11 Cryptocurrencies that Went Defunct in 2023
Although there are many amazing cryptocurrencies out there, so many are scams or fail to gain traction—meaning they go defunct within a number of years from their launch. In 2023, a reported 289 cryptocurrencies went defunct—which is less than 2022 but is still no small number.
Are you curious if a coin you previously considered investing in went defunct in 2023? Keep reading to find out!
What Does Defunct Mean?
Oftentimes, cryptocurrencies don’t go under in obvious ways. Rather, the term ‘defunct’ is used to refer to a token that may or may not have gone under—but there has been no recent action in the market, and prospects for the token aren’t looking good.
While everyone uses the term differently, here is how we will use it in this article:
· To refer to cryptocurrencies with no trading volume in the previous 30 days.
· Projects which have been revealed as a scam by a verifiable source.
· Projects that have announced disbandment.
This does not mean that all tokens which are a scam will be revealed in this article. There may still be additional scam coins from 2023 available for purchase—just the ones that have been confirmed will be included in this article.
Cryptocurrencies That Went Defunct in 2023
Thousands of cryptocurrencies have gone defunct in the last few years. Here are the most popular ones from 2023. Be sure to also take a look at our list of defunct cryptocurrencies from 2022.
1. StraitsX Singapore Dollar (SXGD)
Investors everywhere had high hopes for this stablecoin project, which was pegged to the Singaporean dollar. Hopes were dashed, however, when the token collapsed in 2023, and the creators officially abandoned the project in January 2024.
2. SafeMoon (SAFE)
SafeMoon has been revealed to be a scam and, as such, has been removed from most trading platforms while it awaits its day in court. Though the platform is still operational, do not buy this token, as you will likely not see any returns.
3. ApeCoin (APE)
The year 2023 saw the collapse of many NFTs, of which ApeCoin is one of them. Although the creators have kept the token active, they recently announced that they will be repurposing APE as a native token for their Otherside platform. Therefore, it is still technically in operation, but we wouldn’t be surprised if it gets a new name soon.
4. HEX
Hex is a suspected Ponzi scheme and was under investigation by the SEC. Although the scam was confirmed and the creator ordered to pay restitution, his reputation was ruined. As a result, the token crashed 75% in value in the last year, and though it is still available for purchase in some DeFi exchanges, the trading volume isn’t there, and we suspect it will be utterly defunct before 2024 comes to an end.
5. Bitshares (BTS)
We don’t know precisely what happened with Bitshares, but the individuals behind the platform seem to have found other projects, as BTS was removed from most trading platforms in December 2023 due to a lack of trading volume.
While this token does technically still exist, it is practically worthless, and the fact that most large CeFi trading platforms have delisted it should be a red flag for anyone looking to invest.
6. Perl.eco (PERL)
Similar to BTS, this token was delisted from most trading platforms, including Binance, in December 2023 due to little to no trading volume causing the token to immediately crash in terms of value.
While it looks like the creators are still around, it is expected that the token will never recover. Additionally, we have taken a look at the website associated with the project and largely suspect it to be a scam, which could indicate why it was delisted last year.
7. Tornado Cash (TORN)
The story behind Tornado Cash is a bit sad, as it was deemed illegal in several countries and blocked the users of those countries from using the platform. If that weren’t enough, the creator was arrested in the Netherlands, causing anyone left on the platform to lose hope. Due to no trading, the token was delisted on December 7th, 2023, causing the token to lose whatever little value was left.
8. Waltonchain (WTC)
The saga of unused tokens continues with WTC, which was delisted the same day as Tornado Cash, Perl.eco, and Bitshares to join the graveyard of unused cryptocurrencies.
Waltonchain was delisted due to the fact that it was largely suspected to be a social engineering scam. Shortly after it was delisted, whatever value was left in the token immediately evaporated, leaving investors holding the empty bag.
9. Genesis Global and Gemini Trust (GUSD)
Although Gemini didn’t file for bankruptcy, its parent company, Genesis Global, did in 2023 and froze all customer assets before doing so. As such, millions lost their investments, and there was no trading volume, so any governance or utility tokens associated with these two platforms were delisted. Although there is a court case still ongoing, the total of the lawsuits exceeds $10 million, so we don’t expect these tokens to ever come back online.
10. Loom Network (LOOM)
Loom Network (LOOM) was delisted from all platforms on March 29, 2023, due to suspicion of it being a scam. Although we never heard about the outcome of the investigation, it was never relisted, so we suspect it was a scam.
11. Multichain (MULTI)
Multichain was delisted from most trading platforms due to suspicion of it being an elaborate rug-pull scheme. This happened after large amounts of the tokens were suddenly withdrawn by the creators without explanation. This was, unfortunately, only one of many of these types of scams in 2023.
No matter how you look at it, so many altcoins go defunct that there is a significant chance if you invest in them, you will see one of your investments on a list someday. Though there are steps you can take to ensure you aren’t investing in a scam, nothing in the altcoin world is certain and someday you could be holding onto a useless token—so be prepared if you are brave enough to invest!
