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Actually, these companies hold seminars in cities inviting people to showcase their coin, they say that they are here to make all of you millionaires, they give a few negative points about the bitcoin fees and transaction times and then show that how their project is a better alternative than investing in BTC/ Ether, and people are giving their hard-earned money to these people, I went to the seminar and even met people who have invested ₹5 lakhs in these projects.
This has become such a sure shot way of fleecing investors in India. There are probably just less than 50 of us here in the forum who are interested in telling people that they shouldn't be giving up their money to random coins. Very unfortunate that people are still falling for the same tricks that the promoters of MLM schemes and fake coins used 4 years ago in small towns and cities.
This time around though there are quite a few profitable entities like WazirX and other platforms that should have an interest in not letting people give money to scammers. There can be advertisement campaigns to make people aware of these ponzi promoters and telling people to not rely on word of mouth for crypto investments. This can lead to people being defrauded and cryptocurrencies getting a bad name unnecessarily. Could you share where did you notice these seminars taking place?
In almost every city of Northern India, the problem is that people think that this person doesn't want us to earn money which is why he is not letting us invest in these coins. One such token is
this token, their developers are from Mohali or Chandigarh, they issue locked tokens to the buyers and have luckily got their project listed on shitty exchanges like BuyUcoin and Probit where they show fake volumes and make users believe that their coin is going to the moon soon. They have a referral system where if you buy coins using referral of other person he gets 9% reward or something like that, and this chain goes on and on and on, if you have a look here
https://etherscan.io/token/0x6a4c76874e686a7d080d173987a35a9c48905583#balances not very recently the devs had 86% of the total supply and still top 3 holders have almost 83% of the total supply.
