Notable mentions

1. BitConnect

   BitConnect was a lending and exchange platform that was founded by Satish Kumbhan and was powered by its own cryptocurrency, the BitConnect Coin. The platform gained significant popularity and generated significant hype, due to the large profit claims made by the company. This hype was so significant that even the annual BitConnect ceremony in 2018 was turned into a meme because of an enthusiastic performance by an investor named Carlos Matos. Despite the hype, suspicions about the platform being a Ponzi scheme soon emerged, and it was later revealed that these suspicions were true. In February 2022, the founder of BitConnect, Satish Kumbhan, was charged with running a global Ponzi scheme that amounted to $2.4 billion.

2. OneCoin

   OneCoin is another example of a Ponzi scheme that was marketed as a valuable cryptocurrency investment opportunity. It was founded and run by Ruja Ignatova, also known as the "Cryptoqueen" from Bulgaria. The story surrounding Ignatova and OneCoin is so extraordinary that it could be mistaken as a fictional movie plot. After defrauding investors of $4 billion, she vanished in 2017 and has not been seen since. Currently, she is on the FBI's most wanted list and there is a reward of $100,000 for information leading to her capture.

3. Pincoin Scam

   Pincoin was a cryptocurrency project that claimed to focus on asset sharing. However, the project promised an unrealistic and excessively high return on investment (ROI) of up to 312%, which is a major warning sign as no legitimate project can guarantee an ROI of that size. Additionally, the project had a recruitment system and multi-level structure, which are common characteristics of Ponzi schemes. This was later confirmed by the financial scam directory Behindmlm. As a result, investors in the Pincoin project lost a total of $600 million due to the scam.