By CCN Markets: Dow Jones futures rose on Tuesday, but money managers on Wall Street aren’t convinced the stock market rally has longevity. Billion-dollar investors are pulling money out of stocks and piling into cash, according to a survey by Bank of America Merrill Lynch. The investors, who manage $ 528 billion between them, are also cycling into defensive investments and treasury bonds. It’s a sure sign that investors are building defensive portfolios in the face of trade war fears and weak economic data. Dow creeps higher on hopes of Federal Reserve rate cut As of 6.44 am ET Tuesday, Dow
During the first week of April, news.Bitcoin.com reported on a large swarm of darknet market (DNM) users flocking from Dream to the Wall Street marketplace. However, the migration hasn’t been as successful as it may have first seemed, with some vendors alleging that Wall Street has pulled an exit scam and ran off with $ 30 million in crypto held in escrow.
A bitcoin exchange in Singapore reported on January 3 that on New Year’s Day their data center experienced a “fire.” Fears of an exit scam began to mount. According to them, this fire results in 7% of users losing access to their accounts. The events coincided with the first annual Proof of Keys event. BiteBTC.com
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Many venture capital firms have broken deals with companies in the crypto sector over the past several months. Barry Silbert, the founder and CEO of Digital Currency Group, a major cryptocurrency-focused venture capital firm that has invested in large-scale cryptocurrency businesses in the likes of Coinbase, bitFlyer, and Blockchain, has said that amidst falling crypto
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Earlier this week, a crypto exit scam in South Korea called “Pure Bit” disappeared with more than $ 30 million in user funds. On November 4, the group conducted an initial coin offering (ICO) to raise nearly $ 30 million using Ethereum (ETH) to build a cryptocurrency exchange. On November 13, as CCN reported, Pure Bit and
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A South Korean ICO has defrauded its private sale investors out of roughly 13,500 ETH ($ 2.8 million) before disappearing from the internet entirely.
Pure Bit, which has already pulled the plug on its website, has apparently conducted a fairly routine exit scam for its Pure Coin token sale. The cryptocurrency was pitched as an exchange token for Pure Bit, an exchange that was supposed to launch by the end of the month. The Coin promised to give investors shares of the exchange’s trading revenue as well as discounted fees for trading, and its anonymous team claimed that it would burn 90% of token supply over a three year period.
According to Korean blockchain news provider Blockchain ROK, newcomer exchange Pure Bit has effectively exit scammed with at least 13,000 in investor Ethereum in hand. As evidence of the scam, BROK points to the fact that the exchange’s CEO has changed his name on popular Korean social media network Kakao to “I’m sorry” in the
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Oyster Protocol issued $ 90,000,000 worth of PRL (pearl) near the end of last year. The crypto product is designed to enable website owners to earn money by participating in the storage and securing of files within the IOTA Tangle rather than advertising. Users contribute computing resources to the website instead of viewing advertisements. The PRL
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Oyster Protocol is a hybrid IOTA/Ethereum smart contract platform designed to help websites garner revenue. Instead of traditional advertising, users of websites contribute their computing resources, enabling the website owner to garner Oyster Pearls (PRL) by securing and contributing to services offered by Oyster. PRL — which is an ERC-20 token and runs on Ethereum
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A Canadian cryptocurrency exchange has closed down, claiming that a hacker had withdrawn all the funds. But many are suggesting that this is nothing more than an exit scam.
A Scam I Am?
The exchange, MapleChange, opened in May and listed 62 tokens, including Bitcoin, Litecoin, and Ethereum. Volume was modest, peaking at $ 67k, but there were enough regular users to amass a healthy balance sheet. According to some sources, the amount stolen in the ‘hack’ was 913 bitcoin (close to $ 6 million).
ICO exit scams over the last two years have left people $ 96.8 million out of pocket, according to data compiled by blockchain intelligence firm Diar.
However, this is only a drop in the ocean with regards to the influx of investment the cryptocurrency space is receiving. For context, blockchain start-ups have raised over $ 6.8 billion from ICOs in 2018 alone. Nonetheless, $ 100 million is an eye-watering amount. Let’s look at the top 5 ICO exit scams.