Thousands of cryptocurrencies are now successful on the market. But not every coin made it. Numerous ideas have already failed in the crypto market. In this article, we’ll talk about failed cryptocurrencies that once had great potential or made empty promises. Crypto fail? Let’s see 😉
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#1 Crypto Fail – OneCoin (ONE)
Failed cryptocurrencies are often coins that made great promises a few years ago but ultimately turned out to be scams. The “CryptoQueen”, Ruja Ignatova, organized glittering events where she presented the new “Bitcoin killer” OneCoin. But the cryptocurrency turned out to be a scam.
Ultimately, OneCoin turned out to be a Ponzi Scheme, resulting in more than $4 million in damage. Most investors put money into the system and never got a penny back. Ignatova disappeared in 2017 while an arrest warrant was out against her.
#2 Crypto Scam – BitConnect (BCC)
Another famous cryptocurrency scam was BitConnect. In the late 2017 bull market, the coin rose to its all-time high. It was one of the best-performing cryptocurrencies on Coinmarketcap in 2017. Shortly thereafter, it was worth almost nothing.
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Through aggressive marketing, BitConnect promised returns of 0.5% to 1% a day. Like OneCoin and other failed cryptocurrencies, BitConnect was a pyramid scheme where only the first investors benefited massively and the others lost everything.
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#3 BoringCoin (ZZZ)
Meme coins are now an integral part of the crypto scene. Cryptocurrencies like Dogecoin and Shiba Inu made massive gains and made many investors rich. However, many fun coins also become failed cryptocurrencies.
An example of this is the BoringCoin (ZZZ), which was considered an alternative to the big promises of high profits in other cryptocurrencies. But while the idea was fun, it didn’t appeal to investors. In the same year, the coin disappeared from the scene. At least the coin didn’t knowingly harm anyone.
You can purchase non-failed cryptocurrencies on crypto exchanges Binance , Coinbase , Kraken , and Bitfinex .