Currently, there are domestic victims who have reported to the police.
On the night of October 23 to the early morning of the 24th, the Shar project skyrocketed to nearly 60 million USD, only to plummet by 96% within five minutes!
All of this happened because a major player sold off 500 million SHAR tokens at once, which is half of the total supply! According to the folks at Lookonchain, this transaction was the work of an insider trader. At 5 AM on the 24th, he consolidated SHAR from over a hundred wallets into one wallet and sold them all at once.
You might wonder how this project suddenly became popular? The truth is, it relied on riding the coattails of well-known institutions and then recruited some famous KOLs to advertise for it, which tricked so many people into trusting it.
I don't want to name names, but those who understand know that a certain big KOL with over 100,000 fans also promoted it with two tweets, which have now been deleted.
In fact, these false promotions, riding on the reputation of famous institutions, and hiring KOLs for advertising are not costly at all. If the promotional fees are paid in SHAR tokens, then for the project team, it's essentially a way to make a profit with no investment. Now, some domestic victims have already reported to the police.
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