There is nothing more we can do with people who are greedy for money and savage with it. If there is a way to get money, there are always these kinds of people, to be honest. The right thing that we need to do as communities in this industry is to be more cautious and avoid these kinds of scandals that have come out here in cryptocurrency.
Let these events be a lesson to most of us, especially in the last FTX scandal, but at least sbf is already in jail as far as we know, and all the victims of sbf will be given proper justice.
Topic: Corrupt people in crypto (Read 1064 times)
It's really sad because scam and corruption cases in cryptocurrencies are getting massive, top exchanges that have a high reputation like FTX are also scams, they freeze consumer assets for more than $3 billion, from now on we have to be careful with crypto, it's better to invest in top coins and use dex exchanges.
Or simply store coins on hardware wallets as suggested by members here. 
The solution you give is both simple and extremely effective; why don't people do the same as you and go looking for more trouble? We don't have to do anything, we don't have to determine who should enter the market and who shouldn't enter the market. The only thing we need to do is stay away from those toxic things, everything will be fine.
Currently, there is no other option for traders, but as long as they withdraw all their funds at the end of the business day, they are safe, don't trust exchanges and use them only when needed.
The FTX case teaches us many things, which become the basis when someone starts to seriously place assets in a safe place, from the past I only used the exchange when transacting, the rest was stored in my personal wallet. I did this long before the FTX case developed in the media, because I have an understanding that Exchange is like a halfway house and not ours, only we can protect assets, in the right way and have a certain level of security.Currently, there is no other option for traders, but as long as they withdraw all their funds at the end of the business day, they are safe, don't trust exchanges and use them only when needed.
Even though there are many exchanges nowadays that have a good reputation and can be trusted, but for me keeping assets is much safer in my personal wallet, because we never know what will happen to the exchange in the future.
It's really sad because scam and corruption cases in cryptocurrencies are getting massive, top exchanges that have a high reputation like FTX are also scams, they freeze consumer assets for more than $3 billion, from now on we have to be careful with crypto, it's better to invest in top coins and use dex exchanges.
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The solution you give is both simple and extremely effective; why don't people do the same as you and go looking for more trouble? We don't have to do anything, we don't have to determine who should enter the market and who shouldn't enter the market. The only thing we need to do is stay away from those toxic things, everything will be fine. Currently, there is no other option for traders, but as long as they withdraw all their funds at the end of the business day, they are safe, don't trust exchanges and use them only when needed.
A lot of bad incidences happened in crypto community this year including:
1) FTX
2) Luna
3) Gemini Earn
4) Celcius
5) Voyager
6)BlockFi
This is not so surprising for us, because in the future it is also possible that the same thing will happen again in other exchanges. Therefore trusting the exchange is better for short term trading only.1) FTX
2) Luna
3) Gemini Earn
4) Celcius
5) Voyager
6)BlockFi
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All these incidences happened because of the greed of some people. It is important to control the entry of these kind of people as developers or people behind some new crypto projects. Otherwise people will have very less trust left on crypto in general and people will move to other alternatives
We prefer to call them persons!!!Trust in crypto will never correlate to the fraud they commit, if people understand that exchanges are not safe places to store assets.
My question?
What other alternative do you mean by storing assets in a personal wallet, because there are almost no other alternatives in the crypto space that people can use to store assets, other than in private exchanges or wallets. Or do you have any other better alternatives we can try.
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What do you think are the required steps to prevent these incidences from occurring in future ? Or are these unavoidable ?
Very simple in my opinion!!!!Start storing assets in your personal wallet, use the exchange only when you make transactions, so the security against fraud will be much less, thus when fraud cases occur involving exchanges, we do not own assets on their exchange.
Corruption is a human nature that is impatient to wait and process, when corruption of course they hope is not known, cryptocurrencies provide easier space for corruption, various techniques have occurred in cryptocurrencies so that we have to always be aware of corruption, even initially look very good and promising.
Cryptocurrencies make rich people instant, if we have a capital of $ 1 million then easily become $ 50 million in a year, the easiest thing is to make a project and recruit 3 people to be alert in Discord or Telegram and Pump slowly, when it becomes trending in Coinmarketcap it will automatically automatically Many buyers hope for big profits, then pump and while selling slowly.
It is the wrong perception that anyone can be rich instantly in crypto.Having $ 1 million doesn't mean you automatically multiply it to be $50 million only in a year. If you don't have sufficient knowledge and experience in investment, instead you can lose the money. Having enough knowledge and experience, it takes time and effort. You can expect to master everything in a short time, it sometimes requires a long time (several years). So, don't misunderstand that it is easy to be rich in crypto investment!!
You are right that it is not possible to double or triple your invested capital overnight but sometimes there is lucky jump in life, like people who bought Bitcoin in 2018 at an average price of 5-6K dollars and held it patiently, their money was multiplied by almost ten times in bull market of 2021 but it took almost three years, which I think changed fortune of those who invested at the right time and took exit when Bitcoin made its ATH.
As far as corrupt people in crypto are concerned, they are in every sector of business, in every country and in every society, we need to identify them and never get trapped in their scam projects.
Cryptocurrencies make rich people instant, if we have a capital of $ 1 million then easily become $ 50 million in a year, the easiest thing is to make a project and recruit 3 people to be alert in Discord or Telegram and Pump slowly, when it becomes trending in Coinmarketcap it will automatically automatically Many buyers hope for big profits, then pump and while selling slowly.
It is the wrong perception that anyone can be rich instantly in crypto.Having $ 1 million doesn't mean you automatically multiply it to be $50 million only in a year. If you don't have sufficient knowledge and experience in investment, instead you can lose the money. Having enough knowledge and experience, it takes time and effort. You can expect to master everything in a short time, it sometimes requires a long time (several years). So, don't misunderstand that it is easy to be rich in crypto investment!!
A lot of bad incidences happened in crypto community this year including:
1) FTX
2) Luna
3) Gemini Earn
4) Celcius
5) Voyager
6)BlockFi
All these incidences happened because of the greed of some people. It is important to control the entry of these kind of people as developers or people behind some new crypto projects. Otherwise people will have very less trust left on crypto in general and people will move to other alternatives. What do you think are the required steps to prevent these incidences from occurring in future ? Or are these unavoidable ?
It is worth noting that these people in their earlier appearances wouldn't be mistaken for a scammer. They are very eloquent, smart-spoken, and they really sound like they know what they are doing, so it just goes to show how hard it would be to discern which people or entities are trustworthy or not especially in an industry like this where people thrives from the trust of others in one way or another. The flak that cryptocurrency is receiving right now is completely warranted and deserving, but that doesn't mean we couldn't bounce back and better the industry for the years to come. It's just a bad day, not a bad life, as they say. Less focusing on things you cannot control, and more focus on the things that you could. 1) FTX
2) Luna
3) Gemini Earn
4) Celcius
5) Voyager
6)BlockFi
All these incidences happened because of the greed of some people. It is important to control the entry of these kind of people as developers or people behind some new crypto projects. Otherwise people will have very less trust left on crypto in general and people will move to other alternatives. What do you think are the required steps to prevent these incidences from occurring in future ? Or are these unavoidable ?
Corrupt people exist in all walks of life. These people commit fraud by exploiting the weaknesses of novices. For example, someone who is after making easy money will surely become a prey to these people. These two groups attract each other like magnets. Therefore, such problems will never end. In addition, persistently using centralized systems will always cause us to encounter such problems. These problems are inherent in life. I think the important thing is to protect ourselves and continue to tell the truth to the people around us.
Regarding this matter, greed always makes people always be evil and there have been many cases of this. On the other hand, actually things like this are very difficult to control, but of course they can still be avoided and caution is something that really needs to be done so that aside from us avoiding people like that, we can also pet what is good and what is better. which is not for us.We don't have to be bad people to make us live well, but the problem is with the condition that many people are corrupt so that more people follow, even though it's clearly a mistake.
Corrupt people exist in all walks of life. These people commit fraud by exploiting the weaknesses of novices. For example, someone who is after making easy money will surely become a prey to these people. These two groups attract each other like magnets. Therefore, such problems will never end. In addition, persistently using centralized systems will always cause us to encounter such problems. These problems are inherent in life. I think the important thing is to protect ourselves and continue to tell the truth to the people around us.
That's right, things like that never end. If we control our greed, then no one can corrupt and cheat us and we should not blame them when we have greed like them. Just like you and me, if we weren't greedy, we wouldn't be in this market. The financial market is a market where there are winners and losers. If you can't stand it, then leave the market. When you lose, don't expect anyone's help because when you win, we don't share that reward with anyone.
it gets worse when the people from high places participates on the corruption. they are greedier because they know they are protected like above the law.
in FTX fiasco alone there are tons of them who are collaborating even when they are exposed on tv. kevin oleary for example is abut to turn the tables. he was paid $15M to be the spokesperson for FTX and will probably blame CZ for the fall of FTX. SBF wasn't even investigated while Caroline Ellison freely walks around. no action taken.
Corrupt people exist in all walks of life. These people commit fraud by exploiting the weaknesses of novices. For example, someone who is after making easy money will surely become a prey to these people. These two groups attract each other like magnets. Therefore, such problems will never end. In addition, persistently using centralized systems will always cause us to encounter such problems. These problems are inherent in life. I think the important thing is to protect ourselves and continue to tell the truth to the people around us.
That's right, things like that never end. If we control our greed, then no one can corrupt and cheat us and we should not blame them when we have greed like them. Just like you and me, if we weren't greedy, we wouldn't be in this market. The financial market is a market where there are winners and losers. If you can't stand it, then leave the market. When you lose, don't expect anyone's help because when you win, we don't share that reward with anyone.
In my country local exchange market have pretty strict rules before building with exchange market until when registering with new altcoin listing, must obtain permission from the competent authority when try listing with new coin and have clearly background about new coin listing in our local exchange market.
This will have both advantages and disadvantages, with the intervention and strict management of regulations, scams will not happen. But with the management of the authorities, altcoins do not have a chance to be hyped and therefore do not bring significant returns to investors.
I like to take risks and take risks to get high returns, so I don't like regulation, regulation will make the volatility of cryptocurrencies disappear, that's the appeal of cryptocurrencies compared to other markets.
Corrupt people exist in all walks of life. These people commit fraud by exploiting the weaknesses of novices. For example, someone who is after making easy money will surely become a prey to these people. These two groups attract each other like magnets. Therefore, such problems will never end. In addition, persistently using centralized systems will always cause us to encounter such problems. These problems are inherent in life. I think the important thing is to protect ourselves and continue to tell the truth to the people around us.
I think that corruption and fraud that most countries don't pay much attention to are cryptocurrencies, like what happened with FTX when it was found out that it was bankrupt and then filed for bankruptcy to court so that he was released from prison and maybe only confiscated the assets he reported which maybe didn't amount to 25%.
A lot of bad incidences happened in crypto community this year including:
1) FTX
2) Luna
3) Gemini Earn
4) Celcius
5) Voyager
6)BlockFi
All these incidences happened because of the greed of some people. It is important to control the entry of these kind of people as developers or people behind some new crypto projects. Otherwise people will have very less trust left on crypto in general and people will move to other alternatives. What do you think are the required steps to prevent these incidences from occurring in future ? Or are these unavoidable ?
The fact that crypto is for everyone, it means that anyone can be their own developer. We can't control people like them to get in or out from the market. 1) FTX
2) Luna
3) Gemini Earn
4) Celcius
5) Voyager
6)BlockFi
All these incidences happened because of the greed of some people. It is important to control the entry of these kind of people as developers or people behind some new crypto projects. Otherwise people will have very less trust left on crypto in general and people will move to other alternatives. What do you think are the required steps to prevent these incidences from occurring in future ? Or are these unavoidable ?
What we must do is to equip ourselves with basic knowledge and understanding about the possible red flags that one can be seen as a CEO or owner of any project.
We don't know when a project will turn the other way because of the poor management and attitude of its CEO.
True. As crypto investors, we can not do anything , if corrupt practices are going on in any project behind the scene because it the job of relevant authorities to monitor it & take necessary actions to stop it then and there , but what we can do is to be more vigilant and keep getting updates about the project we have invested in & take exit if some red flags are seen to avoid total loss of our capital.
No doubt, there are lot of people's that are always thinking about how to scam with the people's.
There are lot of hackers that have already hacked biggest exchanges of the world such as bitfinex, kucoin, binance, and ftx exchange. Hackers steal millions worth of dollars from exchange. and sell these dollars in market and dump the whole market. So, this is the most ridiculous activity of the crypto market.
There are lot of hackers that have already hacked biggest exchanges of the world such as bitfinex, kucoin, binance, and ftx exchange. Hackers steal millions worth of dollars from exchange. and sell these dollars in market and dump the whole market. So, this is the most ridiculous activity of the crypto market.
According to reports from many sources at this time cryptocurrencies is the second place used for scams, this is what makes many countries worry and make strict regulations, in my country all exchanges must be officially registered so that the site is not registered, it will be banned, p. which is natural because the scam case report from Cryptocurrencies is increasingly massive.
Your country is really fast on implementing this one. Regarding the exchanges that are in your country, are they local? How about those famous or global exchanges? How do they apply for registration so that they won't be banned in your country? If this were happening in all countries, those global exchanges would really have difficulty getting some registrations in specific countries. Only those wallets have been registered in our country because it is really required by the bank and the government which it can boost the confidence of the people to put money in their website.
This will enhance accountability and give the country extra money on tax, which is their right so long as the company is gaining from their citizens.
Corrupt people exist in all walks of life. These people commit fraud by exploiting the weaknesses of novices. For example, someone who is after making easy money will surely become a prey to these people. These two groups attract each other like magnets. Therefore, such problems will never end. In addition, persistently using centralized systems will always cause us to encounter such problems. These problems are inherent in life. I think the important thing is to protect ourselves and continue to tell the truth to the people around us.
More problems arise due to human greed and lapses in financial management. Centralized exchanges are very risky. We should not trust any exchanges lightly. We should trust DEX more and store assets in personal wallets.
In the encryption industry, we must have more experience and ability to choose, and we must always remain vigilant and redouble our caution so as not to fall into more difficulties.
Sometimes people start with good intentions or don't cheat, they have very good plans to benefit others, but over time they get complacent and tempted by the amount of customer money they manage, and most of them are like that as real developers.In the encryption industry, we must have more experience and ability to choose, and we must always remain vigilant and redouble our caution so as not to fall into more difficulties.
Of course the word "Be careful" will be a dilemma for people who lack knowledge about the world of DEX and CEX.
Corruption and scam is currently very sad and makes many panic, many large projects have collapsed because of the greed of the developer so as to make the market drop, the Luna and FTX case makes the market continue to drop and we are certainly worried if there is the same case again so that it makes the market continue to continue dim and slowly die.
I am one of the people who was disappointed by the incident you are referring to, but after I re-read myself, it turns out that I, as an investor, made a mistake by joining them to entrust my money.But on the other hand, I feel grateful that this happened, because with this I know the importance of DEX as a good storage tool and Bitcoin is the only one I have to buy.
The collapse of two big exchanges (FTX and LUNA) have exposed that how big risk we take when we put our hard-earned money in centralized exchanges where management is stealing investors' money by corrupt practices. These incidents have vindicated that decentralized exchanges are much safer because your funds are in your custody. I think in future we see huge interest in Ethereum based DEFI projects which are considered secure, and investors also get good returns.
When someone researches the people behind all of those crypto apps, they will see those companies are as crooked as the big banks trying to influence politics with their money. Sam is a typical example. News sources say he gave many millions to US Democrats and a few thousand secretly to US Republicans, but because he believed in climate change it was as almost swept under the carpet.
I don't know why SBF did that maybe to protect himself because he had committed massive corruption at FTX, but his stupidity in that action brought a tsunami that made the market worse off to this day, whether this was intentional to destroy the market or because of his stupidity in managing finances.
Cryptocurrencies make rich people instant, if we have a capital of $ 1 million then easily become $ 50 million in a year, the easiest thing is to make a project and recruit 3 people to be alert in Discord or Telegram and Pump slowly, when it becomes trending in Coinmarketcap it will automatically automatically Many buyers hope for big profits, then pump and while selling slowly.
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