistics, more than 1,700 altcoins have failed or have been valued to zero so far.
As scams increase, the number of ‘dead’ altcoin projects exceeds 1,700
According to statistics from dead altcoin analysis portal 99Bitcoins on April 20, the number of dead altcoins as of April 6, 2022 is 1,700 exceeded . Known dead altcoins include BitConnect (BCC), VegasCoin (VEGCOIN), and Storeum (STO).
Dead altcoins are cryptocurrencies that turned out to be fraudulent, abandoned by their teams, failed due to lack of funding, or failed for any other reason and are therefore no longer functional or operational. In rare cases, some of these cryptocurrencies can revive and increase in value if enough investors are interested in them.
In addition to the 1,700 names on the list of dead altcoins, many show potential to join them due to the same conditions that killed the others. SafeMoon is one of them, and many experts have long warned that this is a pump-dump operation. The company’s former head of marketing, Ben Philips, was recently caught in a typical $12 million pump-dump scam where he used his position to ‘pump’ the token price and simply sell it at inflated rates.
Scams are rampant and they are stealing people’s money
Another scam project we featured in Cryptokoin.com news is Squid Game (SQUID), which was inspired by the Netflix series but whose value dropped to almost zero six months ago when the project was shut down. According to the announcement on SQUID’s CoinMarketCap website, “the project is now allegedly community led” after the developers stole millions.
Some names of dead coins may sound familiar, and with good reason. For example, the BitConnect team has put huge funds into marketing to hide from investors that there is a giant ponzi scam worth over $2 billion. Unfortunately, in another example, SQUID investors are even more devastated by the so-called ‘rug stamp’ scam. In 2021, approximately $2.8 billion was suffered as a result of such scams, meaning more than $7 million on average every day.
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