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10 Cryptocurrencies That Failed To Impress The World

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Cryptocurrencies are known as the fastest-rising assets in recent years. Cryptocurrencies are believed to have a powerful impact on the financial world in the future replacing fiat currencies and their ever-growing value and applicability.

Thousands of crypto have already been launched but not all cryptocurrencies are destined for greatness, most of them are bound to fail. There will be more losers than winners in this crypto world so finding the right project will be the key.

Almost 2,000 crypto coins have already burned and vanished as of today. This may be due to various reasons like premature preparation, fraudulent activities, dishonest management, and many others.

Due to the various crypto crashes the amount of money people had to bear is massive, billions of dollars of investors have vanished overnight and are practically impossible to recover.

Here is the list of the top 10 cryptocurrencies that failed to impress the world.

Terra Luna

Source : facebook

This coin was founded by Daniel Shin and Do Kwon in January 2018 as a project focused on the rapid adaptation of blockchain technology and cryptocurrency with price stability and usability features.

The major reason behind the Luna crash was its continuous increase in supply on crypto markets along with the de-pegging of UST, which made investors lose confidence in the coin. This resulted in massive sales that ultimately crashed the prices to the point where it’s practically worthless.

It is still unknown to this day that just before the LUNA crash,  2 billion dollars worth of UST was removed or unstacked from the anchor protocol and millions of it were then sold immediately. This was a direct attack on the Luna ecosystem, causing a serious sell-off.

Even though co-founder Do Kwon eventually came up with a plan to revive the crypto no one was ever convinced and This eventually resulted in delisting from major crypto exchange platforms around the world.

Luna coin had recorded an all-time high price of 119.8 per coin and a total market capitalization of 368.4 million dollars at its peak. 

Squid Game Coin

Source : thelogicalindian

After the massive success and popularity of the Korean TV series Squid Game, a bunch of unknown developers on October 2021 released an accompanying Squid Game token. During its first week, the token impressively gained 23,000,000%.

As spectacular was the rise to $2856 similar was its collapse back to 0. This was the result when Twitter flagged the crypto currency’s account and temporarily restricted it for suspicious activity and investors implied the coin to be a scam.

Its creators effectively stole an estimated around 2.1 million dollars from their investors. 3.36 million which was invested into Squid game coin was taken out of its project by its inventor and the liquidity pool in the change vanished in an instant.

Abandoning the project and running away with all the money is known as the rug pull. That is exactly what happened with the squid game investors.

BitConnect (BCC)

Source : instagram

BCC was the native token of the crypto platform BitConnect, which basically allowed investors to earn interest on their bitcoins by swapping bitcoin for the BCC token and earning interest by just holding it. BCC was trading at 400$ at its peak.

BitConnect was introduced to the crypto market in early 2016 as an open-source, peer-to-peer, and decentralized lending platform. The concept was to form a system that allowed investors to trade and earn interest on their crypto holdings.

Bitconnect failed because it was suspected of being a Ponzi scheme as it was like a multilevel marketing structure and very high-level suspicious payouts. Its interest was greatly affected by the volatility of the bitcoin which was tied to its value.

After pilfering 2.4 million dollars from over 4000 people from 95 countries BitConnect collapsed in 2018. Its founder Satish Kumbhani was charged by the DOJ and is subject to police investigation as he is still on the run from law enforcement.

FTX crash (FFT token)

Source : analyticsinsight

FTX token (FTT) is the utility token that provides access to the FTX a crypto trading platform’s services which was used to incentivize the account user to hold and use the token. It was basically created to provide users with a way to save on trading fees in the FTX platform.

FTX platform crashed due to the mismanagement of the account holders' funds lack of liquidity and huge volume of withdrawals. Binance had stepped in to buy the crashing platform but quickly opted out as more details of mishandled customers' funds circulated.

A total of 8 Billion dollars was lost from the market in the FTX crash including money from celebrities like Tom Brady to Kevin O’Leary. This left investors scrambling to recoup the funds as it is known to be the biggest crypto market fraud to date.

Sam Bankman Freed, FTX founder is currently in pre-trial detention after losing his bail at Brooklyn's Metropolitan Detention Center,

OneCoin

Source : facebook

Onecoin was another cryptocurrency that was constantly found in controversy till eventually collapsed. Its fraudulent schemes were conducted by offshore company OneCoin Ltd. registered in Dubai.

Ruja Ignatova and Sebastian Greenwood were the co-founders of ONeCoin. OneCoin trades were shut down in January 2017 after its pyramid scheme defrauded holders out of more than 4 billion dollars. 

 OneCoin scam is described as one of the largest international fraud schemes ever.

Ruja Ignatov nicknamed “the crypto queen” has not been found since 2017 october. She is enlisted in the Federals Bureau's TOP 10 most wanted list in 2022 and also has a reward of 100000$ offered for anyone who gives information of her whereabouts.

The other co-founder Sebastian Greenwood who allegedly called investors an idiot in the internal meeting had admitted to the charges of federal wire fraud and money laundering scam, according to the U.S. Department of Justice in 2022.

 

PayCoin

Source : twitter

Paycoin was the virtual assets payment platform for both retail and commercial usage. It had one of the most illustrious journeys in the cryptocurrency world as it was launched by knowledgeable miners and cryptocurrency experts Josh Garza and GAW.

Due to its premature launch in an attempt to market it to users, this cryptocurrency comprised its security. The crypto came crashing down when the founders' promises did not materialize. 

Paycoin has a total circulation supply of 250 million PCI and the maximum amount it can supply is 3.95 billion PCI. If all the coin is circulated in the market then it will have a market capitalization of 8.25 million dollars at a current trading price of $0.034

 

SpaceBIT

Source : cointelegraph

Next on the list of crypto that failed to impress the world is SpaceBIT. This was one of those cryptocurrencies that gained the biggest publicity in 2014 because of the team and its ambitious planning.

Its main aim was to make digital currencies to be accessible to each corner of the world. Nano satellites were also launched into space which were supposed to act as a supportive infrastructure for SpaceBIT.

Even though everything was going according to plan, the project simply didn’t materialize and the project was eventually abandoned. All the hype and marketing of the SpaceBIT project eventually dried up in early 2015.

A lot of money was poured into making this crypto and quite a lot of preparation behind the project but sadly nothing came out of it.

SafeMoon (SAFE)

Source : facebook

Safemoon also known as SAFE, was launched in 2021 and quickly got popular on social media due to its well-planned marketing. It used several celebrities and media personnel to spread the news of newly launched crypto.

Its main plan was to make investors hold this coin as it offered 5% of every transaction to the investors and holders of this crypto. This was a very different persuasive technique in a crypto market where you were earning by just holding the crypto.

In 2022, many lawsuits were filed against the promoters and founders of this crypto for artificially increasing the prices. Although the coin is still in circulation major crypto trading platforms delisted it.

Then in March 2023, a report came out that approximately 9 million dollars worth of this token was depleted from its liquidity pool after someone hacked and exploited its security flaw. As a result massive sell of was recorded.

 

Ethereum's DAO

Source : facebook

Ethereum network launched the first-ever DAOs (Decentralized Autonomous Organizations) in 2016, which utilized tokens and generated funds that could be used to support new ideas.

Its main idea was to allow token holders to vote for the best and most promising projects and then receive a percentage of any kind of profits generated. Yes, the idea was that simple, and people were very excited.

Only less than three months after its operations, The DOA was hacked and  3.6 million ETH was drained out which was worth around 70 million dollars at that time

DAO was easily hackable and was frequently exploited with the combination of vulnerabilities and recurring call bugs.  This was the main reason behind the Ethereum DAO's fall from grace.

In 2017 the token was eventually abandoned altogether after it was delisted from major trading platforms like Poloniex and Kraken after becoming clear of DOA security law violations.

GetGems

Source : coindesk

GetGems is another high-profile cryptocurrency project that was focused on mostly disrupting the social media market. A major focus was capturing the advertisement revenue-generating market player.

It was also based on blockchain technology where its plan was to develop a social media platform that allowed users revenue just by watching Ads.

Even though the idea behind the project was widely accepted by the public and the hype was huge crowd sales in 2014 did not live up to expectations. Unable to raise enough money when other projects were raising millions of dollars it hit the major block.

Due to its inability to live up to its own promises it soon lost investors and the crowd’s interest which led to its premature ending.