BitMax is accused of organizing and participating in a number of pump and dump operations
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Answer BitMax is accused of organizing and participating in a number of pump and dump operations
platform BitMax One of the largest platforms that many cryptocurrency pioneers and users prefer and consider it their first choice.
Although every now and then some users and investors who have been victimized by the margin trading offered by the platform appear, and many of them are skeptical about the way it works on BitMax.
Among the problems present on the BitMax platform are “Flash” incidents, which are part of the crypto market and are a common problem in the market and it seems that there are more and darker crimes happening behind the scenes.
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at recent days accuse Mr. Han Yun, founder and CEO of cryptocurrency analysis firm Lunar Digital Assets, BitMax, accused its team of manipulating many IEO projects through pump and dump schemes.
Han believes that instead of providing liquidity to IEO projects, market makers are dealing with BitMax and are buying their tokens and increasing their price.
Han said:
They spend thousands upon millions and then buy the money causing the IEO token price to falter.
It can be said that the “DeepCloud AI” code is a victim of these scams.
For the record, the “DeepCloud AI” project is to help build decentralized cloud computing infrastructure, and in a way, the project and its team managed to survive in the market despite the recent decline and were able to raise funds through the BitMax platform, but the market makers wasted this money.
It should be noted that IEO projects usually collect donations on a particular platform to expand their business, and pay a fee to the platform hosting the sale and the payment is made using the token of the sale.
Han recently blamed Shane Molidor, a senior executive at FBG Capital, and the head of business development at BitMax.
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Shane previously worked with Gemini and IBM.
According to Mr. Han, Chen made misleading promises to the DeepCloudAI team, which affected the DEEP token and testified to the pump and dump operation.
And for the record, the “DeepCloud AI” project is not the only one that failed with “BitMax”, but there is a “DOS”, “Ferrum” and “DUO” project, all of which failed as well.
The only project that succeeded is UltraAlpha, which is not surprising as the project is personal to Mr. George Cao, CEO of BitMax.
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