Connect with us

Crypto

DeFi100: the $32 million crypto scam

Published

on

Defi 100

The website read: “We scammed you guys, and you can’t do sh*t about it”

This weekend, a cryptocurrency analyst tweeted that the DeFi100 crypto was running a $32 million scam. Since then, the website and inflammatory message have been taken down. The website reads: “Oops, looks like that page is lost” at the time of writing.

The native token of DeFi100, the D100, slipped 25% in valuation since the hacking news. 

Are DeFi100 scammers or hacking victims?

The people behind DeFi100 called claims of a scam “false” and “baseless” in a recent tweet. DeFi100 says the website was hacked.

They added: “The highest market cap project ever had was less than $2 million” and the “project never held any investors funds”.

“Total tokens sold during IDO were 750,000 at $0.80 per token.”

DeFi100 has still not put out a statement on the incident. 

“The rumours of stealing $32 million are absolutely false and baseless. We reiterate it again that we have not made any exit.”

Defi 100 on Twitter

DeFi may be a ‘rug pull’ scam

Crypto experts call this type of scam a “rug pull.” Coin Market Cap says this is where “developers of a project abandon it and disappear with investor funds.”

The Twitter user who originally posted about the scam also warned their followers that they expect more of such instances to happen:

Never invest in projects that are very new, with anonymous teams, made as memes, and have a lack of real utility. Stay safe everyone!”

Do we need to be more aware of crypto scams?

This comes after another scam targeting cryptocurrency investors. The new hack targets people interested in crypto by faking celebrity giveaways. Among these celebrities is Telsa CEO Elon Musk.

The U.S. Federal Trade Commission has reported a jump in complaints about cryptocurrency fraud.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Global markets bounce back after heavy blow

Published

on

Markets around the world are expected to rebound today after a day of heavy losses.

The Australian ASX has bounced back big time following from Wall Street overnight that offset those tremors we saw last week.

Australian shares rushed to an early gain on Tuesday with the ASX 200 up 1.3 per cent, partly retracing the 1.8 per cent dip on Monday as global financial markets steadied after the anticipated moves from the Federal Reserve to thwart inflation.

Wall Street stocks rallied, staging a strong bounce back from last week’s rout.

The Dow last week suffered its worst week since October 2020, dropping 3.4 percent.

It came as the US Federal Reserve shifts towards a more hawkish stance on monetary policy, which could lead to higher interest rates.

That spooked investors last week, and the pain was felt on markets around the world on Monday,.

Fed Chair Jerome Powell is scheduled to appear before a congressional panel, and the markets are bracing for that.

Yesterday, markets across Asia dropped in early trade over inflation concerns

In Japan, the Nikkei slumped 4 per cent, while the Hong Kong Hang Seng dropped 1.45 per cent.

Mainland Chinese stocks were also down.

In South Korea, the market declined under 1 per cent.

The rollercoaster day for Australian investors

Australia’s share market dived in early trading after sharp falls on Wall Street on Monday.

The ASX 200 index fell as much as 1.5% to 7258 points.

It was the biggest decline in four weeks.

Sectors including Financials, Energy and Materials led early falls.

Commonwealth Bank fell 3.9% after a string of record highs in recent weeks.

The other major banks fell more than 2.2%.

Australian dollar is hitting a new low

So why has this happened? A big reason is following similar damage on Wall Street and in European markets which has been triggered by St Louis Federal Reserve president James Bullard predicting US interest rates would rise next year, perhaps earlier than some would expect.

The Australian dollar was firmer on Monday morning, buying around 75.05 US cents, after hitting its lowest level in six months as the US dollar strengthened.

Bullard added to expectations that US interest rates could rise sooner rather than later.

He is one of seven Fed policymakers to predict a first rate hike in 2022.

“This suggests the Fed will move earlier than the RBA and will be moving by slightly more than the RBA over 2023, which has implications for the [Australian dollar],” St George chief economist Besa Deda wrote.

Bitcoin takes a further tumble

Bitcoin fell to a two-week low amid an intensifying cryptocurrency crackdown in China.

The largest virtual currency fell 10% to $32,350 as of 8:50 a.m. in New York. Ether declined 13% to $1,950.

China announced on Monday that it summoned officials from its biggest banks to a meeting to reiterate a ban on providing cryptocurrency services. It’s the latest sign that China plan to do whatever it takes to close any loopholes left in crypto trading.

According to bitcoin aficionado Stephan Livera this latest crackdown, on one of the main regions for bitcoin mining, is the real deal.

This time seems like a more serious time. The largest mining pool operators have come out…so for example the leader of F2Pool (has said) from our numbers we’re seeing a very large drop in the amount of hash rate that’s coming to our pool out of China.” 

STEPHAN LIVERA, MINISTRY OF NODES

Bitcoin has many complex layers, it’s important to remember we’re talking specifically about bitcoin mining.

Mining is simply the process that sees new bitcoins entered into circulation. It’s also a critical component of the maintenance and development of the blockchain ledger. Mining is performed using very sophisticated computers that solve extremely complex computational math problems.

Continue Reading

Business

Bitcoin free fall amid China crackdown

Published

on

Bitcoin is in a free fall – tumbling to a two-week low amid an intensifying cryptocurrency crackdown in China.

China’s crackdown on mining has been an ongoing story since around 2013. But this time might be different.

Bitcoin fell to a two-week low amid an intensifying cryptocurrency crackdown in China.

The largest virtual currency fell 10% to $32,350 as of 8:50 a.m. in New York. Ether declined 13% to $1,950.

China announced on Monday that it summoned officials from its biggest banks to a meeting to reiterate a ban on providing cryptocurrency services. It’s the latest sign that China plan to do whatever it takes to close any loopholes left in crypto trading.

According to bitcoin aficionado Stephan Livera this latest crackdown, on one of the main regions for bitcoin mining, is the real deal.

This time seems like a more serious time. The largest mining pool operators have come out…so for example the leader of F2Pool (has said) from our numbers we’re seeing a very large drop in the amount of hash rate that’s coming to our pool out of China.” 

STEPHAN LIVERA, MINISTRY OF NODES

Bitcoin has many complex layers, it’s important to remember we’re talking specifically about bitcoin mining.

Mining is simply the process that sees new bitcoins entered into circulation. It’s also a critical component of the maintenance and development of the blockchain ledger. Mining is performed using very sophisticated computers that solve extremely complex computational math problems.

Chinese authorities are clamping down on the local mining operations that accounted for over 65% of Bitcoin’s global hash rate in 2020.

You might want to Google ‘bitcoin hash rate’, essentially it’s how often computers verify bitcoin transactions to secure the network.

The total hash rate has hit a new six-month low as China continues its clampdown on operations within the country.

What does this change mean for the future of bitcoin mining?

Livera says “it might be a turning point, an actual change in the industry. In terms of the composition in terms of where does the mining hash-rate come from. Because bitcoin is a decentralised project, what we ideally want to see is the hash-rate distributed around the world.”

So where to next?

Miners in China say their firms will pack up shop and move to North America with some predicting that China will lose crypto computing power to foreign markets.

Livera predicts short-term pain for long-term gain.

“Yes there is a short-term drop in the hash rate in the here and now. It’s unfortunately bad for Chinese miners. But it is good for anybody outside of China who is able to set up a mining operation, and be more profitable on the margin.”

A sell-off across the crypto markets took hold over the weekend. The world’s two dominant tokens bitcoin and ethereum both declined following China’s continuing crackdown particularly on the southwest province of Sichuan.

How these changes in bitcoin mining affect the long term price is a wait and see.

Continue Reading

Crypto

Bitcoin plummets as China continues to crack down on crypto mine closures

Published

on

China bitcoin mine

Bitcoin fell over the weekend, spurred by China closing a number of mines.

Bitcoin fell 5.5 percent on Sunday, as China closes in on Bitcoin mining practises.

This comes amid growing concerns over the energy usage required to mine cryptocurrencies.

This is the currency’s fourth decline in the past five sessions. Ether also tumbled.

The city of YA-AN promises to root out major crypto mining operations within 12 months

There are reports that the closure of the mines in this area has reduced the crypto’s mining capacity by 90 percent.

The crypto is currently priced at around half of what it was worth in April – with the market value falling from 2.6 trillion last month to 1.45 trillion today.

Continue Reading

Trending on Ticker

Copyright © 2021 Ticker Media Group Pty Ltd