Aptos (APT) is a scalable Layer 1 blockchain using Move language, offering fast transactions, modular upgrades, and a growing ecosystem of Web3 projects.

Aptos has emerged as a standout in the blockchain space, raising 

 from such venture capitalists as Andreessen Horowitz (a16z), Coinbase Ventures, Apollo, Circle Ventures and Franklin Templeton to build its dream project promising a flexible and upgradeable blockchain structure. It lived up to its promises, with a successful mainnet launch on Oct 12, 2022. 

Two years later, Aptos has surpassed $1 billion in 

 (TVL), an impressive feat showcasing its ability to achieve real-world adoption as it attracts millions of users worldwide.

, giving users improved scalability, reliability, security and usability.

The Aptos genesis occurred on October 12, 2022, with Aptos blockchain's mainnet "Aptos Autumn" launched on October 17, 2022. Aptos is a Layer 1 blockchain built with a Rust-based programming language called Move. Its key features include a parallel execution engine, high-level security features and low transaction costs.

The Aptos blockchain is generating all this hype because of its intriguing past. The blockchain is based on the Diem blockchain initiative (from Meta) that was recently abandoned. Created by Diem developers, the Aptos crypto uses the programming language originally created for Diem. Its focus is on Diem's original goal of creating a scalable, fast blockchain. 

Aptos’s flexible architecture means it can be constantly upgraded to support emerging new use cases as the 

 world becomes increasingly sophisticated. Currently, Aptos is capable of supporting 

 (AI) on its blockchain. Its myriad use cases have drawn over 8 million users worldwide.

The Aptos network was created by Aptos Labs, while the Aptos Foundation focuses on nurturing the ecosystem through grants, education initiatives, events and partnerships.

Aptos Labs is the team behind the Aptos project. They currently lead a diverse team of developers, engineers and strategists headed by co-founders Mo Shaikh and Avery Ching.

Shaikh and Ching met when they worked together on the Diem blockchain project at Meta. Shaikh specializes in scaling products, and has experience in the private equity and venture capital markets. Meanwhile, Ching was one of the principal software engineers at Meta and has led many exciting and innovative development projects in the past. When Meta chose to discontinue the Diem project, Shaikh and Ching decided to join together to create Aptos Labs.

. Besides the Aptos blockchain, Aptos Labs has a range of products that cater to bridging the gap between Web 2.0 and web3. These include 

, a user-friendly web3 wallet that offers seamless access to 

, a name service that allows users to convert their lengthy and complex 

, a dedicated Aptos AI chatbot developed with OpenAI technology.

, whereby token holders stake tokens to their selected validators to help maintain the network. Aptos can theoretically reach 160,000 

 (TPS) while maintaining security and reliability. The following revolutionary concepts are at work behind Aptos's impressive performance.

 creates an engine that efficiently handles 

. The Aptos blockchain engine relies on parallel execution to handle multiple transactions at once. This makes things a lot quicker because a single failed transaction won't halt the whole chain. Instead, transactions can be processed concurrently, and all of them are validated post-execution. To further improve efficiency, a collaborative scheduler works to prioritize certain transactions on the Aptos blockchain and handle essential validations efficiently. Ultimately, up to 160,000 transactions per second (TPS) may be processed simultaneously.

One of the things that makes Aptos’s network so appealing is 

 for swift, secure transactions that was first designed for the Diem blockchain. Move is a type of executable bytecode language that’s used to 

implement smart contracts and custom transactions

. It uses Move modules, which are grouped in upgradeable packages, to define the state of transactions. 

It’s flexible enough to handle the unique needs of Aptos developers, and its global storage is more secure than the average programming language. Move lets users define custom resources that can’t be copied or discarded, making it much more difficult for malicious entities to control the Aptos blockchain. 

Aptos has also made multiple improvements to the Move ecosystem to further enhance its security, such as the 

, a formal verifier for Move smart contracts which boosts protection for contract invariants.

Aptos employs a modular data model, in which a ledger state records the interaction of transactions and accounts. Accounts are representations of users’ control over their assets, from on-chain currency to NFTs, and must be created before they can execute transactions. Transactions submitted by any user modify the ledger state and trigger events coded via Move modules. These events, uniquely identified by keys, are then stored as data within the ledger. This design also ensures flexibility and user privacy, as it supports flexible key management and hybrid custodial options, and allows users to create multiple pseudonymous accounts via cryptographic key pairs.

Byzantine Fault Tolerance (BFT) Consensus Protocol

Instead of using a consensus protocol that has to follow the order of transactions, Aptos decouples the two processes and lets them run parallel to each other. This reduces latency (the time it takes to confirm network transactions) while increasing speed. To ensure accuracy, Aptos has created a Byzantine fault tolerance (BFT) engine that analyzes individual states on-chain and then automatically updates validators as needed.

The Aptos ecosystem is robust, with over 190 projects in the realms of DeFi, GameFi, NFTs, social media, education, AI, infrastructure and more.

. Once an APT holder stakes their APT tokens to a validator node, they’re eligible to vote for various protocol changes, such as blockchain upgrades and changes to blockchain parameters. There was 

 of 1 billion APT tokens, distributed as follows:

 isn’t merely used for governance, as APT token holders can also stake their tokens to a validator to help secure the network while earning rewards, which can be received at 

There’s a minimum stake of 1 million APT and a maximum of 50 million APT, with the staked tokens automatically locked for a fixed duration. The maximum annual reward rate, evaluated at every epoch, began at 7% in 2022, with an annual decline rate of 1.5% (until it eventually reaches 3.25%, which Aptos estimates will take over 50 years). 

To further facilitate decentralization, Aptos also started offering delegated staking for users from April 2023. Delegated staking features a low minimum staking requirement whereby users with as little as 11 APT can collectively stake in a trusted validator node. This move encourages more active participation, allowing more users to stake and earn rewards while helping to sustain a stable and efficient network. 

Staking rewards raise the total supply, making APT an 

 token. However, the rewards mechanism may be modified via on-chain governance.

Aptos is available on Bybit’s Spot market as a swap pair with USDT (

As of Nov 19, 2024, APT’S price is $11.68, which is 41.4% lower than its ATH of $19.92 on Jan 26, 2023 and 279.2% higher than its ATL of $3.08 on Dec 29, 2022. 

Price prediction experts generally have a positive outlook on the APT token. Changelly, while 

 a slight dip to $9.85 in 2025, anticipates APT will exceed $100 by 2030 and hit an astonishing average of $4,727 in 2040. CoinCodex is more conservative in its predictions, 

 APT will trade at an average rate of $31.22 in 2025 and $37.05 in 2030. 

There are several factors working together to make Aptos crypto seem like a great opportunity. First of all, the venture is a continuation of a Meta-founded project that was already getting positive results before it was canceled. Furthermore, the developers working on it are experienced, highly-trained people who've worked on exciting projects in the past.

Aptos’s innovative technology has captured the interest of many venture capitalists, making it one of the top-funded blockchain projects at a total of $350 million (split into two rounds). 

Aptos accepted its first big set of investments in March 2022. Several large venture capital groups, including a16z Crypto, Multicoin Capital, Hashed, Tiger Global, Three Arrows Capital, FTX Ventures and Coinbase Ventures contributed a total of $200 million. Aptos then went on to receive another $150 million in June from FTX Ventures and Jump Crypto. Previous investors, such as a16z crypto and Multicoin Capital, have contributed to multiple rounds of funding.

Thanks to its unique architecture, which separates consensus from execution, and its use of Move as a programming language for added security, Aptos certainly stands out from the crowd of Layer 1 projects. 

In a mere two years, Aptos has achieved a TVL of over $1 billion and attracted over 190 projects, including top DeFi platforms like PancakeSwap, Ondo Finance (the biggest stablecoin by market cap) and USDT.

Aptos has also secured partnerships with industry giants and global asset management leaders, such as BlackRock and Franklin Templeton, and entertainment titan NBCUniversal, further contributing to its credibility as one of the top Layer 1 blockchains.

All of these factors point to a bright future ahead for Aptos. Nevertheless, the crypto market is inherently volatile. As with any other cryptocurrency, before buying APT, please make sure you do 

Aptos, often dubbed the “Solana killer,” possesses plenty of features that help it stand out among other Layer 1 chains — including a highly active community, strong partnerships, and access to unique engines and programming languages. 

One of the Aptos blockchain's main competitors is 

, which is currently the hottest high-performance Layer 1 available. 

Theoretically, Solana can support up to 65,000 TPS, while Aptos is capable of supporting 160,000. While the actual performance of both blockchains falls far below their theoretical speeds, they’re still considered high-speed blockchains, with Solana 

. Apart from their fast speeds, both Aptos and Solana also appeal to many users due to their meager transaction costs, which average around $0.0001 per transaction. 

, having had notable outages and downgrades. Meanwhile, the Aptos blockchain adds redundancy to its network, rendering it less prone to failure. Each block in Aptos is synced with leader nodes and nearby nodes. In case the leader node fails, one of the other nodes can take over. This results in slightly more computational requirements, so Aptos' hardware needs are a little larger than Solana's. Ultimately, Aptos offers more reliability than Solana in exchange for slightly higher hardware requirements.

 use Move programming language, though Sui’s version is modified into an object-centric model, unlike Aptos’s account-centric model. 

Additionally, Aptos records its ledger on a blockchain, whereas Sui stores and organizes its data in a 

Both Aptos and Sui are built to be scalable, with Aptos presenting a high throughput of 160,000 TPS in its testnet days and Sui’s test throughput achieving 120,000. When both networks are launched on the mainnet, however, their maximum throughputs over the past 30 days have fallen to 

While the two networks’ scalability allows for varied use cases, Sui’s focus is on NFT games, with a recent expansion into DeFi. In contrast, Aptos is built to be more general purpose, encompassing a diverse range of applications from DeFi, GameFi and NFTs to social media, entertainment and even AI.

The Aptos blockchain has already managed to outperform 

 in terms of speed. While Ethereum's time to finality is over a minute, Aptos can finalize transactions in less than a second, due to both hardware and design differences. Ethereum only has one CPU core, while Aptos operates on 16.

However, Ethereum’s reliability is undeniably superior. While Aptos doesn't have many problems with outages, it can't compare to Ethereum's stability: Its performance is almost impossible to disrupt. As long as users are fine with paying more fees and waiting longer times, Ethereum still remains the more popular choice.

The Aptos project promises to increase blockchain scalability and reliability. 

Indeed, thanks to its innovative technology, Aptos has proven its credibility in just two short years, drawing over 190 projects to join its ecosystem and enabling it to scale rapidly and evolve to match market demand. 

While it remains to be seen whether Aptos will really be a “Solana killer,” its network is rapidly catching up to Solana’s popularity, as evidenced by its growing ecosystem and partnerships with industry leaders. 

The addition of the world’s largest stablecoin, USDT, to the Aptos blockchain further cements its position as the top blockchain of choice for users and developers seeking a scalable, secure and user-friendly platform. 

With its focus on modularity and upgradeability, Aptos continues to attract significant attention from the web3 community, revealing itself to be a formidable player in the race for blockchain dominance.

Intermediate

aptos.png

What Is Aptos (APT): A Scalable Modular Layer 1 for Seamless Upgrades

Ethena Foundation has approved the activation of its fee switch, enabling revenue sharing with ENA token holders by the end of the month.

Daily Top Performer — Hedera Hashgraph (HBAR)

The S&P 500 rose 0.39%, rebounding from recent declines, driven by optimism about potential future rate cuts and expectations of a business-friendly administration. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 0.73%, with Bitcoin and Ethereum rising by 2.16% and 2.81%, respectively in the past 24 hours.

Today's top performer is HBAR, which surged 44.6% following the expansion of Hedera's governance and its advancements in AI data transparency.

Hedera Hashgraph (HBAR), launched on September 2019, is a cryptocurrency network that supports fast transactions and application deployment, overseen by a select group of business-approved nodes. This design ensures quick finality and reliability, attracting major corporations like LG, IBM, and Boeing as participants. Hedera's Governing Council has 

 to 32 members as the platform introduces new features and diverse use cases, such as using immutable records to enhance trust in AI data. The focus remains on transparency, security, and innovation for a promising future.

Check Out the Latest Prices, Charts, and Data of 

, enabling revenue sharing with ENA token holders by the end of the month. This move follows a governance vote and has already led to a significant increase in the ENA token's value. Ethena, which has achieved record-high revenues recently, generates income through various yield strategies. As one of the largest DeFi protocols by TVL, Ethena's fee switch could set a significant precedent for revenue sharing in the DeFi space.

Yesterday, BTC Spot ETF flows reached $165.5M, consisting of $5.8M from GBTC and $159.7M from non-GBTC sources.

 to drive onchain growth and reward users for trading NFTs and tokens across chains. With a total supply of 1 billion, over half will be allocated to the community through rewards, staking, and ecosystem development, with an initial 12.5% claim available at the Token Generation Event (TGE). The $ME token will power governance, staking, and user incentives across Bitcoin, Solana, and EVM ecosystems, supporting Magic Eden's goal of creating a universal onchain trading platform. The ME Foundation, a non-profit, will oversee the $ME ecosystem, ensuring security and alignment with community interests while cautioning users to beware of scams ahead of TGE.

Beginner

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Ethena Foundation Approves Fee Switch for Revenue Sharing with ENA Holders

In this tutorial, we’ll explore how you can complete a series of tasks in Derive for Bybit Web3 Airdrop Arcade.

In this tutorial, we’ll explore how you can complete Derive tasks for Bybit Web3 Airdrop Arcade. 

Task: Trade More Than $10 USD on Perps/Options, or Deposit More Than $10 Into Vaults

 and connect your Bybit Wallet by clicking on the 

button at the top right corner of the page. 

you want to deposit. Then, indicate the amount. Derive allows you to use stablecoins, such as USDC and USDT, or tokens, such as ETH, wstETH and WBTC, as collateral. Please note that deposits take between five to 10 minutes to complete.

to transfer your tokens into a trading account. This will allow you to trade with margin. 

: Trade at least $10 worth of perpetuals or options. 

 page and connect your Bybit Wallet by clicking on the 

button at the top right corner of the page.

: Select a vault based on your preferred collateral, market outlook and risk tolerance. Vaults automatically execute yield-generating options strategies on your deposited tokens.

. Please note that deposits take between 10 to 20 minutes to complete.

derive tutorial.png

How to Complete Derive Tasks for Bybit Web3 Airdrop Arcade

In this tutorial, we’ll explore how you can complete a series of tasks in KiloEx for Bybit Web3 Airdrop Arcade.

In this tutorial, we’ll explore how you can complete KiloEx tasks for Bybit Web3 Airdrop Arcade. 

Task 1: Deposit at Least 10 USDT in the KiloEx Vault via opBNB

 in the navigation bar to enter the KiloEx Vault. 

: Enter at least 10 USDT as the amount you would like to deposit, and click on 

: Approve the transaction and confirm it. 

: Check your deposit status. Please note that as you’re not able to withdraw immediately, you’ll need to wait for 1–3 epochs.

: Once the above steps have been completed, you can click on the 

button to withdraw your deposited amount.

Task 2: Place a Position With at Least 10 USDT

: If your BNB or USDT is insufficient, you can follow the bridge tutorial 

: After bridging funds, choose your desired trading pair and place an order to 

: The minimum position value for this task is $10. To minimize your risk of 

, we suggest opening a position with 2x leverage and maintaining a margin of $5. In this example, we’ve used a minimum of 2x leverage to open a position and select 

: Confirm your order and your position will be created. 

kiloex tutorial.png

How to Complete KiloEx Tasks for Bybit Web3 Airdrop Arcade

Bybit Learn

Investing

Crypto investing can be an exciting affair. As interest in cryptocurrencies rises worldwide, however, an increasing number of scammers are targeting the industry. We go through some shocking crypto scams, and the lessons to be learnt from them.

 (DeFi) has experienced tremendous growth in recent years, with crypto becoming an important part of many investment portfolios.

However, the increase in crypto adoption has also drawn unwanted attention from a malicious group of opportunists: scammers. From 2020 to 2021, losses from crypto-related scams rose 79%, with 

Such scams have caused investors to lose not only billions of dollars but also their trust in the industry. In addition, these schemes have evoked feelings of doubt and fear, dissuading potential investors from making their first crypto investments.

This article explains the various types of crypto scams and provides examples of each one — with tips on how to avoid getting scammed in the first place.

Crypto “scams” refer to attempts by individuals or companies to access users' private information, such as their security codes, or deceive unsuspecting people into sending their crypto to a compromised digital wallet. They come in many different forms, on which we’ll elaborate below.

Crypto scams can be compartmentalized into two main categories:

Despite this broad categorization, there are also specific types of scams that cryptocurrency users have been experiencing. The following are the main types of scams in the crypto industry.

 scams involve a group of insiders using messaging apps or social media in order to plant rumors that a renowned mogul is supporting the digital currency in question. The aim of this setup is to lure investors into purchasing the crypto, drive up the price, and sell their stake — thus causing the value of the currency to plummet.

public purchases all of the cryptocurrency (often newly issued, with very little trading history), the insiders start selling —or “dumping” — the crypto at high prices. This move sparks a steep sell-off and a resultant profit at the expense of the duped masses.

Phishing is a common scam in cryptocurrency. Just as with pump-and-dump, phishing isn’t restricted to digital currency. In the world of cryptocurrency, phishing means deceiving victims in order to get them to reveal sensitive details like passwords and 

Phishing scams often take place via email, with scammers posing as an authority and asking for users' credentials. These scams are also widespread on various social media platforms.

As evocative as its name is, the consequences of “pig butchering” are very serious for its victims.

The pig butchering scam usually takes place on online dating websites. The scammer sets an attractive profile picture to attract the "pig” (victim), and then "fattens” them up over a period of time through online messaging. As the victim grows closer to the perpetrator, they begin to trust the scammer more.

Eventually, the scammer informs the victim about huge gains that they’ve supposedly made in the cryptocurrency market, and advises the victim to follow along in some of their investments. Initially, these investments seem to pay off handsomely on paper, but the money's gone as soon as it's sent. The scammer uses phony sites, duping the victim into shelling out bigger sums of money to the perpetrator’s fake account.

When the victim tries to withdraw their money, their efforts are in vain. As the "pig" — who is now fattened for slaughter — they’re left empty-handed.

The pig slaughtering scam is believed to have originated in China, and is known for its relatively long duration.

Ponzi schemes are named after the notorious 1920s swindler, 

. The basic idea of the scam hasn’t changed for over a century.

Here's how it works: A crooked broker proposes a surefire investment with guaranteed, lavish returns. Their pitch may involve a secretive strategy — or, in this case, a 

In the beginning, the idea looks legit — your account balance keeps rising, and you might be able to withdraw some amount of cash. In reality, however, the crook pockets most of the money, issues phony paperwork to cover up the ruse, and uses cash from early investors to pay a little to the new ones.

As more investors come on board, the scammer finds it increasingly hard to sustain the ruse. By the time the scheme collapses, your money is long gone.

 collected an estimated $17 billion from nearly 5,000 investors before his fraud fell apart in 2008. Almost $3 billion was never recovered.

 is a crypto scam wherein a cryptocurrency's promoters pump up a new coin to boost its price, after which they disappear with the funds. The investors are then left with a valueless token that has zero fundamentals and no future.

A rug pull often doesn't allow a non-insider owner to sell their token, as it’s coded in a manner that allows only insiders to exit.

Airdrop scams are prominent in decentralized finance (DeFi). They involve a phenomenon in crypto called a token 

 as a reward for carrying out specific actions on 

While legitimate airdropping of tokens is typically done to start and grow a grassroots community, airdrop scams are also doing the rounds.

Here's how it works: An entity airdrops a token that appears to have value into your wallet. “When you try to exchange that airdropped token for a more well-known token, you give the protocol more permissions than you realize, allowing the hacker to access all the assets in your wallet," says 

, COO at Stacked, a crypto investment startup. Once that happens, your wallet is likely to be swept clean within minutes or even seconds.

In the realm of financial transactions, the 

 (APP) scam is a growing concern. This type of fraud involves the victim being deceived into willingly making a payment to an account controlled by a scammer. The key point to note in an authorized push payment scam is that the transaction is authorized, or perceived to be authorized, by the victim, making it difficult to reverse and recover the funds once the scam has been executed.

The deceptive nature of an authorized push payment scam lies in its exploitation of trust and manipulation of information. Fraudsters may pose as legitimate entities such as banks, solicitors, or even government departments, convincing victims that they are making a secure payment for a genuine reason. The victims, believing they are conducting a standard transaction, authorize the payment, only to discover later that they have been duped and their money has been sent to the scammers.

The growing prevalence of authorized push payment scams reflects the sophistication and adaptability of modern fraudsters. As technology advances and financial transactions become increasingly digital, these scams are becoming more complex and harder to detect. Measures are being taken to mitigate the risks associated with APP scams, including enhanced security protocols and customer education. However, the ever-evolving tactics employed by scammers necessitate constant vigilance and proactive measures from both financial institutions and consumers. While efforts are ongoing to combat these scams, it remains crucial for individuals to be vigilant when authorizing any payment, especially those conducted online.

Scammers set up bogus celebrity accounts on 

 to deceive devoted fans. These scammers then reach out to the star’s followers and ask for money under various pretexts: 

Another popular scamming tactic involves the use of a phony livestream. The scammer's fake celebrity account features a video taken from the star’s real social feed, with a message promising a hefty cash prize to the first, say, 500 or 1,000 people who identify something hidden in an optical illusion or comment with a specific phrase. Respondents to such prize offers then receive a direct message requesting their crypto wallet keys and other personal data to facilitate the supposed payment. With the information collected, the scammer accesses and steals the victim's crypto assets.

 means a sale in which a trader sells an asset and then repurchases it at or around the time of the sale, in an attempt to influence the price or manipulate trading activity on a particular asset.

There are various motivations for a trader or company to engage in wash trading:

Despite the many possible motivations, the core intent of wash trading is to mislead people and boost perceptions of the price and volume of an asset that’s being traded.

Most users consider the blockchain to be extremely secure since it’s inherently unalterable. Therefore, many have dubbed it as “unhackable.” Unfortunately, recent incidents have indicated that hackers can access blockchains in some situations.

During verification, “miners” review transactions to ensure that they’re genuine. If one or more hackers gains control over at least half the mining process, the consequences could be dire. For example, scammer miners can create a duplicate version of the 

, where some transactions aren't reflected. Miners could then create a completely different collection of transactions on the fork, and make it seem like that’s the true version of the blockchain, despite its fraudulent nature. Hackers could also 

At times, there may also be errors or security glitches during the creation of the blockchain, especially with larger or more intricate blockchains. In such cases, hackers can identify the vulnerabilities and plan an attack to get in easily. Since the fraudulent activity isn’t reflected, hackers can steal money from users without being detected. Unfortunately, due the unalterable nature of blockchain transactions, the only way to retrieve stolen money is to create a fork that is recognized by all users as the authoritative blockchain.

If the security practices surrounding a cryptocurrency exchange are weak, hackers can steal users' assets, and even perform identity theft.

, the rapid rise of decentralized finance (

) is (ironically) the main factor behind the increase in cryptocurrency scams.

DeFi proposes the removal of all traditional middlemen from the financial sector, including banks and lawyers. It further suggests replacing them with a piece of code written on a public blockchain that approves and regulates all financial transactions independently.

Since the DeFi sector is still in its infancy, its infrastructure is incomplete and awaiting further development. As a piece of code that is still being refined, DeFi software is currently highly vulnerable to hackers. 21% of all hacks in 2021 took advantage of loopholes in DeFi code. While the lack of third-party interference is often perceived as an advantage of DeFi, it can also pose a disadvantage, as it’s harder for regulators to stop fraud in the space.

In June 2021, influencers with large follower bases like 

 (a successful esports organization and influencer incubator) showed their support online for a new cryptocurrency called “Save the Kids” (KIDS).

The new token's website (which is now defunct) claimed that the crypto venture was helping to build a better world for children, and promised to donate a portion of the token's proceeds to charity. 

Many fans "pumped" money into this charitable crypto scheme, believing that their investment was safeguarded by the high profile of the influencers endorsing it. The result? Their money disappeared almost overnight.

Amid a growing number of online accusations, FaZe Clan 

In the early hours of April 14, 2021, many users of 

, a reward-earning cryptocurrency platform, started reporting that they had received a suspicious email.

The email looked like it was a legitimate one from Celsius. It announced the launch of the much-anticipated "Celsius Web Wallet" with an offer of $500 in CEL for users who followed the included promo link.

However, some attentive users realized that the link led them to "celsiuswallet.network" instead of "celsius.network," the official company domain, indicating that something wasn't right. Celsius has always made it clear that they do not have any other official domain.

Unfortunately, as the destination page looked just like the legitimate company page, many users went ahead to claim the offer and submit sensitive information. Soon after, there were reports of users who had lost their crypto balance and many others who said they had received the same phishing emails and SMS messages linking to the same fraudulent page.

A Tennessee woman reported losing $390,000 that belonged to herself and her father after falling for a crypto dating scam.

24-year-old Nicole Hutchinson sold the house that she had inherited from her mother and split the proceeds with her father. The $280,000 she inherited was meant to go toward building a life in California and helping her family.

In an attempt to make new friends before shifting to California, Nicole started using Hinge, an online dating website. On Hinge, she met a man named "Hao," and they soon became friends. Hao told her that he came from the same town in China from which she had been adopted, leading to a strong connection. He also told her he was into investing in cryptocurrency and suggested that she could also invest. 

Hao suggested that she create an account on

, a legitimate site. He then sent her a link and asked her to transfer her money to the new link, which he claimed was a cryptocurrency exchange platform.

Though she started with small amounts, she soon began investing more money. As her account started reflecting the “profits” she had made, she suggested that her father also start investing, so he did. 

By December, their accounts indicated a combined balance of $1.2 million, and Hutchinson decided to cash out. At that point, the site told her that she would have to pay a hefty "tax bill" of roughly $380,000 before she could withdraw her money. That's when she discovered that all her cryptocurrency investments weren't real, and all the funds belonging to her and her father had gone into the scammer's pocket.

OneCoin is known as the longest-running Ponzi scheme in the crypto industry. It was founded by Ruja Ignatova, aka 

, a Bulgarian fraudster. Between 2014 and 2019, OneCoin lured many investors, defrauding them of $5.8 billion by marketing OneCoin as the hottest innovation in the crypto industry — a "

This "business venture" was concealing a multi-level marketing scheme that compensated members with OneCoin and cash for onboarding new investors.

The issue was not the marketing strategy, but rather that Onecoin didn’t even have a blockchain of its own. Therefore, when investors bought or received OneCoin, they ended up with a worthless coin that wasn't backed by an accepted digital asset technology.

 and leveled charges on its leaders after many years of warning investors against investing in Onecoin. By this time, however, Ignatova herself had disappeared. Her whereabouts are currently unknown, while OneCoin’s co-founder, Sebastian Greenwood, is incarcerated in the United States.

7 Crypto Scams That Actually Happened So Far

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards