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The Doge King (DOGEKING) token speculation case is a typical example of capitalizing on the popularity of the Spring Festival Gala to harvest retail investors.
On January 31, 2022, during the CCTV Spring Festival Gala, Shen Teng mentioned in the skit "Still Not Returning" that he was trading dogs in the metaverse and even referred to himself as the "dog king" of the metaverse. As early as November 2021, the token DogeKing was already launched on the Binance Smart Chain, which is a derivative of Dogecoin.
On the night of the gala, as soon as Shen Teng's lines were spoken, investors began to buy DogeKing. The price of this token surged fourfold within five minutes from 20:55 to 21:00, and in the following half hour, it skyrocketed at a rate of doubling every five minutes, reaching a peak increase of 1009.83% within the day, with a 24-hour trading volume of approximately 15,580,000 RMB.
After the gala ended, early participants began to cash out in large quantities. Subsequently, the popularity of the token faded, and its market value plummeted, eventually falling below 2% of its peak value, with over 85% of following retail investors suffering losses. Additionally, this project lacks clear team information and a white paper, relying solely on hype without any practical application value, essentially being a speculative harvest targeting retail investors.
The $2.4 billion shocking scam! BitConnect, the "textbook" Ponzi scheme of the cryptocurrency world
When it comes to the scams in the cryptocurrency world, BitConnect is undoubtedly an unavoidable "benchmark"—this project, involving a staggering $2.4 billion, has been directly classified by the U.S. Department of Justice as a "textbook" Ponzi scheme, sweeping away the hard-earned money of countless investors worldwide.
The story begins in February 2016, when Indian Sathish Kumbhani launched the BitConnect platform, promoting a gimmick of "lending and mining." The platform boasted loudly, claiming to have exclusive trading bots and volatility software that could guarantee profits in the cryptocurrency market, and confidently promised: as long as investors lent their virtual currencies to the platform, they could receive daily returns of 1% and nearly 40% annualized compound interest.
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Good morning, Binance family❤️ Santa sends blessings
🎈Sending happiness to keep you young. Sending love to make you laugh. Wishing you health, which is of utmost importance. This sincere feeling is always valid. Have a happy day!🍒 May every day be good!
Penguin Water Station: US Regulatory Big Deregulation, Traditional Stocks and Bonds are Going on the Chain!
Recently, the US financial and crypto circles have exploded! The SEC (Securities and Exchange Commission) and OCC (Office of the Comptroller of the Currency) have been making big moves, basically saying: Blockchain, come on in, our traditional finance is ready to embrace you! Let’s first talk about the SEC matter (which just happened on December 11): The ‘big custodian’ of the US stock market, DTCC (Depository Trust & Clearing Corporation), received the SEC’s ‘no-action letter’ (which means the official said ‘I won’t interfere, I won’t penalize you’), allowing them to ‘tokenize’ traditional assets like stocks, ETFs, and US Treasury bonds — simply put, turning these assets into digital versions on the blockchain.
Penguin Water Station: US Regulatory Big Deregulation, Traditional Stocks and Bonds are Going on the Chain!
Recently, the US financial and crypto circles have exploded! The SEC (Securities and Exchange Commission) and OCC (Office of the Comptroller of the Currency) have been making big moves, basically saying: Blockchain, come on in, our traditional finance is ready to embrace you! Let’s first talk about the SEC matter (which just happened on December 11): The ‘big custodian’ of the US stock market, DTCC (Depository Trust & Clearing Corporation), received the SEC’s ‘no-action letter’ (which means the official said ‘I won’t interfere, I won’t penalize you’), allowing them to ‘tokenize’ traditional assets like stocks, ETFs, and US Treasury bonds — simply put, turning these assets into digital versions on the blockchain.