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Scams

Bitcoin's history is rife with scams, ponzi schemes, and fraud.

Scams

White Hats Step In to Save Funds from Vulnerable Ether Wallets

Criminals have stolen $32 million worth of ether from multisig wallets due to issues with the Parity client.

Jul 20, 2017
Scams

Dubious Bitcoin Scheme Uses Ethereum ICO to Keep the Game Going

There has been an interesting turn of events in the case of the alleged India-based Ponzi scheme known as GainBitcoin. Recently, after a Change.org petition from an outraged GainBitcoin investor surfaced, the group behind the scheme launched an Ethereum ICO (initial coin offering) in an effort to keep the probable scam going. For those who […]

Jul 12, 2017
Scams

BetCoin.tm’s Allegedly Fraudulent, Unethical and Illegal Activity

On the whole, the global Bitcoin space is a self-policing community that uproots and exposes scams and unethical Bitcoin service operators with ruthless efficiency. Unfortunately, there is a growing body of objective evidence that Bitcoin gaming network BetCoin.tm is one such unethical operator in the Bitcoin ecosystem. According to a number of sources, the relatively […]

Oct 23, 2013
Scams

The Pirate Saga: And So It Ends

Pirate40’s Bitcoin Savings & Trust Ponzi come to a messy end.

Aug 30, 2012
Scams

Bitcoinica Stolen From… Again

Bitcoinica has had funds stolen again and users are angry.

Jul 17, 2012
Scams

Ponzi schemes: The Danger of High Interest Savings Funds

The views expressed in this article are those of the author and do not necessarily reflect the position of Bitcoin Magazine Over the past five months, the Bitcoin community has seen the emergence of savings funds offering interest rates far higher than any seen in the traditional economy. The most innocuous form of high-interest deposits, […]

May 31, 2012
Scams

Bitcoinica: An Obituary

The last few days have unfortunately brought one piece of grim news after another to the Bitcoin community. As if the 43000 BTC Linode theft in March was not enough, another 18457 BTC was stolen from Bitcoinica’s reserves, and Zhou Tong was barely able to prevent the thief from getting his hands on 30000 more. […]

May 14, 2012
Scams

The Bitcoinica Linode Theft and What it Means for Bitcoin

On March 1, web hosting provide Linode’s servers were hacked, resulting in a theft of 3000 BTC from Slush and, most severely, 43000 BTC from Bitcoinica. There have been two major Bitcoin heists before, one 25000 BTC theft in June and a 17000 BTC theft from the Bitcoin exchange bitomat.pl in August, resulting in the […]

Mar 4, 2012