New scam scheme puts $200 million in Ethereum on the line
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Answer New scam scheme puts $200 million in Ethereum on the line
In 2019, one of the biggest fraud schemes was PlusToken, which managed to collect $2 billion in deposits over the course of half a year.
PlusToken operators tried to cover up the money they got when the fraud scheme collapsed.
According to analysts and blockchain analysis firms, the continued sale of stolen cryptocurrencies is likely to cause the cryptocurrency market to crash at the end of 2019.
Unfortunately, another major cryptocurrency scam has recently surfaced.
Some analysts believe that the collapse of this new fraud scheme would damage the prices of cryptocurrencies.
Forsage is a new crypto scam process:
If you use the site ethgasstation or Etherscan Over the past few months, you have probably seen the name “Forsage” or “Smartway Forsage” due to the huge number of transactions made with it.
Read:Report: Facebook wants to raise $1 billion for a new crypto project
Although most in the industry ignore it, Primitive Capital co-founder and crypto market mogul Dovey One recently revealed that Project Forsage is in fact a Ponzi scheme.
She explained that this project is based on a traditional pyramid scheme using digital currencies with more focus on Ethereum and geographical focus on the country of the Philippines, where it is alleged to have received a lot of support.
Forsage made an impact in the Philippines as the country’s Securities and Exchange Commission issued a warning about the project and other cryptocurrency scams taking place in the region.
While most of the Western world remains unaware of Project Forsage, Duffy and others fear that the collapse of this fraudulent scheme could hurt the cryptocurrency market in general and Ethereum in particular.
Forsage scam crash will affect the price of Ethereum:
About the possibility that the price of Ethereum will be affected if Forsage collapses without the funds being frozen by the authorities and the arrest of those behind it, I said “Duffy”:
Just for those who live in the bubble:
Read:45% of traders entered the crypto market for the first time in 2017
The drop in the price of Ethereum is not the result of a few frauds in decentralized finance projects or the explosion of some of them.
Unfortunately, it is even vital to the scam project Forsage.
It is not a big deal, 600k ETH is actually quite huge and it will lead to a disaster if it gets dumped in the market but you wouldn’t know because you are not a trader
Here are finex books as an example pic.twitter.com/6xgGzKglun
Read:The Art of Capital Management… How to Determine the Size of a Trading Position in the Crypto Market
– Edward Morra (@edwardmorra_btc) September 8, 2020
While one of the followers commented on what “Duffy” stated on Twitter and indicated that according to his analysis, the “Forsage” scam managed to collect $200 million Ethereum.
Read also:
What are crypto scams using copy and paste? And how can it be prevented?
How can cryptocurrency users avoid fraud in the crypto market?
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