Top 10 most successful active blockchain scams have netted $13.7 million to date

Ruth C. | July 7, 2021

As the popularity of cryptocurrencies grows, so does the number of blockchain scams. According to the data analyzed by the Atlas VPN team, the top ten most successful currently active blockchain scams have collected $13,692,245 to date.

The figures are based on information from Scam Alert. The losses incurred as a result of blockchain scams were calculated in USD using current market prices at the time of the transaction. 

Fake Bitcoin tumbler, called CryptoMixer.com, is the biggest known active blockchain scam in terms of funds collected. Since December 2020, when it was first launched, it has received 167 payments totaling $2,527,229 (or $15,133 per transaction on average). 

Typically, Bitcoin tumbler is a piece of software that breaks down crypto transactions into smaller parts and then mixes them with other transactions before sending them to their destination. This way, it makes these Bitcoin transactions very hard to trace. 

However, CryptoMixer.com is a fake Bitcoin mixing service that sends out the coins to several big crypto exchanges, however, not to the user’s destination address. The Bitcoin wallet address linked to the scam is 1CoiNMixqJdctqazGsTvDcAygqHPUvmRo8.

Next up, is the InternationalGlobalPay.com scam. It has earned $2,293,503 via 198 payments since November 2020 (or $11,583 per transaction on average). 

International Global Pay is the most prominent active fake investment blockchain scam. The company pretends to be a credit card provider. However, it charges fees for the service that it then never provides. The Bitcoin address 19k5ey65q3g44GTG3ZaKYjPEkdSshq1vjg has been related to this scam. 

The third spot in the list is occupied by malware linked to a fake wallet app. This type of scam attracted 372 payments that cost victims $1,879,764.  On average, one payment was valued around $5,053. The Bitcoin wallet address linked to this scam is bc1qrwhmhlrj63hetznl984d9zgvh5q428j28klrlt. 

Other blockchain scams in the top five include ExpertDreamTrade.com ($1,353,257) and FXExchangeHub.com ($1,338,999).

Fake investment scams have cost victims the most

Fraudsters use a variety of tactics to lure out money from naive victims. However, some scams are more successful than others. 

Fake investment scams have attracted the most funds out of all the active blockchain scams to date. Such schemes make up seven of the top 10 most successful currently ongoing blockchain frauds.  Fake investment scams have cost victims $8,231,598, accounting for 60% of the total amount of money lost to the top ten scams.

Malware scams were also highly profitable for fraudsters.  While only two malware scams made it to the most successful blockchain scam list, together, they have acquired $2,933,418 from their victims.

Third place goes to the aforementioned tumbler fraud, which cost victims $2,527,229 in total. 

How can you avoid being a victim of a blockchain scam? 

As blockchain scams are growing in sophistication, they are becoming increasingly difficult to identify. In this article, we have outlined four essential tips that can help you avoid blockchain scams:

Verify the information. Always do your research before entrusting a service with your money. Check out the service's website, social media pages, and online reviews — if something seems off, it usually is. Red flags include grammatical errors, negative reviews, and a lack of information about the company. You can also see if a specific Bitcoin address used by the service provider has been flagged as a fraud on this page.

Watch for links and attachments. Never click on links or open attachments sent to you by strangers — they may be dangerous and contain malware. One way of checking if the link is legitimate is by hovering your mouse over it. This way, you should see the full URL and where it leads.

Make use of cybersecurity software. Make sure to use tools that protect your digital security. The Atlas VPN Tracker Blocker tool, for example, can assist you in blocking potentially harmful websites. It also prevents advertising, pop-ups, and trackers for improved online security and privacy.

Report. If you have, after all, fallen victim to a scam, report it to inform others. You can report a blockchain scam by filling a Bitcoin Abuse report.

Ruth C.

Ruth C.

Cybersecurity Researcher and Publisher at Atlas VPN. Interested in cybercrime, online security, and privacy-related topics.

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Blockchain scam

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