Market Maker Faces Up to 25 Years in Prison for HMSTR Token Fraud!
In a significant development, Gotbit CEO Alexey Andryunin was arrested in Portugal at the request of the FBI and is now awaiting extradition to the United States.
🐹 Gotbit Hedge Fund, which partnered with Hamster Kombat as a designated market maker for the #HMSTR token, has come under scrutiny. Following the arrest, the price of the $HMSTR token has plummeted by -12% in the last 24 hours, causing concern among investors.
The U.S. Department of Justice has indicted 16 companies and more than a dozen individuals in a cryptocurrency fraud scheme, including Gotbit, ZM Quant, and CLS Global. The investigation resulted in four arrests, six plea bargains, and the seizure of more than $30 million in cryptocurrency.
For those who may have missed the news, here's a quick recap of what happened: The FBI launched its own token, NexFundAI, built on the Ethereum blockchain to investigate fraudulent practices. The bureau approached various market makers (MMs) under the guise of a covert project, seeking their services.
In private conversations and messages with the FBI's undercover team, employees of these market maker firms revealed the algorithms they use to inflate trading volumes, create multiple wallets to distribute tokens, and manipulate markets.
The FBI labeled these practices as “wash trading,” “artificial transaction activity,” and “market manipulation,” leading to serious charges against the individuals and companies involved. If convicted, these individuals could face up to 25 years in prison for their role in manipulating cryptocurrency markets.
This case highlights the risks in the crypto space and the serious consequences of participating in fraudulent activities. Be vigilant and informed!
My advices After being CEO for 10 years (I have started my company in my college life I am still not that old 😅)
You must have heard lot of entrepreneurship advices and i can understand before experiencing anything it’s difficult to believe it. But these are what I have experienced personally!
1. Work life balance is scam! To keep you away from hustling & growing. We haven’t born to balance work life, we born to innovate, Survive & contribute.
2. Learn to Say no. I am very bad at it & suffered a lot
3. Be straight forward in talking dont sugarcoat. It might sound rude but it will save lot of time and energy for you & other person or organisation.
4. Choose your team wisely. Entrepreneurship is all about how loyal, dedicated & skilled team members & partners you assamble.
5. Surround yourself with smarter people than you.
If you have selected entrepreneurship or doing side hustle, I have utmost respect for you!
🌟 The TON blockchain is booming in 2024! 🚀 It saw an amazing 3,435% increase in daily active users, jumping from 26,274 in January to 902,737 in September! 📈
Daily trading volume skyrocketed from over $2 million to $17.2 million—a huge 760% growth!
💰 Users are super excited, with total value locked (TVL) rising to $741.3 million. 🏆
TON is also a top choice for on-chain gaming, with 177,000 unique daily wallets! 🎮 Countries like Russia and Brazil are joining the fun! 🌍
Yes! You heard it right! After MakeMyTrip one more travel industry giant is jumping into Web3!
📌 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬 𝐨𝐟 𝐂𝐥𝐮𝐛 𝐌𝐚𝐡𝐢𝐧𝐝𝐫𝐚 𝐍𝐅𝐓𝐬
☘️ 𝐍𝐅𝐓 𝐒𝐞𝐫𝐢𝐞𝐬 𝐍𝐚𝐦𝐞: “Discover India”
☘️ 𝐁𝐮𝐢𝐥𝐭 𝐨𝐧: Polygon
☘️ 𝐂𝐨𝐥𝐥𝐚𝐛𝐨𝐫𝐚𝐭𝐞𝐝 𝐰𝐢𝐭𝐡: TreasurePACK
☘️ 𝐆𝐞𝐧𝐞𝐫𝐚𝐭𝐞𝐝 𝐛𝐲: AI (Artificial Intelligence)
☘️ 𝐓𝐨𝐭𝐚𝐥 𝐀𝐫𝐭𝐰𝐨𝐫𝐤: 25
☘️ 𝐏𝐫𝐢𝐜𝐞 𝐨𝐟 𝐍𝐅𝐓𝐬: ₹10,000 to ₹12,000
☘️ 𝐁𝐞𝐧𝐞𝐟𝐢𝐭 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐍𝐅𝐓𝐬: Holders of these NFTs will get a complimentary two-nights/three-days holiday voucher for Club Mahindra resorts and will automatically become eligible to churn additional benefits related to their travel and vacation plans.
☘️ 𝐖𝐡𝐨 𝐜𝐚𝐧 𝐁𝐮𝐲: Member & Non-Member of Club Mahindra
Pratik Mazumder, Chief Marketing Officer, Mahindra Holidays and Resorts India Ltd, said, “As Digital collectibles and blockchain technology is evolving in India, NFTs are an enabler for us to offer an immersive experience to our consumers.
As I always say, NFTs are here to stay but with real life use cases not just for flipping!
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