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Investing.com’s $ 119 Million Scam






Investing.com – After the recent downward revision, the cryptocurrency market is starting to stabilize before market capitalization breaks the $ 2 trillion barrier.

Among the top 10 cryptocurrencies, it goes up by 0.35% to $ 47,226, while with an SOL price of $ 82.04 it comes to a daily gain of 19.69%.

The other cryptocurrencies are showing slight losses compared to the previous days. falls at an ether price of $ 3,113 by only 0.17%. The ADA is down 2.15% to $ 2.5626, defending its market capitalization of more than $ 80 billion.

At an XRP rate of $ 1.0849, it drops by 3.38%, while it retreats by 2.05% to $ 0.2670.

Cardano money laundering guidelines under fire

A few days ago the Cardano Foundation announced a partnership with the analysis company Coinfirm. The most important reason for this cooperation is the implementation of the anti-money laundering guidelines so that the ADA experiences greater acceptance. An acceptance that is essential in the context of the development of smart contracts and DeFi, especially in the financial world.

But now there is also initial criticism of this step, which is positive in and of itself. Weiss Crypto, a subsidiary of the Weiss Ratings rating agency, responded to this issue word.

Weiss Crypto believes that excessive regulation has made the banking system breathless. And the collaboration with Coinfirm inevitably leads to Cardano digging his own grave.

The Ethereum co-founder and Cardano inventor Charles Hoskinson explained the benefits of the strategic cooperation in a brief Video.

“It doesn’t matter to the Cardano basic structure whether you come from the United States, China, Japan or anywhere else – it doesn’t matter. Nevertheless, you can add identity and metadata and all conceivable information. to meet the requirements of the respective business areas, whether regulated or not, “he said.

Consequently, the fulfillment of AML standards (money laundering standards) should by no means be the downfall of Cardano alleged by Weiss Crypto at the beginning. Ultimately, the extent to which data can and must be collected depends on the respective application on the blockchain.

Rich Smith, guest analyst at The Motley Fool, told Investing.com exclusively:

“The theory is that Cardano could replace Ethereum as the second most popular cryptocurrency in the world. The reason for this is the fact that Cardano is getting better and better. Cardano has created a five-phase roadmap to improve its functionality. Alonzo is only on the way there initiate the transition to the third of these phases. It means that the network has been decentralized and that users can integrate smart contracts into the blockchain. Simply put, the better Cardano gets compared to Ethereum, the more popular it becomes, and the more popular it is, the more people buy its cryptocurrencies – and thus drive up the price. “

Dogecoin SCAM – DOGE scammed for $ 119 million

If something is too good to be true, it usually does not correspond to reality. In the present case it was advertised that with Dogecoin deposits you would achieve a DOGE return of unbelievable 100% within 40 days.

Normally, anyone reading such an offer should ring the alarm bells immediately. But in an industry where returns of 1000% and more are not uncommon within a few weeks, greed seems to checkmate the minds of individual investors.

There is no other explanation for the fact that this SCAM resulted in damage of 119 million dollars.




The Turkish TV broadcaster TV100 reported that the police identified a total of twelve people who are directly related to the SCAM.

The whole thing worked like a kind of pyramid scheme, because the promised high returns were paid out over three months. Of course, this was only possible because more and more people fell for this scam and the newly raised funds were used for payouts.

Word quickly got around that it wasn’t a fraud. More and more new investors jumped on the bandwagon and increased their investments in the alleged Dogecoin mining project. Because that is exactly what was sold to the cheated – an investment in a mining farm.

In the fourth month, the volume of deposited Dogecoin was 350 million pieces, which meant that the time had come for the operators to finally cash in.

The police are now trying to find the mastermind (pseudonym “Turgut V”) and his eleven partners. It is highly questionable whether the travel ban imposed by the Turkish police will lead to the desired success.

Anyone who is endowed with so much criminal energy can be trusted to have left the country before the first reports of failed return payments were received.

Whale Alert – Large Ripple XRP Transactions

The cryptocurrency analysis portal Whale Alert found that there was a transaction of 256 million XRPs within Coinbase (NASDAQ 🙂 wallets.

Officially, Ripple has not been traded on Coinbase and other major crypto exchanges since January 19, which is related to the lawsuit filed by the US Securities and Exchange Commission against Ripple Labs. XRPs can still be stored on Coinbase wallets despite the trading stop.

However, the Coinbase internal transaction wasn’t the only one recorded by Whale Alert in the past few days.

There were two other major transactions that took place between the Binance crypto exchange and the largest Chinese exchange, Huobi. One time 60 million XRP and one time 40 million XRP were transferred from Binance to Huobi. There is currently no trading with Ripple on Binance either.

Dutch central bank targets Binance

The Dutch central bank is the decisive body that regulates the crypto market within the country. Theoretically, the Netherlands is a real paradise for stock exchanges, because investors are not bullied with capital gains taxes here.

But that’s only half the story. There are regulatory requirements – strict requirements that the crypto industry can hardly meet. Ultimately, this leads to more and more companies leaving the industry or having to severely restrict their services.

One of the companies that had to stop the profitable exchange of cryptocurrencies for fiat is BitKassa. BitKassa co-founder Patrick van der Meijde told DailyCoin that “the exorbitant fees or unsatisfactory requirements caused many crypto services to either leave the Netherlands or to cease operations.”

One of the beneficiaries of this development was the Binance crypto exchange. But now Binance is also in the sights of the Dutch Central Bank. The exchange for cryptocurrencies has been officially warned. Binance will no longer be allowed to offer illegal services within the country.

As a result, Binance is increasingly getting into difficult waters – class actions and pressure from regulatory authorities are not necessarily the stuff that long-term success stories are made of. More on this in the article:

From Marco Oehrl


Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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