Avalanche (AVAX) memecoin project Sender has experienced a significant decline of over 70%.
The original fundraising Twitter account @4msener, which was closely associated with the project, is suspected to have been deleted. This unexpected move caused surprise and led to speculation that the account played a role in the sudden collapse of the project.
However, the founder of the project in question suddenly closed his Twitter account, strengthening suspicions that the funds were stolen and that the project was a rugpull scam.
Before the crash, Sender had managed to collect 93,000 AVAX, equivalent to $5.3 million. Of the total funds collected, 20,000 AVAX were used to provide liquidity to the project. However, the remaining 73,000 AVAX was transferred to three different addresses. The location and purpose of these transfers remain unclear, further raising concerns surrounding the project.
The success of memecoins on Solana seems to have whetted the appetite of other altcoin networks. However, many cryptocurrency influencers on the Solana network asked their followers to send them SOL and shared that they would distribute their own memecoins to their followers in return. A significant portion of these projects ended in major collapses or frauds.
$AVAX #AVAX #SCAM

OneCoin was one of the most ambitious and audacious cryptocurrency projects ever conceived. Its founder, Dr. Ruja Ignatova, claimed that OneCoin would surpass Bitcoin and revolutionize the global financial system. She attracted millions of investors from around the world, who poured billions of dollars into her scheme. But behind the glamorous facade, OneCoin was nothing but a massive Ponzi scheme that defrauded its victims and left them penniless.

The Rise of OneCoin

Dr. Ruja Ignatova launched OneCoin in late 2014, riding on the wave of Bitcoin’s popularity and success. She presented herself as a visionary leader and a financial expert, with impressive credentials and awards. She traveled the world, delivering charismatic speeches and dazzling audiences with her promises of wealth and empowerment.

OneCoin claimed to be a new generation of cryptocurrency, based on a proprietary blockchain technology that was faster, safer, and more scalable than Bitcoin. Dr. Ruja also boasted that OneCoin had a huge supply of 120 billion coins, which would ensure its stability and growth. She said that OneCoin would soon be listed on public exchanges and accepted by merchants worldwide.

To join OneCoin, investors had to buy educational packages that supposedly taught them about cryptocurrency and finance. These packages ranged from €100 to €118,000, and included tokens that could be used to mine OneCoins on the company’s platform. Investors were also encouraged to recruit new members and earn commissions through a multi-level marketing (MLM) system.

However, most of the educational materials were plagiarized from other sources, and the tokens had no real value. The company did not have a functioning blockchain or a transparent ledger. The price of OneCoin was arbitrarily set by the company, and there was no way to sell or exchange OneCoins for other currencies. The only way to cash out was to request a withdrawal from the company, which was often denied or delayed.

The Fall of OneCoin

In 2016, authorities and regulators from various countries started to investigate OneCoin and warn the public about its fraudulent nature. Several media outlets also exposed the lies and inconsistencies behind OneCoin’s claims. Some of the red flags included:

The lack of evidence or verification of OneCoin’s blockchain, mining, or transactions.

The unrealistic and unsustainable returns promised by OneCoin, which violated the basic principles of economics and market dynamics.

The legal troubles and criminal records of some of OneCoin’s key figures, including Dr. Ruja herself.

The use of fake endorsements, awards, and partnerships to boost OneCoin’s credibility and legitimacy.

The censorship and intimidation of critics, whistleblowers, and dissidents who questioned or challenged OneCoin.

In 2017, Dr. Ruja disappeared without a trace, leaving behind a crumbling empire and a trail of lawsuits. She was later charged by the US authorities with wire fraud, securities fraud, and money laundering. Her brother, Konstantin Ignatov, who took over the leadership of OneCoin after her disappearance, was arrested in 2019 and pleaded guilty to several charges. He is currently cooperating with the prosecutors as a witness.

The Impact of OneCoin

OneCoin is considered one of the biggest scams in history, having raised an estimated $4 billion from millions of investors across 175 countries12 Many of these investors lost their life savings, pensions, or properties to OneCoin. Some even faced legal consequences or threats for promoting or participating in OneCoin.

The victims of OneCoin came from diverse backgrounds and cultures, but they shared a common desire to improve their lives and achieve financial freedom. They were lured by OneCoin’s sophisticated marketing campaigns and persuasive recruiters, who exploited their emotions, fears, and hopes.

The story of OneCoin is not only a cautionary tale for cryptocurrency enthusiasts, but also a reminder for regulators and policymakers to protect consumers from such scams. It also highlights the need for more education and awareness about the risks and opportunities of the emerging digital economy.

#REXBOX #crypto #ONECOIN #SCAM

The Brazilian operators of a suspected crypto scam reportedly fled the country just before the police launched a probe into the company behind the project.

Police think that the company raised some $178 million in investments from around 7,500 people.

The Brazilian media outlet Livecoins reported that five individuals left the country, with some destined for Dubai and others heading to the USA.

The alleged scam’s masterminds promised victims returns of up to 40% on their investments.

Police in the southern state of Santa Catarina said they had raided a number of addresses, and “seized 15 luxury cars.”

They described the outfit as a “cryptocurrency pyramid” that offered “monthly fixed returns” of “20% to 40%” on “crypto investments.”

The individuals are believed to have operated a company in Florianópolis, Santa Catarina’s capital and second-largest city.

In an operation codenamed Crypto X, police swooped along with the Fraud Office and the Money Laundering Investigation Office, as well as public prosecutors.

Some 18 properties were searched, but no arrests were made.

Officers added that the alleged masterminds had likely committed “money laundering” offenses.

Police said the alleged scammers had likely “hidden assets” with the help of “intermediaries.”

A prosecution official was quoted as stating:

“The operation was important. It provided a way of retaining the assets of those being investigated in order to try to recoup the damages suffered by the victims.”

The official confirmed that a search for the alleged perpetrators was now underway, and that they would be “held accountable” for their actions.

Increase in Brazilian ‘Crypto Scams?’

Crypto scams have been on the rise in Brazil in recent months.

In March, the sporting world was rocked by news of a purported scam allegedly involving some of the nation’s top football (soccer) players.

Police also moved to bust a suspected sex-tortion ring that made use of crypto.

And a company suspected of being at the center of a large-scale pyramid-style crypto scam apparently emptied its offices amid a police investigation.

#crypto2023 #SCAM #crypto #Binance

SCAM is a revolutionary much needed movement in the blockchain industry. We aim to expose fraudulent behavior and raise awareness of scamming activities. We are committed to unveiling the unethical acts of malicious actors in the cryptocurrency industry. With a unique model of raising awareness and providing reimbursements. SCAM will disrupt the industry and alter the narrative around the vulnerability of the crypto market to scams.

Why SCAM?

Launch 24 Hours before.

Listed on CMC & TRUSTWALLET SWAP

Listed on first CeX POLONIEX

SCAM Coin groundbreaking cryptocurrency project aimed at exposing fraudulent behavior and raising awareness of scamming activities, launched on Monday, June 19, at 06 PM UTC. With a mission to create a safer environment in the blockchain and cryptocurrency industry, SCAM Coin seeks to disrupt the industry and establish a new standard of trustworthiness.

The core principles of SCAM Coin are centered on transparency, community, and vigilance. The project is determined to expose malicious actors in the cryptocurrency industry and counteract the pressing issue of fraudulent projects. SCAM Coin's unique approach includes raising awareness and providing partial reimbursements to scam victims, fostering a safer environment for investors and enthusiasts.

I have shared this coz I think it's undervalued and worth some attention only thing is needed to Have some beleivers and good big influencers onboard who can share about them.

You can join their telegram "Scamcoin_ETH" and know more about them. Admins are active whole day and can answer for your questions anytime.

This is just my opinion not financial advice. Do your own research before any investment and also let me know what do u think about this in comments. Love to hear your opinion on it.

This article is sponsored

#SCAM