Scamcoin
A scamcoin is when someone creates an illegitimate coin or project to swindle market participants of their money. It is a get-rich-quick adopted by many scammers to defraud those who support and invest in fake cryptocurrency.
It can also include cloud mining, where developers lure people into using their devices to mine worthless crypto. Scamcoin may also be a clone of an existing coin or being pre-mined.
