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Five Dead Scam Coins

Created by: iChange 2017.11.14 15:30
While it may come as a shock, projects do get abandoned and coins actually die. However, some coins were made to die. Here are five coins that have made their way to the blockchain, drained investors, made founders rich and then vanished in the great blockchain in the sky.

Eros Vision (ERS)

Eros vision promised to bring something new to the world of adult entertainment and planned to build an adult-platform based around female escorts. Earlier this year around 9,500,000 Eros tokens were available during an ICO however, the Eros Vision project turned out to be nothing more than a scam, the individuals behind Eros still managed to collect around $10m before disappearing completely.

Visa Coin (VISA)

Any cryptocurrency that uses Visa in its name is always heading for trouble and the use of one of the most well known names in banking should have set off alarm bells for potential investors. Unsurprisingly, Visa Coin turned out to be a scam coin and after collecting 135 Bitcoin from naive investors, the team behind Visa Coin simply vanished.

Viral (VIRAL)

Internet marketer Adam Guerbuez, who became notorious for being ordered to pay $873 M in damages for serial spamming, created Viral. Both US and Canadian legislators ordered Guerbuez to pay $100 in damages and $100 in punitive damages for each of the 4,366,386 spam messages he sent to Facebook users in 2008.

Guerbuez sent out more than 4 million penis-enlargement, marijuana and pornographic spam messages via Facebook and his punishment was the largest-ever award under the U.S.'s federal antispam law. In order to earn Viral Coins, twitter users were expected to permit third party advertisers to access their accounts and post sponsored tweets, Viral Coin shut down development in 2016 after a failing to gain any support.

Speed Coin (SPC)

Released on April 13, 2014, Speed Coin promised to bring all the benefits of Bitcoin whilst operating on a network that ran 17 times faster. The Speed Coin team attempted to build a Bitcoin clone through using the SHA 256 algorithm and capping the amount of SPC at 21 million. Speed Coin reached a market cap of $28M before quickly falling to a market cap of just $2,000 and ceased trading on May 22, 2014. Many sources reported SPC as a scam coin.

Trader Coin (TDC)

One of the more sinister examples of a failed coin is Trader Coin. Launched in October 2013, the coin was revealed to be malware and was devised to place a key logger on the systems of users who downloaded the wallet. The individuals behind the coin hoped to record passwords and access the funds in both Trader Coin wallets and users Bitcoin wallets.