Despite the astonishing value of stolen cryptocurrency, not everything is about money. There were a number of cryptocurrency scams and frauds in 2021. Yes, significant sums were funnelled through the shady schemes and cons on this list.
Nonetheless, the audacity and creativity of a few of these frauds and hacks, perpetrated by persons who only make off with six figures worth of stolen cryptocurrency, are occasionally noteworthy. So, without further ado, here is the most extensive and accurate cryptocurrency & Bitcoin scammer list of 2022 to date.
1. Axie Infinity Scam: $615 Million was Stolen
If $615 million were taken from you, would you suspect anything? Sky Mavis, the creator of the Axie Infinity game, which is currently the most widely used crypto game, did not. In March, cybercriminals discovered a flaw in the Ronin blockchain, the Ethereum-based sidechain on which Axie Infinity works. Additionally, the security protocol reduction that Sky Mavis allegedly made in December as a temporary tweak led to the vulnerability.
The fact that the circumstances had not changed a few months later allowed the hackers to exploit them. How was it discovered that tens of millions of dollars were missing from Sky Mavis’s account? A user tried to withdraw funds but was unsuccessful because there wasn’t enough liquidity left. Axie Infinity is a play-to-earn crypto game that requires players to purchase expensive non-fungible tokens (NFTs) before playing.
After purchasing these NFTs, gamers can engage in the game to earn fiat money in the form of digital currency. Users who cannot purchase the NFTs typically become embroiled in exploitative “scholarships” that require them to split the earnings with other individuals who give out these exorbitant NFTs. However, play-to-earn games like Axie Infinity have gained popularity in countries like the Philippines because players can generate an amount that is equal to their country’s average income.
Regrettably, due to the attack,…
