The craziest crypto scams and hacks: Part 2: How investors put $4bn into OneCoin, a coin that didn’t even exist - Crypto in Plain English - Episode 126 - by cryptohunt.it
Crypto in Plain English - by cryptohunt.it22 Mar 2022

The craziest crypto scams and hacks: Part 2: How investors put $4bn into OneCoin, a coin that didn’t even exist - Crypto in Plain English - Episode 126 - by cryptohunt.it

The craziest crypto scams and hacks: Part 2: How investors put $4bn into OneCoin, a coin that didn’t even exist

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

This week we will take a look at the fascinating stories behind some of the largest crypto hacks and scams.

Today, let's investigate OneCoin – a coin that never even existed. Nonetheless, investors lost over $4bn dollars in the scheme.

OneCoin was founded by Dr. Ruja Ignatova, who is still running from the authorities, and Sebastian Greenwood, who's now in jail in the United States.

The promise was simple: OneCoin was a new, revolutionary crypto currency that could initially only be minted by insiders, potentially making them very rich. To become an insider though, you'd have to become an affiliate and the more new affiliates you bring in yourself, the more extra tokens you can mint.

The company armed its affiliates with marketing material and even created an internal exchange where tokens could be swapped for cash with other members. In order to use the exchange though, you'd have to buy a higher level of membership.

Smells like fraud to you? Not to many others, as the scheme was going on for years. In the end, and in hindsight obviously, there was no cryptocurrency and the two founders ran away with all the money.

The sad thing is: Where there is money, there are scams. And the promise of getting rich quickly blinds a lot of people's common sense. Keep your eyes open and always ask yourself: Why does someone want my money before I see anything in return for it? If it's too good to be true, it probably is.

And tomorrow: The case of a Secret Service Special Agent, who stole millions from an online drug marketplace.

Episoder(373)

What is a Crypto Contagion? - Crypto in Plain English - Episode 301 - by cryptohunt.it

What is a Crypto Contagion? - Crypto in Plain English - Episode 301 - by cryptohunt.it

What is a Crypto Contagion? Welcome to the Cryptohunt Jam, where we spend one minute a day explaining crypto. In plain English. You’ve seen the news: People fear a so-called "crypto contagion", which ...

23 Nov 20222min

Why we believe in the future of web3 - Crypto in Plain English - Episode 300 - by cryptohunt.it

Why we believe in the future of web3 - Crypto in Plain English - Episode 300 - by cryptohunt.it

Get Crypto Certified Here! Welcome to the Cryptohunt Jam, where we spend one minute a day explaining crypto. In plain English. … But today, we mix it up again. It’s a special episode. For 1 and a half...

22 Nov 20229min

FTX - The incredible revelations we just heard about - Crypto in Plain English - Episode 299 - by cryptohunt.it

FTX - The incredible revelations we just heard about - Crypto in Plain English - Episode 299 - by cryptohunt.it

FTX - The incredible revelations we just heard about Welcome to the Cryptohunt Jam, where we spend one minute a day explaining crypto. In plain English. Just when you thought the drama around FTX, the...

21 Nov 20223min

How to create a crypto wallet and take control of your funds - Crypto in Plain English - Episode 298 - by cryptohunt.it

How to create a crypto wallet and take control of your funds - Crypto in Plain English - Episode 298 - by cryptohunt.it

How to create a crypto wallet and take control of your funds Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English. In light of FTX’s collapse, the amount ...

18 Nov 20223min

How to save crypto keys for the long run - Crypto in Plain English - Episode 297 - by cryptohunt.it

How to save crypto keys for the long run - Crypto in Plain English - Episode 297 - by cryptohunt.it

How to save crypto keys for the long run Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English. Remember yesterday's episode about those pesky, hard to mem...

17 Nov 20223min

Crypto keys: Dos and donts - Crypto in Plain English - Episode 296 - by cryptohunt.it

Crypto keys: Dos and donts - Crypto in Plain English - Episode 296 - by cryptohunt.it

Crypto keys: Dos and donts Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English. Today, we’ll pick up where we left off yesterday. Remember that our goal ...

16 Nov 20222min

Why crypto keys are necessary, but so hard to remember - Crypto in Plain English - Episode 295 - by cryptohunt.it

Why crypto keys are necessary, but so hard to remember - Crypto in Plain English - Episode 295 - by cryptohunt.it

Why crypto keys are necessary, but so hard to remember Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English. This week, we’ll host several episodes to hel...

15 Nov 20223min

Why exchanges like FTX lose customer funds and how you can protect yourself - Crypto in Plain English - Episode 294 - by cryptohunt.it

Why exchanges like FTX lose customer funds and how you can protect yourself - Crypto in Plain English - Episode 294 - by cryptohunt.it

Why exchanges like FTX lose customer funds and how you can protect yourself Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English. Just when you thought th...

14 Nov 20222min

Populært innen Business og økonomi

stopp-verden
lydartikler-fra-aftenposten
dine-penger-pengeradet
e24-podden
rss-penger-polser-og-politikk
rss-borsmorgen-okonominyhetene
pengepodden-2
livet-pa-veien-med-jan-erik-larssen
pengesnakk
finansredaksjonen
utbytte
morgenkaffen-med-finansavisen
rss-politisk-preik
lederpodden
liberal-halvtime
rss-pa-konto
tid-er-penger-en-podcast-med-peter-warren
stormkast-med-valebrokk-stordalen
rss-sunn-okonomi
rss-markedspuls-2