Big stage, bigger scams? 5 shady crypto projects that made it to the spotlight

Key Points

1. ZachXBT identified multiple sponsors of Token2049 as sketchy projects with no real utility, despite their hype and cult-like followings.

2. Projects like JPEX and HyperVerse have been involved in fraudulent activities, with JPEX disappearing after contributing $70,000 to Token2049 and HyperVerse being exposed as a $1.89 billion Ponzi scheme.

3. Shady projects often use flashy narratives, fake audits, and bots to create fake trading volume to attract traders.

4. Despite frequent market crashes or controversies, some sketchy coins persist due to the unpredictable and community-driven nature of crypto markets.

5. US regulators have taken action against fraudulent projects, such as charging HyperVerse promoters for running a pyramid scheme.