Crypto Scammers

Welcome back to the Tribe! In this post we want to address one of the worst lingering issues that has been floating around the crypto industry – crypto scammers.

More importantly, who is going to hold them accountable?

Nothing should be considered investment or financial advice. Enjoy the ride!

Crypto Scammers

While most people might immediately think about the guy trying to steal your wallet’s keys, or someone trying to get you to invest in a fake project, that’s not what this post is about.

The crypto scammers we are talking about are the real scammers. Specifically, the ones that manipulate an entire market; the ones that cost people millions and billions in total.

These are the people and projects that really need to be fined, arrested, and held accountable for their role in destabilization of the market.

In addition, we want to take a look at the governing bodies that are supposed to be doing this. As you probably can guess, they have not been doing a very good job at well… their job!

Top Scammers

It is no secret that the governing bodies meant to protect investors are failing miserably at their jobs.

As we have seen in the past, entities like the SEC have missed the mark time and time again. Hosting lawsuits for decentralized apps, ICOs and exchanges alike without much understanding of the basis or true involvement of these platforms.

Most importantly, they have failed continuously to condemn real criminals like those forking chains, and creating wealth while manipulating the entire market.

Some figures and projects come to mind right away like:

  • Craig Wright – Responsible for creating Bitcoin Cash for profit, and then manipulated the market again by creating Bitcoin Satoshi’s Vision. Also should be charged for fraud for stating he was Nakamoto to manipulate the market further
  • Jeb McCaleb – Responsible for manipulating the XRP market for years, and former founder of the notorious Mt. GOX exchange (suspicious yet?)
  • Tether as a whole – Responsible for dumping billions on the market and constant wealth creation with no backing
  • Most Lending Platforms – Most failed and cost investors millions and potentially billions
  • Scam Coins – Coins like Squid Game and Shiba serve to hurt the market in the long run. While fun, they should be taken accountable for when things flash dump and markets get rug pulled
  • Forks – Most forks are carbon copies of Bitcoin with another name. With false promises of development and growth, these teams should be held accountable for the lies they put out to the community

Why They Fail

Although, why have the governing bodies failed to protect investors?

It isn’t because crypto is “decentralized” well give you that or because some founders or projects are anonymous.

In reality, it is because they do not have the understanding and legislative legs to stand on to do so.

You see, not only is there an educational gap between the crypto industry and these entities, but there is also a gap in the actual legislation they are supposed to use to fine and condemn projects in the space.

Simply, the current laws do not clarify the procedures for things like:

  • Mining
  • Forks
  • Decentralized exchanges
  • Scams on the Blockchain
  • Open source code
  • Dapps
  • ICOs

There is a hole in legislation where investor’s funds are leaking. Leaking straight into these scammers pockets year after year.

Sadly, this might not be fixed for years after it is too late.

As we have seen, the SEC is to busy picking fights with the companies actually DOING something in the space like Coinbase and Ripple, to actually make a difference.

For those that do not remember, they even fined the original code writer for the Ether Dex which so many investors enjoyed and benefitted from.

Clearly, things need to change and it needs to change with the GOVERNING bodies before it changes in the market.

Crypto Scammers Post

To summarize this post, the SEC needs an overhaul. Clearly, it can not handle the new tech and digital age. It is obsolete.

In addition, new legislation needs to be proposed by politicians to protect this still emerging market, and to condemn those that take advantage of it.

Cheers