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What are some notable scams in history that went unnoticed for so long? (lemmy.ml)

submitted 1 year ago by bady@lemmy.ml to c/asklemmy@lemmy.ml

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[–] ModernRisk@lemmy.dbzer0.com 29 points 1 year ago* (last edited 1 year ago) (1 children)

Theranos ‘company’.

[–] bady@lemmy.ml 13 points 1 year ago

Oh yes, I've heard about this. Thanks for reminding.

Adding more details for others:

Founded in 2003 by then 19-year-old Elizabeth Holmes, Theranos raised more than US$700 million from venture capitalists and private investors, resulting in a $10 billion valuation at its peak in 2013 and 2014. The company claimed that it had devised blood tests that required very small amounts of blood and that could be performed rapidly and accurately, all using compact automated devices which the company had developed. These claims were later proven to be false.

https://en.wikipedia.org/wiki/Theranos