Crypto scams similar to PlusToken $2 billion on the rise, beware!

crypto scams

Crypto scams are on the rise and scammers are taking advantage of the current economic slowdown and the COVID-19 pandemic. Crypto believers, however, never learned if the PlusToken debacle last year is anything to write home about.

The latest scam Antimatter Kingdom (AK) promises users ‘Airdrop’ to their Bitcoin wallets drawing some similarities from PlusToken. However, PlusToken is arguably the biggest scam in the crypto world. Just like Ponzi schemes, it promised its users interest after depositing crypto on their platforms’ wallets.

The scheme allowed participants to deposit any amount of Bitcoin, Ether, or any other crypto. By the end of the day, the deposits grew to hundreds of millions of U.S. dollars. It was reported that the scheme accumulated over $2 billion USD.

Grand scale crypto scams lurking everywhere

The PlusToken scam was a grand scale and well-calculated; it affected 10 percent of all Ether in the market at the time it was in progress. The scheme went undetected. Even the western crypto experts were baffled when the scammers were arrested and others started cashing out the loot.

PlusToken scam targeted Asian users and so did the latest. Asia appears to be a safe-haven for crypto scams. A partner at Primitive Ventures Dovey Wan says a new scam, Antimatter Kingdom is promising ‘airdrops’ to unsuspecting crypto goers and its popularity is spreading like bushfire.

However, the ‘airdrop’ amount is not specified, the scam indicates that 180,000 BTC meant for “soul mining” is locked in a wallet to generate interest through an unclear algorithm.

Ergo, the analyzer who cracked PlusToken, says that the wallet address linked to AK has already accumulated 1,600 BTC translating to approximately $11 million USD. The funds have been transferred to an exchange that does not have strict Know Your Customer (KYC) security layer.

A quick look at the AK wallet cluster activity reveals that the transactions are easing off, meaning the scammers have completed their operation after weeks of running the scam.  Chances are the planners have stopped the scheme, or they have created new addresses.

Crypto scams targeting the Asian market

As AK appears to have gone silent, more crypto scams are surfacing. Another scam, “EOS Ecosystem” has disappeared with $50 million USD worth of EOS according to Molly a twitter user.

The scheme operated like PlusToken where victims are required to deposit crypto and in return get high interest on the amount deposited. The source goes to say the scam has a referral system where any paying referral earns you EOS coins.

According to a Chinese media portal, ChinaNews, most of these funds are being moved through the Huobi crypto exchange which also facilitated a gateway for PlusToken funds.

Albert Kim

Albert Kim

Albert Kim is a full time tech content developer and writer specializing in blockchain and cryptocurrencies. He has been in the tech industry for the last 7 years helping businesses scale up their potential to the next level.

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