These crypto scams have cost investors millions

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Crypto scams have cost investors more than $20 billion over the last five years. In 2021, a new type of scam made up roughly a third of the $7.7 billion lost that year: rug pulls. According to blockchain data provider Chainalysis, cases of cryptocurrency founders draining their projects of invested money and vanishing without a trace were responsible for $2.8 billion in losses. As our chart shows, two recent rug pulls were especially noteworthy.

 

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Topping the list is the OneCoin case, which made headlines when the founder of the ponzi scheme started in 2014, Ruja Ignatova, disappeared in 2017 and a joint task force of Europol, German and Bulgarian police raided the company’s headquarters in 2018. Estimates of funds lost range from at least $4 billion to more than $15 billion. Following a stricter definition of a rug pull, OneCoin wouldn’t necessarily qualify for this list, since the currency was never publicly traded or, in fact, decentralized.

 

The Turkish crypto exchange Thodex, on the other hand, fully qualifies as a rug pull. In April 2021, founder Fatih Faruk Özer fled the country after allegedly having to shut down his platform due to cyber attacks, when in reality, Özer made off with $2.6 billion in investor funds. The rest of the confirmed biggest rug pulls only amount to between $22 and $58 million, which are small amounts when compared to total market capitalizations and trading volumes of cryptocurrencies like Bitcoin and Ethereum, but nevertheless proved devastating for many smaller-scale investors.

 

Even apart from cryptocurrency creators with malicious intent, businesses in the decentralized finance or DeFi space are valuable targets for hackers, scammers and fraudsters due to its unregulated nature. Overall, more than $14 billion in crypto movements in 2021 were attributed to illegitimate activity by Chainalysis, with cryptocurrency thefts contributing $3.2 billion to the overall amount. 72 percent of this stolen money was acquired from DeFi protocols.

 

This article originally appeared on Statista.com and was syndicated by MediaFeed.org.

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These were originally written for a trivia night with friends, but they went over so well that I wanted to share with you 35 amusing facts about money you should absolutely know. I will specify, these are money facts about the United States of America currency.

Take a moment to memorize one or two of these facts about money to impress your friends in the future! It might even help you win a trivia night.

 

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You may have never noticed it before but there are lots of little Easter Eggs hidden in the complex design of the $1 bill. They all revolve around the number “13”.

  • There are 13 steps on the pyramid.
  • 13 vertical bars are placed on the shield.
  • There are 13 horizontal stripes on the top of the shield as well.
  • The symbolism continues with 13 stars on the eagle.
  • Extreme detail was used to place 13 leaves and 13 berries on the olive branch on the eagle’s talons. The other talon holds 13 arrows.
  • There are 13 stars above the key on the Department of Treasury seal.

 

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However, if you want to read them you will need a magnifying glass.

 

 

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Here is a breakdown of some of the origins of words we associate with money today. These are often based on historical societies that influenced the way we refer to money.

  • Buck – Back in the day, people used the skin of deer’s as trade and barter for goods/services. Each skin was referred to as a “buck.”
  • Fee – This comes from the German word for cattle “vieh.“
  • Shell Out – At one point, Native Americans used shells as currency, and later European colonists adopted the phrase “Shell Out” meaning “to pay.”
  • Salary – Adopted from the Romans, soldiers at one point were paid their wages in salt. The Latin word for salt is “salarium“. That phrase over time originated “salary”.
  • Dollar – A Czechoslovakian town called Jachymov minted their own silver coins in 1519, and those coins were called “talergroschen.” The slang or short form of these were called “talers.“ This spread across Europe and today, many nations name their currency with some variation of “taler.“ For instance, in the United States, we call our currency “Dollars.” Pretty cool right!

 

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All that loose change thrown in the bins as you roll through security often gets forgotten and left behind. However, it all adds up and it’s consistently a lot. Making this one of the more impressive facts about money.

  • 2017 – $866K
  • 2016 – $867K
  • 2015 – $765K
  • 2014 – $674K
  • 2013 – $638K

 

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This feels obvious, but something we don’t often think about is “just how many people handle your money before it comes to you…” Basically money can contain lots of germs. Most of these are harmless but some $1 bills have been known to contain traces of salmonella and E.coli, making this one of the grossest facts about money. However, it seems that older bills (which are cotton-based) usually contain more contanimants while newer, glossier polymer-based $1 bills remain a little cleaner.

 

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In fact, 48% of the money printed by the U.S. Bureau of Engraving and Printing is just the $1 Bill. This is primarily because it is the most common bill, but also because the average lifespan of a $1 bill is just 18 months. Often times you can take a worn out bill to your local bank and they’ll replace it for you.

 

 

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If you take the combined value of all U.S. money printed each year, it’s between $696M – $974M (most is just to replace old worn money). Yet Parker Brothers reported that the combined fictitious value of their monopoly money, meaning add up all of their orange $500 bills, yellow $100 bills, purple $50 bills, green $20 bills, blue $10 bills, pink $5 bills and white $1 bills, that combined fictitious value is $30 Billion. That’s with a “B”. So nearly 30 times as much Monopoly money than U.S. bills created every year.

 

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In fact, there are ATMs on every continent in the world. It just seems strange that there is an ATM in Antarctica, but there are actually 2 of them. Both are operated by Wells Fargo at McMurdo Station, the largest science hub on the continent. That makes this one of the “coolest” facts about money.

 

 

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This is issued by Congress in 1866, and for the most part, has held true. In the past, usually, only monarchies had the faces of their living presidents. Typically the only time living presidents have been featured on coins are during commemorative coins. George Washington was famous for not wanting his face on U.S. currency because kings often put themselves on coins. He thought his face on currency was too much like the monarchy.

 

 

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The change was approved by President Dwight Eisenhower on July 30, 1956, and put into effect the following year. The phrase actually replaced the previous phrase on U.S. currency “E Pluribus Unum” meaning “One out of many”.

 

 

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While the $100 bill is a close second, people are more likely to break a $20 at a store or bar than a $100. Some famous counterfeit money launders took fake $20s or $100s to bars during rush hour to buy a drink and pocket the change. While the bartender is rushed, they often didn’t take the time to examine the money too closely. I wouldn’t suggest this though, there are better ways to make money. In the end, most people get caught.

 

 

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It’s a gold certificate that features the 28th U.S. President, Woodrow Wilson. However, it was never for public circulation. The Federal Reserve Banks used to use these paper notes to circulate money between the banks. This is one of the most expensive facts about money.

 

 

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At this point in history, most money was coin based. This started the standard of governments using paper currency as a representative of that government’s storage of precious metals. For the U.S. Government, paper money was representative of the gold supply in Fort Knox. This continued until 1971 when digital currency made the value of money in the world based on “faith” rather than gold. A $20 bill is only valuable because everyone agrees it has value.

 

 

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This means digital transactions of automated electronic deposits and credit cards transferring funds back and forth are more prevalent than people actually using physical money to pay for things. Think about how much money you spend a month and realize how little of that you’re actually paying with cash. That’s a crazy number to think about.

 

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At one point there was a series of $100,000 bills printed but they were only for transactions between Federal Reserve banks. Regular people were not carrying these around in their wallets. The $2 bill is fairly rare, they are only printed by demand and the last one was printed in 2003.

 

 

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That is a combined value of $696 million printed every year. Surprisingly, 95% of that money is created just to replace old money.

 

 

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There are two active facilities used by the U.S. Bureau of Engraving and Printing (Washington DC and Fort Worth, TX) that print money every day, and those facilities go through so much ink. Mind you this is high-tech ink with trackable, magnetic and color-changing properties.

 

 

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It was hard to get the green ink right when people tried to produce photographic copies of U.S. currency. In 1929 when paper money designs became more standardized and intricate to reduce counterfeiting, the U.S. kept the green ink because they had so much in stock.

 

 

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It has remained this way ever since 1775, when Paul Revere used paper from Stephen Crane’s paper mill for some of the United States first banknotes. Crane & Co. has been the sole company that has always produced the unique paper for U.S. Currency.

 

 

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In July 1865 the U.S. Secret service was formed to fight early counterfeiting at the end of the Civil War.

 

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That’s a lot but these things are durable! Composed of 25% linen and 75% cotton, these things take some effort to rip. However, not many people are going to reach the 4,000 fold capacity. Keep in mind it only takes 400 folds before a regular piece of paper breaks.

 

 

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If you get a ripped $1 and as long as more than 51% is present, it can be used as legal tender. You can take it to a bank and they will replace the torn currency with a brand new note. You need to have more than 51% so people don’t tear currency apart and turn in two separate notes. This is one of the most “ripped” facts about money.

 

 

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As of April 8, 2020, there is $1.84 trillion of dollars and coins in circulation. So if you took every U.S. dollar and coin in the world (banks, couch cushions, buried treasure, etc.) and added them all up, it would be $1.84 trillion dollars.

 

 

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There are two sperate organizations that produce the money we use every day. The U.S. Mint creates coins & U.S. Bureau of Engraving creates paper money.

 

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The United States Mint creates 1 cent, 5 cent, 10 cent, and 25 cent coins, plus $1 coins commonly referred to as the Sacagawea Golden Dollar Coin. This replaced the previous U.S. $1 coin which was the Susan B. Anthony Dollar Coin in 2003. This is one of the most “coined” facts about money.

 

 

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It comes down to size. The U.S. Mint pays $0.1118 cents to produce a nickel, yet only $0.0565 cents to produce a dime.

 

 

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It costs the U.S. Mint $0.0241 cents to create a single penny. That means it costs double to produce a penny than it’s actually worth! This is why there are many petitions to get rid of the penny because it’s literally a waste of money. This is one of the most well-known facts about money.

 

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Back in the day, people used to shave the edges of coins to gather the precious metals (silver, gold, etc.) and combine those clippings to counterfeit new coins or sell outright. It was called “Coin Clipping”. Eventually, the U.S. Mint started to add the ridges to the coins to make it easier to spot and deter counterfeiting. Pennies and nickels were never created with precious metals so it wasn’t worth the effort.

 

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It’s an odd thing but some people swear by it. If you bury pennies in the garden, the copper and zinc in the pennies will generate electric shocks for garden pests. Most people use them to deter snails. Nowadays there is more zinc than copper in pennies. This is one of the most “shocking” facts about money.

 

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It was a five-cent piece produced in extremely limited quantities unauthorized by the U.S. Mint. So it’s like the rebel of the coin world. There are only 5 in the world ever known to exist and two are in museums while the other three are in private collections.

 

 

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That is drastically longer than the typical lifecycle of a $1 bill, which is 18 months. Coins are simply more durable. This is one of the most “resilient” facts about money.

 

 

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Each coin has a single letter to indicate where they were made. If a coin doesn’t have a mark, it was likely made in Philadelphia since they were the first U.S. Mint and still largest Mint. Today most coins except Philadelphia’s have mint marks on the back.

  • P – Philadelphia
  • D – Denver
  • S – San Francisco
  • W – West Point

 

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On every other coin, the faces look left. It’s not the most significant finding, but it is kind of interesting for trivia!

 

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In fact, in addition to all the U.S. coins produced by the U.S. Mint. At times, they have produced coins for other countries as well, making it the largest coin maker in the world.

 

 

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There is a difference between what it takes to “make” and coin and how much it is “worth”. That profit is what funds the U.S. Mint and creates additional revenue for the United States to spend on education, healthcare and other U.S. agencies.

 

This article originally appears on WalletSquirrel.comand was syndicated by MediaFeed.org

 

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