Nearly 300 cryptocurrency projects appear to be scams that have drawn $1 billion from investors, according to a review by The Wall Street Journal.
Out of 1,450 digital coin offerings. 271 were flagged by the Journal for deceptive practices ranging from promises of guaranteed returns to plagiarism and fabricated executives. Investors have poured more than $1 billion into those 271 coin offerings, the Journal found.
In 111 of the project white papers, the marketing plans and projects’ technical features were plagiarized. In others, the images of reputable-looking people with made-up names lent credence to sham projects. In one such case, “Jeremy Boker,” the CEO of the online payment project Denaro, was in fact a Polish banker not involved, Jenish Mirani. Mirani told the Journal he was shocked to learn this scam was using his personal website picture. Read more here.