There are around 8,000+ cryptos available in the market but many of them are unwanted tokens at the same time you can also have some good tokens waiting to be mined. Throughout the process, there are many good times and disappointments. Let us take a look at the worst tokens in history, from the well-known Bitconnect Ponzi to the current Squid Game rug pull. But before anything else, a crypto enthusiast should read articles on how to take off 3D print in order to know that printing tools can also be purchased using cryptocurrency, including Bitcoin.
OneCoin had been a significant Ponzi program managed by its Bulgarian creator Ruja Ignatova. Sebastien Greenwood, her partner, is presently in jail in the United States. The company model of OneCoin focused on offering academic information which proved to get largely copied materials. In the event they’d purchased more than the standard package, users could take part in the authorized exchange of OneCoin. Next clients might generate extra money by attracting newcomers.
In 2016, the governments of Vietnam, Hungary, and also Norway started looking into OneCoin as a Ponzi scheme. It had been found in 2018 that Ruja had left her home as well as remained with her husband Konstantin Ignatova in control of the business. Just after Sebastien Greenwood, Konstantin has been detained in 2019.
BitConnect, a cryptocurrency, had been connected with a “high yield investment program,’ which is a sort of Ponzi scheme. BitConnect provides its users with the opportunity to generate 40 % interest a month on their earnings.
In the agreed lock period, Trading Bots will work in different ways to trade and return the profits once the users lock their Bitconnect coins for investment, as stated by an organization.
Get Gems ( GEMZ)
At the time of the announcement, Get Gems had big objectives. They aimed to completely alter the dynamics of ad income monetization on social networking. The concept was to develop a platform for viewing advertisements that could give rewards to users for doing this.
The business produced disappointing profits in 2014, just producing USD 111,000. This project continues to operate these days but has seen just small accomplishments, primarily in Uzbekistan.
BoringCoin is among the weirdest cryptocurrency projects available on the market. It’s not taken any actions to market itself and mostly depends on repeat business.
Its reputation is linked to “It is simply a coin.” It has not taken off because it had been released, as anticipated out of a business where speculation drives significant losses or gains.
Ethereum (ETH) Decentralized Autonomous Organization (DAO)
The ETH DAO was a well-known undertaking that received a great deal of interest in 2016. Ethereum produced the vision of crypto-anarchists as well as Cypherpunks of the 90s. It raised around 166 million USD Dollars and is the biggest crowdfunded project. DAO wound up going through a tremendous attack which led to the loss of USD fifty million USD worth of tokens, which sent the cost of DAO rising downwards.
Squid Game (SQUID)
This error happened simply in October 2021, a rather recent failure. The success of the Netflix series Squid Game has resulted in SQUID being released right away. Presuming it to become a promotion for the series, purchasers plucked the token, boosting its worth by 45,000 %. SQUID ended up being worth about $2,856 at its highest. CoinMarketCap will ultimately issue a warning to owners regarding the token, telling them the project was “rugged” and it is worth plummeting once it started to be obvious that SQUID was an illegal business.
SpaceBit has been a challenging crypto venture which won’t develop. SpaceBit, promoted as a decentralized space business, suggested a company model which would provide cryptography offerings as well as wallets via satellites that would be accessible around the globe.