To celebrate 28k milestone, Iām sharing a #BTC gift as a small thank-you to everyone who followed, supported, and grew with me. This journey has never been about numbers alone, but about community, learning, and moving forward together. #BTCGiveaway CLAIM 4.5k user please support me the journey of 30k
VeChain (VET) is a typical case of false collaboration and excessive marketing in the cryptocurrency world in 2019. The project focuses on the concept of blockchain + supply chain but lures investors in by fabricating collaboration hype, ultimately leading to massive user losses due to the collapse of false narratives and the outbreak of security vulnerabilities.
In 2019, the VeChain team boldly claimed to have reached deep cooperation with top enterprises and institutions such as Delta Airlines and Oxford University, stating that they would leverage blockchain technology to achieve the commercialization of supply chain traceability. Related positive news led to a significant short-term increase in VET coin price.
However, subsequent media investigations revealed that these collaborations were either only framework intentions with no substantial progress or belonged to false advertising, and the so-called deep cooperation was merely marketing rhetoric concocted by the team to hype the coin price.
After the scandal of false collaboration brewed, the price of VeChain began to decline continuously. To make matters worse, in December 2019, the VeChain Foundation wallet was exposed for internal operational errors, resulting in approximately 11 billion VET tokens being stolen, worth about 64 million USD at the time.
This security incident completely shattered market confidence, leading to a concentrated sell-off of tokens by many investors, causing the VET coin price to plummet over 70%, resulting in significant losses for numerous retail investors who bought at high prices.
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OURBIT (꬧ęÆē¹) is a typical case of exchange violations encroaching on user assets, with an involved amount reaching 460 million yuan, affecting nearly 30,000 investors. The platform uses "low fees, high leverage, instant withdrawals" as a gimmick, heavily promoting through social media and investment communities, targeting retail investors seeking short-term high returns.
In the early stages, the platform allows small amounts of funds to be deposited and withdrawn normally, creating a false impression of "safety and reliability" to attract users to increase their investment.
At the same time, it launched fake "mining investment" and "position rebate" activities, inducing investors to lock in large assets. Once the platform's accumulated funds reach a certain scale, it begins to reveal its true nature: first, it restricts user withdrawals under the pretext of "system maintenance" and "risk control upgrades," then significantly modifies trading rules, maliciously triggering the liquidation lines of high-leverage users and siphoning off user margins.
When some users attempt to defend their rights, they find that the platform is registered overseas, with no actual office address in the country, customer service unresponsive, and the official website taken down, making it extremely difficult to assert their rights. The core risk point of this case lies in the fact that the platform has not obtained any compliant financial licenses from any country or region and is considered an illegal virtual currency trading platform, with all its operational behaviors not protected by law.
This case warns investors that virtual currency trading itself carries extremely high legal risks, and one should not easily trust high return promises from unqualified platforms.
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