A South Korean company lured investors with its new technology: a blockchain app that can identify dogs by their nose wrinkles.

The investigation found that what the company promoted to be its dog nose wrinkle reader was fake.

The South Korean police say investors have lost more than $100 million in what it describes as a “typical Ponzi.”

South Korean police arrested three and charged another 64 with alleged fraud related to what they say is “a typical Ponzi scheme” that lured victims to invest in a company that claimed to distinguish pet dogs by their noses.

The company, which the officials did not name, lured investors with its new technology: a blockchain app that can identify dogs by their nose wrinkles, similar to how fingerprints are used to identify people. The project came with a cryptocurrency and offered high returns on investment.

The South Korean Gyeonggi South Provincial Police Agency say investors have lost more than $100 million in what it describes as a “typical Ponzi,” according to a statement yesterday.

The scam by an unnamed company promised up to 150% returns on investment in 100 days, raising about 166.4 billion South Korean won — or about $127 million — from 22,000 people, they said. The police, whose arrests included an executive in the fraudulent company, said that “most of the victims are in their 60s or older with no expertise in cryptocurrencies.”

The investigation found that what the company promoted to be its dog nose wrinkle reader was fake and did not use blockchain technology as its creators had promised. It also found that the company had not leased any of the sites where it said it would build theme parks for pets.

But the project had an Ethereum-based token traded both on decentralised exchanges and the South Korean centralised exchange Bithumb, said the police, without naming the token or the company behind it.

South Korea’s a crypto hotbed. And with more interest in crypto comes a lot of scams.

Several similar scams targeting South Koreans have syphoned billions of dollars from investors over the recent months.

“It’s unfortunate that such scams are getting very common [in Korea],” Doo Wan Nam, Seoul-based co-founder of research and advisory firm StableLab and a former MakerDAO delegate, told DL News. Nam said he spotted the dog nose wrinkle story in Korean media.

In April, a South Korean group stole $6.9 million from investors through a crypto mining scam which promised to pay out big. A police investigation found that the group had been using new investor’s money to pay back previous investors.

Then in May, South Korean authorities arrested two people and charged 16 more for stealing over $300 million through a scam that sold virtual items to investors and promised they could resell them at a profit.

In its statement yesterday, the police warned South Korean citizens against “digital assets that lure ordinary citizens with guaranteed principal and high returns in the short term.”

#Dogecoin #scam #southkorea

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PEPE Coin, a token inspired by the Pepe the Frog meme, has gained attention in the cryptocurrency community as a potential token meme.

Here are some reasons that PEPE really has potential:

Meme-based appeal: Pepe the Frog is a popular internet meme that has gained significant traction and recognition over the years. Meme-based cryptocurrencies often attract attention and generate hype due to their association with widely recognized and humorous content. The meme appeal of Pepe Coin could potentially attract a dedicated community of supporters and enthusiasts.

Community engagement: A strong and engaged community is crucial for the success of any cryptocurrency. Pepe Coin has the potential to cultivate an active and passionate community due to its meme-based nature. Community members can help drive awareness, adoption, and development, which are essential factors for the growth and sustainability of any token.

Limited supply and scarcity: Scarcity can play a role in driving the value of a cryptocurrency. If Pepe Coin has a limited token supply, it could create scarcity and potentially contribute to price appreciation. However, the specifics of Pepe Coin's tokenomics would need to be considered to assess its potential scarcity and its impact on the price.

Market sentiment and trends: Cryptocurrency markets are heavily influenced by investor sentiment and trends. Meme coins have experienced periods of intense popularity and volatility in the past. If meme coins regain popularity or if the overall sentiment towards such tokens remains positive, it could contribute to the potential success of Pepe Coin as a token meme.

Risk factors: It's essential to be aware of the risks associated with meme-based cryptocurrencies. These tokens often have limited utility beyond their meme appeal, and their prices can be highly volatile. Additionally, regulatory concerns, market manipulation, and changing investor sentiment can all impact the price and sustainability of meme coins.

As with any investment, it's crucial to conduct thorough research, assess the project's fundamentals, and consider the risks involved before making any decisions. Due to the dynamic and unpredictable nature of the cryptocurrency market, it's recommended to stay informed about the latest developments and consult reliable sources for the most up-to-date information.

$PEPE #pepe #pepecoineth #pepecoin

While I cannot predict the future with certainty, I can provide some insights into the factors that may influence the price of Shiba Inu Coin and why it may not reach $0.1. However, please note that the cryptocurrency market is highly volatile, and prices can be subject to various unpredictable factors.

Shiba Inu Coin never reach $0.001

Tokenomics and supply: Shiba Inu Coin (SHIB) has a massive supply, with trillions of tokens in circulation. Such a high supply can make it challenging for the price to reach $0.1, as it would require an enormous market capitalization. Even if the demand for SHIB increases, the vast supply could potentially hinder substantial price appreciation.

Market competition: The cryptocurrency market is saturated with numerous altcoins and tokens, many of which compete for attention and investment. Shiba Inu Coin faces competition from established cryptocurrencies like Bitcoin and Ethereum, as well as other meme-based tokens. This competitive landscape could limit the potential price growth of SHIB.

Utility and adoption: The utility and real-world adoption of a cryptocurrency can play a significant role in its long-term success. While ShibaSwap, a decentralized exchange, and the ShibaSwap Bone (a governance token) have been introduced, the overall utility of Shiba Inu Coin remains relatively limited. Without significant use cases and adoption, it may be challenging for SHIB to sustainably appreciate in value.

Investor sentiment and market trends: Investor sentiment and market trends can heavily impact the price of cryptocurrencies. If overall market sentiment turns bearish or if meme-based tokens lose favor among investors, it could adversely affect the price of Shiba Inu Coin. Cryptocurrency markets are influenced by a multitude of factors, including regulatory changes, global events, and investor psychology, all of which can affect the trajectory of SHIB's price.

Lack of fundamental value: Some critics argue that Shiba Inu Coin lacks fundamental value, as it originated as a meme-based token inspired by the popular Dogecoin. While meme coins can generate significant hype and short-term gains, they may struggle to maintain long-term value without underlying utility or solid fundamentals. This lack of intrinsic value could make it difficult for SHIB to reach and sustain a price of $0.001.

It's important to remember that cryptocurrency markets are highly speculative and can be subject to rapid fluctuations. The information provided here is based on the current knowledge and market conditions up until September 2021. It's always advisable to conduct thorough research and exercise caution when investing in cryptocurrencies.

$SHIB #shibaInu #memecoins

Investing in meme coins can be an exciting and potentially profitable venture, but it's crucial to be cautious and aware of the risks involved. With the popularity of meme coins on the rise, it's essential to watch out for counterfeit or fraudulent projects that may try to capitalize on the trend.

When considering meme coin investments, it's advisable to thoroughly research and evaluate the legitimacy and credibility of the project. Look for transparency, a strong community, and a dedicated team behind the coin. Additionally, assess the project's long-term viability and utility beyond just being a meme.

Among the meme coins worth considering, RipDip has gained traction as a memetic revolution. With its vibrant community and unique approach, RipDip has managed to establish itself as a potential contender. However, it's important to remember that meme coins, including RipDip, are subject to market volatility and can be highly speculative investments.

Before diving into any meme coin investment, it's essential to do your due diligence, understand the risks involved, and never invest more than you can afford to lose. Stay informed, keep a watchful eye for counterfeit projects, and approach meme coin investments with caution and a long-term perspective.

MEME STRONG

This cheeky cryptocurrency has captured the hearts of internet dwellers with its outrageous and comical antics. From its funky logo featuring a wacky cartoon character to its side-splitting memes plastered across social media, RipDip knows how to tickle funny bones while making a splash in the crypto market. Investors and enthusiasts can't help but chuckle as they ride the waves of volatility, knowing that laughter is the best investment strategy. So buckle up, hold on tight, and get ready to laugh all the way to the bank with RipDip!

BULL RUN

Network: Ethereum

$BTC $PEPE $ETH

#memecoins #ETH #pepe