Throwback: Top 5 Crypto Fails of 2018

As we all know, 2018 hasn’t played out in crypto’s favor. Significant losses concurred and a general decline was observed as well. However, there are few that have really been bad and hence HAD to be shared.

Cheaters don’t make it far

Well, in this case, they really didn’t. Verge’s major development was set to launch at the end of 2017 but several delays pushed it past its actual date. While people were excited about their collab with Wraith Protocol, they were rather disappointed by its release.

Later it was revealed that Verge’s code base was copied from OpalCoin, a project of Bitcoin Kid, Whit Jack, the 14-year old cryptocurrency developer. After recording a high of just under 1,500 Satoshi, XVG dropped by over 70%, presumably because of this information.

Cryptocurrency send out a message

So back in February, Vechain got banned. Cryptocurrency was keeping a check on how things are going around and in one of their escapades they found out how Vechain’s team members had been behind directing community members to upvote certain posts, and hence the coin received a ban.

This sent out a strong message to people who were indulging in questionable practices. It was also an attempt to make things better for the community. So if you still got something dirty up your sleeve, it’s time to stop now.

We have one word; CONTROVERSIAL

So the most controversial project in cryptocurrency discontinued its lending program. After promising daily dividends from Bitconnect Coin in January, the team and most of those involved in this Ponzi scheme faced a class action lawsuit worth over $750,000.

Walton PR gone wrong

When someone behind the Walton Twitter account forgot to switch accounts when replying to a tweet as a winner, the cryptosphere went into a frenzy as they outed themselves for rigging the giveaway.

It was proved later that the majority of the winners were real. However, it was one of the moments where you forget to switch your account when complimenting your own picture.

BitGrail Hack

Back in 2017, one of the leading exchanged for nano trading was hacked resulting in a theft of $17 million Nano being stolen. To keep their integrity, the hack was ignored and they kept quiet about it.

It was an elephant in the room so later the company started facing solvency issues. When the news surfaced, the price went up by 50%. Apart from this, the investors saw their money being vanished overnight. The owner was anything but sympathetic and the interactions mostly consisted of bashing and trolling.

Now we can only hope things don’t go the way they did for crypto the next year. And who knows some other fail might emerge the following month. So keep following us for more content!

Soha Ali

As vanilla as it sounds, a filmmaker in the making. Soha brings the irony out of the crypto world by contributing to the Unfiltered section of BlockPublisher. Contact the editor at editor.unfiltered@blockpublisher.com

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