Planned Sell-Off Causes XRP Prices To Crash By 40% On Beaxy Exchange

The crypto market is prone to manipulation. If you don’t believe it, you can just check the many examples that can be easily found. The latest one was a coordinated sell-off of Ripple’s XRP tokens on the Beaxy Exchange.

This new crypto exchange platform was just launched, but it had to suspend its activities for being targeted by manipulators. According to the reports, soon after the launch, the exchange suffering a massive XRP dump with a lot of people selling the asset at the same time.

In order to deal with this obvious market manipulation situation, Beaxy had no choice but to shut down the platform for a few days. It has been a rough start for the exchange, which was launched back in June. So far, technical issues, manipulation and the lack of infrastructure are getting in the way of the company.

Action was taken very quickly, as the abnormal volumes were pretty easy to spot. The prices tanked pretty fast and now all token wallets are frozen, so the manipulators are unable to pull their funds away from the exchange, which prevented more issues from happening.

Fortunately, the exchange will be able to identify the manipulators soon. The company had a Know Your Customer (KYC) system ready since its launch, so the people who caused the crash can be found. However, the exchange did not determine whether it will take action against the scammers or not.

Ripple, the responsible for XRP tokens, has not commented on the situation at the moment.

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Author: Bitcoin Exchange Guide News Team

Roger Ver Trolls US President and US Treasury Secretary in Bitcoin.com Tweet

Roger Ver Trolls US President and US Treasury Secretary in Bitcoin.com Tweet
  • A new tweet from Roger Ver was directed at the US President.
  • Some people believe that this Twitter tag was a passive aggressive comment to the government.

The cryptocurrency community is good at making drama out of the simplest moves, whether intended or not. Followers of Roger Ver, who runs the Local.Bitcoin.com website, may have noticed something unique about his tweet this morning. Posting the link to his website, Ver tagged President Donald Trump and Treasury Secretary Steven Mnuchin.

The tweet appears to be trolling the president and his treasury secretary, doing nothing more than offering them the ling. Local.bitcoin.com recently made a major difference in the cryptocurrency world by adding peer-to-peer trading, though this sector of the industry is predominantly rules by LocalBitcoins and Paxful. The main difference between Bitcoin.com and LocalBitcoins is that Bitcoin.com allows for more than Bitcoin trading.

Unfortunately, LocalBitcoins has gotten into legal troubles before, as there have been multiple authorities that have arrested traders n the platform. Though most of these penalties aren’t severe, they can ultimately lead to major penalties, if the government decides to take that approach. For the most part, the government has only paid attention to the people that appear to be involved with illegal activity or massive trade volume.

Overall, there are still many laws coming to light to govern the cryptocurrency industry. By seemingly inviting Donald Trump, who has expressed dislike for cryptocurrency, could Ver be opening a can of worms. The same could be said for Mnuchin, since he sees this industry as a problem for the American public.

Ver hasn’t exactly kept a low profile. He’s spent time in prison for illegally transacting fireworks online, though this action may be in that gray area of cryptocurrency. He has renounced his citizenship of the United States, but it is clear that the US doesn’t care, especially if you get on its bad side.

Ver’s libertarian approach is held by many people, ultimately driving them to promote an extreme level of capitalism. As they speak out on their thoughts on this government, it is clear that they see the impact as being increasingly detrimental to people.

Is Ver picking a fight with the most powerful man in the United States? Maybe not. However, this little tweet is clearly a jab at something bigger, which may or may not be what Ver wants.

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Author: Krystle M

South African Crypto Ponzi Scheme Affirms It Has No Money To Pay Duped Investors

South African Crypto Ponzi Scheme Affirms It Has No Money To Pay Duped Investors

There is one reason not to invest in Ponzi schemes: you will be scammed. Sure, you can believe that you will have a degree of success in case you go in and get out pretty quickly, but the truth is that you will generally only lose money. This is exactly what happened to the investors of Bitcoin Wallet, a lucrative South African Ponzi scheme with a pretty uninspired name.

According to the Ladysmith Gazette, hundreds of South African investors put their money on the company and expected a high return on investment. They obviously were not able to get it. As of July 4, the company basically shut down.

Bitcoin Wallet promised returns of over 100% for investors in only two weeks. Despite how absolutely fishy this sounded, a lot of people were attracted to the investment.

Now, these investors want to know what was done with their money because the company affirmed that there is no money anymore and simply shut down. The founder of the project, a man named Sphelele “Sgumza” Mbatha, affirmed that he simply has no cash to pay the investors, so he had no choice but to shut down the business entirely.

The business was reported to receive over $2 million USD in deposits daily. In fact, there were so many people trying to get the money that they limited investors if they weren’t able to offer at least $350 USD (5,000 rand).

When asked how this happened, the founder of the Ponzi scheme only affirmed that he “didn’t know what was going on”. Far from an acceptable answer, obviously.

Also, there are suspicions that the license of the company was forged and that the creators knew right from the start that they would eventually scam the investors, which is basically the least surprising rumor ever.

In order to run its scam, Mbatha took a 10% “administrative fee” over the money deposited, which was possibly how he got so rich by fooling others and eventually ran out of money as, like in any Ponzi scheme, he was probably using the money that entering in order to pay the investors that were cashing out.

Mbatha, which has stated that he was only a “manager” of the project, affirmed that he has stopped working and that he was using an “online system” to get the money and was also awaiting for payments just like the other investors.

People are obviously pissed with him now, especially as Mbatha basically turned into a local celebrity after the success of the scam, but they will probably never get their funds now.

This is why it is important to never invest in Ponzi schemes. If something has a return of 100% in only two weeks, wouldn’t everybody invest in it?

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Author: Gabriel Machado

Crypto Investor App Review: Safe Crypto Trading Signals App?

Crypto Investor App Review: Safe Crypto Trading Signals App?

Developers of Crypto Investor believe that digital currencies are experiencing hyperactive growth, volatility, as well as asset bubbles. Many users are minting extraordinary profits mainly by trading cryptocurrency contracts. They claim to be offering a personal service and smart tools to start earning significant returns.

The platform claims that it has a unique trading algorithm that identifies profitable trades regardless of whether the markets rise or fall, which, it claims, effectively minimizes volatility factors and uncertainties.

The platform claims to offer the ultimate investment opportunity and urge investors to use its critical analytics and actionable insights to make smarter and timelier trading decisions.

Crypto Investor pegs its operations on the sayings of Mark Mobius, the Co-Founder of Mobius Capital Partners. As reported by Forbes, the legendary veteran said Bitcoin will be “alive and well” in the future.

Platform Features

  • Zero Commissions: CI claims to be the ultimate trading machine with lower spreads, zero commission, instant executions, and quick withdrawals.
  • Cryptocurrency knowledge base: users can gain insight into crypto prices backed by data and analytics from the past, present, and future. They can also benefit from the next-generation trading tool wizardries to become smart traders.
  • Patented, trusted technology: Crypto Investor uses the latest and most updated engineering process to streamline operations and maintain consistent and profitable trading signals.

Crypto Investor Red Flags

Amidst everything that CI claims to offer, the platform contains red flags that put it in the same category with scams.

To begin with, Crypto Investor requires members to make an initial deposit of between 250 and 500 U.S. dollars, Euros, or Pounds. This deposit lands in the custody of an unregulated broker chosen by the platform. In that situation, the funds are likely to get lost without question.

Additionally, CI claims to generate up to 87% return on investment with its trading app. This is impossible under normal trading situations.

Overall, the project is a scam and investors are warned to stay away from it. It’s always advisable to work with genuine platforms that are regulated and allows users to conduct demo trading before they can invest with real money.

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Author: Bitcoin Exchange Guide News Team