crypto wars
September 9, 2022

Crypto Wars: Faked Deaths, Missing Billions and Industry Disruption – Summary, Chapters and Review of Erica Stanford’s Book

Crypto Wars is a book by Erica Stanford that offers an insider’s account of the wild, unregulated early days of cryptocurrency. In this book, you will learn how to spot some of the biggest red flags in the cryptosphere and get a good account of some of the biggest frauds/scandals in crypto from 2007 to about 2018.

The book is a fast paced rollercoaster ride charting the history of cryptocurrency. Erica Stanford has done an excellent job of researching and presenting the topic in a concise and engaging way. This book will be of interest to anyone who wants to get up-to-speed on cryptocurrencies and blockchain technology, whether you’re an experienced enthusiast or just starting out in your journey with crypto.

The Key Red Flags in The Cryptosphere

Cryptocurrencies are an exciting and volatile new thing, and it’s easy to get swept up in their promise of a decentralized future. But before you dive into cryptocurrency investing, there are some things you need to know.

The book “Crypto Wars: Faked Deaths, Missing Billions and Industry Disruption” highlights some of the biggest red flags in cryptocurrency offerings:

The promise of guaranteed returns. This is the most common and obvious red flag that should always be a warning sign. Anyone promising guaranteed returns is likely lying and trying to scam you out of your hard-earned money, so be very wary if you see this offer anywhere!

Low barrier to entry for buyers/investors. Cryptocurrencies are supposed to be decentralized systems that allow anyone with an internet connection and some spare cash to participate in them, but if an ICO or coin offering has a low barrier for entry, it’s probably just looking for a quick buck without caring about who buys its tokens or coins—which means they’re probably bad investments!

Do your own research and make sure you understand what problem the project is trying to solve before investing in it.

The author advises that readers should beware of “new” cryptocurrencies that are just clones of existing alternative coins.

“If this book can save just one person from losing their money to a scam, crypto or non, then it has done a good thing”.

Erica Stanford

When It Comes To Crypto, Fraud Is Everywhere.

From pump-and-dump schemes to mining scams, the world of crypto is full of people looking to separate you from your hard-earned money.

And while there are plenty of ways to protect yourself against these scams, it can be difficult to know what’s real and what’s not.

The book “Crypto Wars” provides an account of some of the biggest frauds and scandals in the crypto space. You’ll learn how these schemes work, who’s behind them, and how you can avoid falling victim yourself.

The Cryptoqueen Dr. Ruja Ignatova & Her OneCoin Scam

In “Crypto Wars”, you’ll learn how Dr. Ruja Ignatova, the founder of OneCoin, was involved in a scam that defrauded millions of people around the world. The company claimed to be a digital currency but really operated as a Ponzi scheme. 

In its pyramid structure, members were expected to recruit new investors and make money off their investments; however, it turned out that there was no real cryptocurrency at all—just smoke and mirrors designed to fool investors into thinking they had made profits when in reality they’d been scammed

QuadrigaCX – The Nightmare Scenario for Investors

After a brief overview of the history of cryptocurrencies and their use, Stanford focuses on Gerald Cotten, CEO of QuadrigaCX. He established a cryptocurrency exchange—QuadrigaCX—and grew it from nothing into one of Canada’s largest digital currency exchanges within two years. 

QuadrigaCX claim to have over 115,000 active users across 185 countries and offer over 70 different cryptocurrencies on their platform.

 In December 2018, he died unexpectedly. 

He was the only person with access to the exchange’s cold wallets. Without these keys, no one could access those funds—including QuadrigaCX’s customers!

The loss of his keys and passwords led to the loss of hundreds of millions in crypto and fiat currency. In fact, there are claims that there are still over $190 million worth of crypto locked in those wallets! And no one knows how to get them out.

In light of this situation, Erica Stanford discusses how exchanges can be used by criminals to commit illegal activities such as fraud or money laundering. She also describes how exchanges could be vulnerable to hackers if they do not implement proper security measures such as two-factor authentication.

In short…

Crypto Wars is a book about the history of cryptocurrency, and the people behind it. It starts with a description of how crypto was created, and how it evolved. The book then goes on to describe some of the biggest scandals in crypto, and what happened to the people involved.

This book is a great read for anyone interested in cryptocurrency. If you want to learn more about crypto, or just learn about the good things that are happening too, then this book is worth checking out!

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