ICO Scams: 10 Most Famous Scam Cases from 2017-2026

2017 ICO boom中, hundreds of projects raised billions then disappeared. These lessons至今仍有 value—scam methods不断进化 but core logic unchanged.

10 Most Famous ICO Scams

1. OneCoin (2014-2017)

Claimed “better crypto than BTC” actually had no blockchain at all. Founder Ruja Ignatova被称为 “crypto’s Bernie Madoff.” Scammed $450M then disappeared至今.

2. BitConnect (2016-2018)

Promised daily 1% returns (365% annualized) lending platform. Classic Ponzi using new investor money to pay old investor returns. Collapse后 investors lost hundreds of millions.

3. PlusToken (2018-2019)

Claimed “blockchain wallet + high-yield earn,” actually Ponzi. Scammed $200M+ then team跑路. 2019 Chinese police arrested部分 involved but most funds unrecoverable.

4. Centra Tech (2017)

Claimed VISA/Mastercard partnership crypto card. Floyd Mayweather promoted. Actually no partnership whatsoever, founders arrested and sentenced.

5. Pincoin/iFan (2018)

Vietnamese ICO scam promising daily returns. Scammed $660M then team disappeared. Investors发现 tokens couldn’t trade.

6. AriseBank (2018)

Claimed “crypto bank” with FDIC insurance. Actually no banking license or insurance. SEC介入 froze.

7. GAW Miners/Zenminer (2014-2015)

Claimed cloud mining service actually Ponzi. Founder Homero Joshua Garza sentenced.

8. PlexCoin (2017)

Promised monthly returns 1354%. Canadian SEC介入 froze. Founder fined and banned from未来 securities issuance.

9. Modern Tech (2018)

Vietnamese company issuing Pincoin and iFan two ICOs. Scammed $660M then disappeared.

10. Trust Trading (2020+)

Twitter impersonating知名 figures promoting “crypto investment” scam. 2020 Twitter hack impersonating Elon Musk/Obama etc. promoting Trust Trading scamming BTC.

Scam Commonalities

1. Promise high returns: Annualized 20%+ almost always scam
2. Lack transparency: Anonymous team or unverifiable info
3. Over-marketing: Celebrity promotion but product不实
4. Ponzi structure: Using new investor money to pay old investors
5. Technical vagueness: No real blockchain or tech implementation

How to Identify ICO Scams

• Return promise超过 annualized 20% → 99% scam
• Anonymous team no background → extremely high risk
• No real product only PPT → scam signal
• Celebrity promotion but zero technical documentation → scam
• Fundraising no cap → may无限 scam money

Modern Variants

ICO已被 IDO, Launchpad etc. new forms replaced but scam手法 unchanged:

• Fake project方 issuing fake tokens on DEX
• Exchange Launchpad projects也可能有问题
• Fake airdrop + fake IDO combo scam

Identification method unchanged: check team background, product真实性, return promise合理性.

ICO Scam 5-Step Verification Method

Whether ICO/IEO/IDO/DeFi project, 5-step verification can identify scams:

1. Team Verification: LinkedIn真实性, successful project experience,是否匿名
2. Product Verification: Real usable product, actual users, revenue
3. Code Verification: Open source contract,知名 audit company, timelock
4. Economic Model Verification: Token真实用途, supply/release rhythm合理性, project方 holding比例
5. Market Verification: Real trading volume/users,主流 exchange listing, genuine community discussion

Any step fails → extremely likely scam. 3+ steps fail →确定 don’t participate.

Summary

ICO scam lessons至今 valid: promised high returns = scam, anonymous team = extremely high risk, no real product = exit scam signal. Regardless of ICO, IDO, or other forms, core identification method unchanged.

For more practical methods, see Demonjoy Trading.