Skip to main content

Featured Story

Binance Ends Support for BUSD Stablecoin: What It Means for Users and the Future of Stablecoins

Binance, one of the largest cryptocurrency exchanges in the world, has made the decision to end support for its Binance USD (BUSD) stablecoin. This move comes after Paxos, the company responsible for minting new BUSD coins, announced that it would be halting its operations. The transition is set to take place on December 15th, and it will have significant implications for users of the BUSD stablecoin. Automatic Conversion to First Digital USD Starting on December 31st, many users' BUSD balances on Binance will be automatically converted into First Digital USD. This conversion will take place seamlessly, and users will not be required to take any action. The transition is designed to ensure a smooth and uninterrupted experience for BUSD users. Implications for BUSD Users While the automatic conversion should minimize any disruption for BUSD users, it is important for them to be aware of the implications of this change. Once their BUSD balances are converted into First Digital US

**$7.8 Billion Lost in Crypto Ponzi and Pyramid Schemes in 2022: A Startling Report**

$7.8B Lost in Crypto Ponzi and Pyramid Schemes in 2022: Report

In a recent report published by blockchain intelligence firm TRM Labs, it has been revealed that a staggering $7.8 billion was lost to cryptocurrency pyramid and Ponzi schemes worldwide in 2022. This significant figure highlights the alarming increase in illicit activities related to crypto, despite an overall market downturn in the same year.

Rising Concerns in the Crypto Industry

The cryptocurrency industry has long been plagued by fraudulent schemes, with Ponzi and pyramid schemes being a prominent issue. These schemes often promise high returns on investment and rely on a continuous influx of new investors to sustain the payouts. Unfortunately, these promises are nothing more than empty words, and unsuspecting individuals end up losing their hard-earned money.

The Magnitude of Losses

The $7.8 billion lost to crypto Ponzi and pyramid schemes in 2022 is a staggering amount, reflecting the extent of the problem within the industry. It is important to note that this figure only represents the reported losses, and the actual amount could be much higher. Many victims of these schemes may be too embarrassed or fearful to come forward and report their losses, resulting in a significant underestimation of the total impact.

The Impact on Investor Confidence

The prevalence of crypto Ponzi and pyramid schemes is not only detrimental to the individuals who fall victim to them, but it also undermines the overall confidence in the cryptocurrency market. As more and more cases of fraud are reported, potential investors may become increasingly hesitant to enter the market, fearing that they too will fall prey to these scams. This lack of trust can hinder the industry's growth and adoption, making it imperative for regulators and industry stakeholders to take action.

The Need for Regulation and Education

To combat the rising tide of crypto Ponzi and pyramid schemes, there is a pressing need for stricter regulations and increased education within the industry. Regulators must work together to establish clear guidelines and enforce compliance to ensure that fraudulent activities are swiftly identified and dealt with. Additionally, educating the public about the risks involved in investing in cryptocurrencies and how to identify potential scams can go a long way in reducing the number of victims.


The $7.8 billion lost to crypto Ponzi and pyramid schemes in 2022 serves as a stark reminder of the challenges that the cryptocurrency industry continues to face. While the market may experience ups and downs, the threat of fraud remains a constant concern. It is crucial for all stakeholders, including regulators, industry participants, and investors, to work together to create a safer and more trustworthy environment for cryptocurrency investments. Only through collaborative efforts can we hope to minimize the impact of illicit activities and pave the way for a more secure and prosperous future for the crypto industry.


Trending Stories