“Dust Devil on the cryptom market: ascent and fall of ‘Luminous oasis'”
At the cryptom market, a reasonable proportion of top -class fraud and ponzi systems has emerged over the years, but a latest phenomenon has caused investors to question their mental health – “Rugpulls of incorrectly”. These gimmicks also referred to as TOKEN -Burn events and affect a group of individuals or companies that try to defraud investors by releasing funds from already bankruptcy projects.
An excellent example of this phenomenon can be seen in the notorious “bright oasis” project. Luminous Oasis was launched in 2017 with a brilliant new logo and marketing material and promised its token owners an almost unlimited capital return through a complex algorithmic trading system. However, behind the scenes, the administrators of the project allegedly used the means to finance their own complex lifestyle, including the purchase of large country roads on the Bahamas.
When investors began to question the legitimacy of the project, the leadership of Luminous Oasis claimed that they had “burned” all available tokens and had effectively extinguished the entire project. But the truth was far away – the company’s CEO and other top executives actually used the means to invest in real estate transactions worldwide.
As a result, investors have lost an estimated value of 1 billion US dollars, which made the shining oasis one of the largest token burning events in history. The incident served as a strong memory of the crypto community that the truth, even with complex marketing materials and convincing promises, can often be hidden behind a facade of legitimacy.
The phenomenon “token burn” is not new, but has become more common in recent years, especially for smaller projects. This type of fraud is based on the psychological manipulation of investors by using tactics such as fake commitment of the community, unrealistic investment returns and clever marketing spin to lure people in investments.
A remarkable example of a successful TOKEN -Burn event was the “Pump and Dump” scheme that included the “Binance Coin” project. In 2021, Binance, one of the largest cryptocurrency exchanges in the world, announced that it would burn its local BNB token worth 200 million US dollars to reduce the risk of market manipulation. Instead of using this token for legitimate purposes, a group of investors managed to create a massive pump-and-dump scheme, which artificially inflated the price for BNB and then sold its investments at the peak.
These events underline the need for vigilance among crypto investors. It is important to carry out your research, check the legitimacy of projects before investing and from promises that are too good (or bad) to be careful to be true. As the saying says: “Pumps and Dump” – and is always careful with groups or people who try to manipulate the market for personal profit.
Finally, Rugpulls are becoming increasingly common in the crypto room, but it is important to stay vigilant and to check all claims before investing. In this way you can avoid becoming a victim to one of these frauds and ensuring that your hard -earned money in the volatile world of cryptocurrency is safe.
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