This is the Biggest Cryptocurrency Scam with Trillions of Rupiah in Losses

Investment in cryptocurrencies is increasingly popular among investors. However, cases of fraud within the decentralized finance (DeFi) or crypto ecosystem are also on the rise.

Here are some examples of the largest cryptocurrency fraud cases ever recorded:

1. Bitconnect – US$3.45 billion or Rp49.33 trillion

To date, Bitconnect is the largest cryptocurrency fraud case, with estimated losses reaching US$3.45 billion or the equivalent of Rp49.33 trillion. Initially, Bitconnect cryptocurrency was promoted as an open-source cryptocurrency guaranteeing a 40% investment profit. However, it was later revealed that Bitconnect was a fraudulent investment scheme employing a Ponzi scheme.

2. Pincoin – $870 million or Rp12.44 trillion

The next largest cryptocurrency fraud is Pincoin. This Vietnamese cryptocurrency managed to raise approximately US$870 million or Rp12.44 trillion from 32,000 investors. Investors were then given a new token called iFan, before the Pincoin development team disappeared with all the invested money.

3. ACChain – US$80 million or Rp1.14 trillion

Third place is ACChain, a token created in Shenzhen, China. Through an ICO mechanism, its developers raised US$80 million or Rp1.14 trillion. However, some time later, photos of the ACChain office surfaced, showing an empty room with no activity whatsoever. Since then, the company has disappeared without a trace.

4. Savedroid – US$66 million or Rp943.8 billion

Next is the Savedroid token case, considered the most audacious cryptocurrency fraud of all time. Savedroid's founder, Yassin Hankir, posted a photo of himself on social media showing that he had fled with all the invested money, amounting to US$66 million or Rp943.8 billion.

5. PlexCoin – US$20 million or Rp286 billion

Fifth place is PlexCoin. Operating under the Plexcorp company, this token promised a 1,354% investment profit per month. PlexCoin raised US$20 million before being shut down by the United States Securities and Exchange Commission (SEC) for suspected fraud.

In total, the losses from all the above cryptocurrency fraud cases reach US$4.5 billion or approximately Rp64.35 trillion (Exchange rate Rp 14,300/US$).

(Also read: [Crypto Prices from Bitcoin, Ethereum to Dogecoin Fall])