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The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against “a virtual currency know as My Big Coin (MBC).” The CFTC alleges that the company raised more than $6 million USD by making false and misleading claims regarding the cryptocurrency’s utility and backing. Also Read: Vouching Bitfinex and Tether’s Bank Accounts Hold Nearly $3 Billion … Read more
Benebit, one of this year’s most hyped ICOs, has pulled an exit scam, making off with a reported $2.7 million of investor funds. Other estimates put the figure as high as $4 million. The fraud only came to light after someone noticed that the team photos had been stolen from a school website. Once the … Read more
It was the best of times, it was the worst of times. From the hubris and excess of the North American Bitcoin Conference to the gloominess of the crypto markets, it’s been a feel-o-coaster of a week. Fear, uncertainty and doubt were the overarching emotions amidst a turbulent seven days, but there was also space … Read more
The fall of Bitconnect was as certain as night follows day. A pyramid scheme wrapped inside a Ponzi with a side order of WTF, Bitconnect was as crazy as it was calamitous. The only miracle was that the racket lasted so long. When the ringleaders shut up shop on Wednesday, causing the token to plummet … Read more
We have seen quite a few ICO projects designed to make fun of the entire business model. People will gladly throw money at any initial coin offering without doing the slightest research. This is why projects such as Super Cool Awesome Money – or SCAM – exist. It is clearly a scam and advertises itself … Read more
Ponzi lending smart bot scam Bitconnect finally did what most sane observers predicted long, long ago. It went splat. And it didn’t collapse due to government pressure, nor flurries of bad press, and certainly not from DDoS hacking attacks. The story is more of a ballad, a great object lesson, and it is the lie … Read more
For naive investors who invested in BitConnect (BCC), today marks an exponentially bigger loss than the general cryptocurrency downtrend. After discontinuing its “lending” program, BCC instantly plummeted over 90% from the day’s high, dropping from over US$330 to a low of just under $20. While most of the community warned about the blatant scam presented … Read more
In a move that will surprise few observers, Bitconnect has announced that it is closing its lending and exchange platform. The company has widely been accused of operating a Ponzi scheme and was recently rocked by cease and desist notices in two US states. Immediately after the firm declared its intention to wind things up, … Read more
If the internet truly is for porn, it only makes sense for the latter industry to have its own cryptocurrency. Several such projects have been created in recent years, although none of them gained any major traction. Fantasy Market’s investors will realize by now that the creator of this project has ripped them off completely. More … Read more
Over the past few years, we have seen multiple cryptocurrencies which were only meant to work within a specific area. Auroracoin is by far the most notorious example, and it ultimately failed to gain any real traction. NewYorkCoin, also known as NYCoin, is the latest attempt to achieve a similar goal. However, this project raises a lot of … Read more
