JPEX Appears To Be a $178 Million Fraud (web3isgoinggreat.com) 45
Web3 is Going Great reports: After the Hong Kong-based JPEX exchange limited withdrawals amidst what appeared to be an impending collapse of the platform, things are now looking a lot more like fraud. Police have received more than 2,200 complaints pertaining to the exchange, involving $178 million in possible losses. Eleven people, including various crypto influencers who had promoted the exchange, were taken in for questioning. However, police have said those eleven people were not likely central to the fraud, and that the leaders of the JPEX project are on the run.
Headline fix (Score:3, Informative)
Crypto appears to be a fraud.
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Crypto appears to be a fraud.
Fraud is not a new concept. Crypto just opened up some new avenues to accomplish it.
Re:Headline fix (Score:5, Insightful)
Fraud has been with us forever. A low amount of ventures using "fiat currency" are fraud; a moderate amount of real estate ventures are fraud; and seemingly most cryptocurrency ventures are fraud. Fraud is not new, but the percentage of fraud in cryptocurrency is very high.
In surprising news that nobody could have ever predicted, the amount of fraud seems inversely proportional to the level of financial regulation in the area. There are valid arguments for looser financial regulations, but crypto effectively argues for the opposite.
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.... the percentage of fraud in cryptocurrency is very high.
Yes, 100% is a very high percentage of fraud.
Fortunately, it is not possible to have more than 100% fraud, but the crypto scammers are going to keep trying.
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Well, maybe, depending on how you look at it. Sam had 2 companies, both 100% fraud, then had real estate fraud related to his 2 fraudulent crypto companies, then had some fraudulent shit going on with his dad also crypto related.
Is that like 400% fraud or 4 different 100% events?
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Zero regulation - bad (agreed).
Draconian regulation - equally bad (agreed).
Where is the appropriate level of regulation?
For Crypto - do what the US Fed/SEC is saying - treat it the same as any other security or non-tangible numismatic item. Meaning, regulate the snot out of it to prevent folks from getting shafted by fraudsters.
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If the govt *actually* cared about constant widespread fraud, robocalls from Melissa at Card Services wouldn't be a thing
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> > Crypto appears to be a fraud.
> Fraud is not a new concept.
Yes. 2 totally unrelated facts.
Re:Headline fix (Score:4)
I spent 10 years creating some software. I package the software to the nft's secret container and get valuable asset that can be copied. Now you call it fraud. What happened to the 10 years of work? nft/crypto ate it?
You were scammed out of 10 years.
Sorry
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As the intersection of the art and crypto worlds, NFTs may be the more than 100% fraud.
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You still have the software. You can sell it for profit or do any of a variety of open source distributions from totally free to charge for services, etc.
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Now try to sell it for dollars or euros.
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Is this real software or crypto world specific?
If the former, you're fine.
If crypto then get what you can before it collapses. When crypto dies it's gunna be faaaast af.
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Ok, so you tried an experimental sales channel. It might've worked out. It still might. But there is a reason all those big ass software companies are worth billions of dollars. Traditional software sales works. Buyers understand it and their purchasing departments which are usually people who know more about buying toilet paper than tech don't have to learn anything new.
I've had trouble over the years with buyers who didn't understand SaaS and insisted on having on prem servers yet paying SaaS rates.
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The amount of scams showing up on right wing email lists and newsletters is huge, and they wording is designed to really appeal to the unwary right wing person. The fraud runs the range from basic but overpriced items ("Patriot" survivalist supplies) to risky investments ("Patriots" buy gold from us) to outright criminal scams and malware. I have laughed a bit at the "made in China" trash that had a "Patriot" label applied. I don't know how common this is on left wing email lists though. Possibly there's
hmm (Score:2)
Glad I kept my assets in fiat currency.
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Your kids will be cursing you in 10 years time when the inherent stability of links to JPEGS pays off. Big.
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Sadly, I have a distant relative who took the money the rest of the family sent to take care of his elderly aunt and lost it in crypto/NFT.
That shirt actually happens.
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I have a many years long record here of being staunchly anti-crypto. I did have a crypto / NFT job for a while so I suppose I could claim to have made money on crypto in a round about way but what I really got was an insider's view on how fucking ridiculous the whole thing is.
Enjoy the rest of your day.
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Fraud by definition (Score:2, Insightful)
I'm not saying most cryptocurrencies are frauds... (Score:5, Funny)
...but it's starting to seem strange to me that whenever huge amounts of money suddenly disappear as a cryptocurrency something-or-other goes up in smoke the founders always seem to have disappeared along with the money.
Are they being kidnapped by the money? That must be it. It's absolutely awful and I hope the police can locate and rescue them.
How many times is this going happen... (Score:2)
Cryptocurrency exchanges (Score:2)
Cryptocurrency exchanges: Oops all rugpulls!
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Yet another crypto rug pull... yawn (Score:2)
And it's late. It's been over a week since the last one. We normally get 2 per week! Heads should roll for this slackery!
Or maybe this was a dupe. Same story as every time. I don't read the names anymore.
So what? (Score:2)
When I hear that a crypto exchange has gone south, I react about as strongly as if I heard that the leader of a drug cartel got shot. "Yeah, that's about right." I never think to myself, "Really? That makes NO sense at all!"
Crypto influenza (Score:2)
Another one bites the dust... (Score:2)
... and another one, another one bites the dust!
This does not even mildly surprise anymore. What does mildly surprise is that there are still people getting successfully scammed after countless rug-pulls, faked hacks, outright economic collapses, etc.
Luckily I invest in ugly monkey picture QR codes (Score:2)
Not that I want to own such ugly pictures so I settled for QR codes to prove my ownership.
Why? (Score:2)
Why would you choose the newest and smallest if you are looking for a crypto exchange? Did they not follow KYC?
I just chose a new bank! (Score:2)
Bob's Discount Bank. It's not FDIC-insured because it is based offshore and is 100% virtual, but I got a new clock radio!