If we look at the history of the crypto news on our website, we won’t see a lot of dead altcoins – or at least reports of cryptocurrencies that have shut down. However, the reports and trends show otherwise.
According to data from industry news and information portal 99bitcoins, Bitcoin has risen from a “dead” designation in the media 90 times last year, while there were almost 1,000 altcoins which for various reasons disappeared from the market altogether.
The database which is named Dead Coins distinguishes assets which failed due to hacks, scams or simply ones that were “deceased” along with “parody” coins which served no sincere purpose, according to the criteria.
Combined, the total number of “dead” altcoins which will likely never return has reached 934 while the total number of cryptocurrencies that “died” with a measurable market cap is now 2,073, according to data from CoinMarketCap.
On top of the “dead” altcoins, there are multiple crypto-related scams which have taken a lot of money form people who lacked knowledge about cryptocurrencies. One of them is OneCoin, the notorious project dubbed as a Ponzi scheme by several governments, which is also listed under the dead Scams section of the report.
Last week, the Wall Street Journal reported about hundreds of cryptocurrency whitepapers that are actively showing signs of fraudulent activity, improbable returns and plagiarism.
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