How crypto industry leaders are combating the rise of scams and uncovering outright schemes for enrichment

The problem of widespread schemes of enrichment remains one of the main pain points of the digital asset ecosystem. Ethereum creator Vitalik Buterin noted in an interview with a media platform that obvious scams, although losing popularity as the market strengthens and matures, still damage the industry’s reputation.

BitConnect: a prototype of outright deception

Buterin cited BitConnect as the most vivid example of simple and cynical fraud. The project operated as a typical Ponzi scheme, promising investors unrealistic returns. According to a well-known blockchain entrepreneur, it was not just a misguided initiative but a carefully planned scam.

Bitcoin SV: fraud with a technical shell

An even more interesting case is Bitcoin SV, which Buterin characterized as a project with a more complex nature. Although the technical part operates with blocks of 512 MB, the final verdict was critical. The Ethereum founder sharply criticized the project’s ideologist, Craig Wright, labeling his actions as personal fraud. In Buterin’s opinion, the entire project is a mechanism for redistributing funds under the guise of technological development, supported by a community he described as being in a state of self-delusion.

Lessons of market maturation

The growing ability of the ecosystem to identify and criticize such projects indicates the gradual maturing of the crypto space. If a few years ago such schemes could exist in the shadows of an inexperienced community, today industry leaders actively expose scams, helping newcomers avoid traps.