It’s possible to invest in ETH using a fake YouTube account. Often these brokers will create conversations about themselves and get a lot of upvotes. However, the upvotes are coming from bot accounts. Don’t invest with these brokers because you risk losing your crypto.
Squid Game scam
It is a known fact that cryptocurrency is in high demand, but that does not mean that every crypto investment is worth it. More than 80 percent of cryptocurrencies are scams, and only about eight percent make it onto legitimate trading exchanges. That is why it is essential to look for several signs of bogusness, including spelling errors and alternate domain names.
The Squid Game scam is one such scam. It involved a cryptocurrency token called a rug pull. This token was based on a Netflix series and could be used to play online games. Unfortunately, developers of this scam took more than $3.3 million from victims and swindled them. A scam like this has a serious impact on the crypto world. One of the biggest concerns of law enforcement authorities in the field is money laundering. Using cryptocurrencies to transfer money from one source to another, criminals can use them for illegal activities and tax evasion.
In October of 2017, Hartford was a veteran crypto investor and had been investing in the crypto world for a while. He knew about the Shiba Inu’s 900 percent rise in a month and was excited to jump on this opportunity to buy the currency. He was also aware that the Squid Game coin had caught the zeitgeist and wanted to get in on the ground floor. But after investing in the Squid Game, he was scammed.
The Squid game was a sensation on the web. It topped the charts of several countries and was viewed by more than 140 million households. Its popularity also led to an increase in the number of Netflix subscribers. In the game, players needed to purchase Squid coins to enter the contest and win a Squid once they had completed all the games. However, the Squid coin went down in value after the game was released due to heavy losses. As a result, news channels and media outlets claimed that it was a scam.
The Squid game coin was introduced in October. It was intended to be a pay-to-play token for an online game. It was inspired by the Netflix series of the same name. The game was to be launched in November. The promoters of the game said that they would reward winners with more Squid tokens. However, after the Squid token’s price spiked in the last week, it was suspected to be a scam. In addition to the price spike, investors also found it difficult to sell Squid tokens. Furthermore, the white paper contained many typos and grammatical errors.
Those who were investing in Squid Game were taken in by a scam. They were promised the chance to win millions of dollars. However, this opportunity was short-lived, and the cryptocurrency plummeted to $0 in a matter of days. The developers of the Squid Game have since quit their project. In addition, the Squid Game website and social media presence have disappeared. The Twitter account has been blocked due to “unusual activity”. The Squid Game scam was suspected by many people on Friday, when it soared to $2,806. It has been reported as a scam, and Twitter has banned its account.
Chicago Crypto Capital
The Securities and Exchange Commission (SEC) has brought charges against cryptocurrency assets broker Chicago Crypto Capital LLC. The firm and its owners offered securities backed by crypto assets without registering as brokers. The complaint alleged that Chicago Crypto Capital misled investors, including those who were unexperienced with crypto. Chicago Crypto Capital allegedly raised approximately $1.5 million from 100 unregistered investors.
In addition to selling cryptoassets, the firm also promotes blockchain-related investments. It describes itself as an advisory firm. However, the firm has been involved in multiple cases of fraud and misconduct involving cryptocurrencies. As a result of these cases, the SEC has stepped up enforcement action against firms that do not register with the regulators. Recently, SEC Chair Gary Gensler emphasized the need for cryptocurrency entrepreneurs to register their businesses.