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The 'Stablecoin' Ponzi Scheme - The USDD Collapse Incident.

A certain team launched an 'algorithmic stablecoin' called USDD, claiming to be pegged to the US dollar with dual backing of 'mining pool profits + on-chain assets', promising users a static return of 0.5% daily after depositing mainstream cryptocurrencies to exchange for USDD, and also offering dynamic rebates of 10%-30% for bringing in new users.

The project did not establish a real algorithmic arbitrage mechanism, and the so-called 'on-chain reserve assets' were fabricated through fake contracts to create false holding data. Initially, it relied on funds from new users to pay returns to old users, creating the illusion of 'high returns with zero risk', attracting over 100,000 users in just three months and raising over 8 billion RMB equivalent.

When the new funds could no longer cover the redemption pressure, the project suddenly announced that 'the on-chain was attacked by hackers and the reserve assets were stolen', immediately closing the deposit and withdrawal channels, and the core team absconded with the funds. Subsequent investigations revealed that the project had already transferred over 60% of user funds through overseas anonymous accounts shortly after its launch, with the remaining funds used to pay promotional commissions and create fake trading flows.

In the end, participating users were left with almost nothing, and this case became a typical example of 'no real reserves + Ponzi model' in the field of algorithmic stablecoins.

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Glad to meet in the crypto world, which is full of innovation and challenges. Whether you are an experienced player or a novice explorer, continuous learning and caution are common paths of growth.
The crypto world is like a digital territory, where opportunities and fluctuations coexist. Using wisdom and knowledge as a compass, seeking progress steadily will help you go further.
The field of digital currency is changing rapidly, and rational analysis and continuous learning are key to coping with uncertainties. Looking forward to exchanging insights with everyone and making progress together.
Everyone in the crypto world has unique experiences; sharing experiences can not only help others but also broaden one's own perspective. Feel free to speak your mind and spark ideas.

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Facing the sea, spring blossoms 🌸🌸

Lengthen the timeline, the current fluctuations, excitement, and panic are all small waves in the midst of the rise 🌊🌊

Regardless of the market, do not get stuck at the bottom, believe in yourself, and let's become stronger together 💗💗

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💛💛💛 30K CELEBRATION Reward UPDATE 💛💛💛

🎉🎊✨ I've received a Yellow Tick ✅ from my Balance ✨🎊🎉
And our beloved community has completed the 30K milestone 💫💛

🙏❤️ Thank you very much from the bottom of my heart ❤️🙏
Without your love 🤗, support 🤝, and trust 💖, this wouldn't have been possible 💛✨

🌸🥰 You all are not just members to me. You are my family. 💕👨‍👩‍👧‍👦

🚀💞 This is just the beginning.
More achievements 🏆✨ and celebrations 🎉🥳 will come 💛💖

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Always stay together like this 🤗💛✨
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Mt. Gox was established in Tokyo, Japan in 2010, initially dealing with virtual card transactions, later transforming into a Bitcoin exchange, controlling about 80% of the global Bitcoin transaction volume at its peak, making it the largest Bitcoin trading platform in the world at that time.

In February 2014, the platform suddenly closed all trading and filed for bankruptcy, claiming that approximately 850,000 Bitcoins were stolen, with only about 200,000 recovered later. However, police investigations found that this was not simply a case of hacking; more so, it was the then-responsible person, Mark Karpeles, embezzling funds. Only 7,000 Bitcoins were actually stolen by hackers. He also misappropriated customer funds for investments and personal purchases, while altering transaction data to cover up the issues. In 2015, Karpeles was arrested, and in 2019, the court ultimately sentenced him to 30 months in prison for altering transaction data, with a 4-year probation.

Based on the prices at that time, the lost Bitcoins were worth about $430 million, which directly caused the price of Bitcoin to plummet by 30% in a short period, leading countless users to lose their assets. Moreover, this incident severely shook investors' confidence in cryptocurrencies and prompted the world to start paying attention to the security of cryptocurrency trading platforms, urging various countries to strengthen their regulatory efforts on cryptocurrency trading.

The Bitfinex exchange's misappropriation of funds to cover losses is a typical case of regulatory violation in the cryptocurrency industry that triggered market turmoil.

In its early years, Bitfinex relied on the Panama-based third-party payment processor Crypto Capital to handle user deposits and withdrawals. In 2018, this entity was frozen due to regulatory investigations, resulting in the seizure of $850 million in customer funds that Bitfinex had stored there. Bitfinex falsely claimed that the funds were merely protected and not lost, deliberately concealing the true situation that this substantial amount of money was difficult to recover.

Since Bitfinex and the issuer of USDT, Tether, are both part of iFinex and share a highly overlapping core management team, Bitfinex chose to misappropriate Tether's USDT reserves to fill this funding gap. It is important to note that Tether had previously claimed that every USDT was backed by a 1:1 reserve of US dollars, and this misappropriation directly broke that promise. To cover their tracks, both parties packaged this misappropriation as a related loan.

In April 2019, the New York State Attorney General's office intervened and filed a lawsuit, revealing the violations committed by both parties. The investigation also found that Tether's previous claims about USDT reserves had inconsistencies, such as temporarily depositing the corresponding funds on the same day the reserve report was released and then transferring hundreds of millions back to Bitfinex the next day. Subsequently, Tether quietly changed the wording on its official website from '1:1 dollar cash reserves' to a vague statement that included cash equivalents and other assets.

After the incident was exposed, the trust in the peg between USDT and the US dollar completely collapsed, triggering panic in the cryptocurrency market. Before and after the investigation results were disclosed, Bitcoin's 24-hour decline once exceeded 17%, and the market evaporated nearly $10 billion in value in a short time. Bitfinex users faced significant asset depreciation and withdrawal concerns, leading to a sharp decline in their assets. In February 2021, both parties reached a settlement with the New York prosecutors, paying a $18.5 million fine, and were required to disclose details of USDT reserve assets quarterly, as well as being prohibited from providing services to users in New York State.

WAX token focuses on the core scenario of virtual game asset trading, claiming to be used for purchasing and renting various game virtual equipment, while promoting the asset-saving attributes. With clear application scenarios, it quickly attracted the attention of a large number of retail investors, with the initial launch price reaching nearly 10,000 yuan per piece, generating extremely high enthusiasm in the early market.

One day before WAX officially launched on mainstream trading platforms like Huobi, the project party did not inform through any official announcements or regular channels like exchanges, and unilaterally modified the token address rules, expanding the total token supply from the originally planned 185 million to 1.85 billion, directly increasing the supply by ten times, which is a typical case of opaque operations.

After the trading went live, news of token over-issuance leaked, causing panic selling in the market, with the price plummeting by 82.5% on the first day. The downward trend continued, dropping another 56% the next day, 59% on the third day, and 50% on the fourth day, with the price crashing from nearly 10,000 yuan to just a few yuan in just a few days, resulting in an overall decline exceeding 99%.

Most investors entered the market due to their trust in its gaming application scenario and did not notice the regulatory risks posed by the project party. After the drastic drop in price, their assets were significantly diminished, almost leading to total loss, making it difficult to defend their rights. Although Huobi proposed temporary compensation for affected users, it could not recover the overall losses. This case has become a typical representative of counterfeit coins in the cryptocurrency circle relying on false scenario packaging and secretly over-issuing to harvest retail investors.

The SOL technical aspect shows a weak pattern, with prices running below the short-term moving averages. Each rebound quickly falls back, and shrinking volume indicates capital outflow. There is still space for further decline, and if it rebounds to the resistance zone, it is advisable to short.

Operational suggestion: Short around 132-135, targeting 125-122. If it breaks down, continue to target lower.
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A little tip: When the temple is small and there are many people, the regular patterns during the sharing of experiences are likely not to work well!

The core of the BCH fork power struggle is the technical route dispute between the two major factions of the BCH community in 2018, which ultimately evolved into a power war, with ordinary investors becoming the victims of this game of interests.

BCH was born from a Bitcoin hard fork in August 2017, with the Bitcoin ABC team, led by Wu Jihan, controlling the core development. As planned, a hard fork upgrade was to take place in November 2018, with the ABC team intending to add new opcodes to support smart contract ecosystem expansion; however, the nChain team, led by "Australia's Satoshi" CSW, opposed this and announced the launch of an incompatible BSV client, advocating for BCH to return to Bitcoin's original protocol, and also planned to increase the block size from 32M to 128M, leading to a complete public confrontation between the two sides.

After the differences could not be reconciled, both sides began to compete for computing power, as the size of the computing power determined which chain could become the main chain after the fork. CSW not only held summits to woo miners but also partnered with mining pools to invest money in leasing computing power; Bitmain, under Wu Jihan, also mobilized mining pool computing power to respond. During this period, both sides attacked each other on social platforms, while related stakeholders constantly exaggerated the impact of the power struggle's outcome on coin prices, inducing investors to follow the trend and buy tokens corresponding to their supported factions, with many retail investors blindly entering the market with the mindset of making price differences. At that time, data showed that mining pools supporting BSV once occupied 72%-80% of the total BCH network computing power, causing the market sentiment to fluctuate violently.

On November 16, 2018, BCH successfully hard forked into two currencies: BCHABC and BCHSV. This power struggle was costly, with estimates suggesting that the daily mining cost at that time could have skyrocketed to 100 million yuan, with a large amount of computing power resources wasted in meaningless competition. More critically, after the fork, market expectations for the two currencies quickly cooled, and combined with the bursting of the bubble created by prior speculation, both prices plummeted significantly. Ordinary investors, lacking professional information channels, were unable to predict the market trend after the fork, and due to following the trend in early operations, held positions at high levels, ultimately suffering painful asset losses.