1 thought on “I couldn't sell it when I bought a virtual currency! Demystify the "100 times coins" scam”
Rudolph
Recently, the supervision of virtual currencies has been upgraded. On May 21, the State Council's Financial Stability Development Committee clearly stated that "cracking down on Bitcoin mining and trading behaviors and resolutely preventing individual risks transmitted to the social field." Not long ago, the Internet Finance Association, the Banking Association, and the Payment Clearing Association jointly issued an announcement, requiring that member institutions were not allowed to start virtual currency transactions and other related financial businesses.
Under the ban from the country, a virtual coin clearance was immediately unfolded. Inner Mongolia, one of the most concentrated areas of virtual currency mining, announced the "Eight Measures on Soliciting Opinions) on May 25," Eight Measures on Resolutely Campaigning the "Mining" behavior of virtual currencies ", and strictly prohibit virtual currency mining behavior.
The virtual currency
This is not the first time that the country has been so strong to monitor virtual coins. In 2013, five ministries and commissions including the People's Bank of China issued the "Notice on Preventing Bitcoin Risks", and financial institutions and payment institutions were prohibited from conducting Bitcoin -related businesses. In 2017, 7 ministries and commissions including the People's Bank of China issued the "Announcement on Preventing token Issuance Finance" to guide local governments to investigate and refund virtual currency transactions and tokens issuance financing platforms suspected of illegal issuance of securities and illegal fundraising. However, since then, some platforms such as Huobi and Ouyi have been transferred abroad, and they still provide services to domestic residents.
In the first half of this year, as the overall market value of virtual currency skyrocketed, virtual currency has become the hardest hit area for money fraud. The hype activities have fallen into the trap of the carefully layout of others.
Ms. Li: You see that this was a picture I cut at that time, and it showed that the transaction failed when it was sold.
The virtual currency named Ms. Li's name is TRTC. Earlier this year, this virtual currency was worthless and the prices soared all the way. Ms. Li, who is familiar with virtual currency investment transactions, sees this opportunity. She used about 6,000 yuan on overseas platforms to buy this TRTC coin.
Ms of Ms. Li: We all call this currency hundreds of times. You can think about how good the market is at the beginning, and think it can be 100 times.
Ms. Li: There is no doubt, because the concept of this currency is called liquidity mining. It is a new investment in the currency circle. Everyone is speculating. It's right.
The player told that this TRTC currency can only be purchased with another digital cryptocurrency "Ethereum". In the video, the player is accessing the virtual currency trading platform through the app on the mobile phone to buy Ethereum and then buy TRTC coins. But when trying to sell it, there is a reminder page for the trading failure.
Why can't you sell "100 times coins"?
What problems does this virtual currency have? Is there a temporary failure of the trading system, or is it an artificial design?
Limonic engineer Li Xuan: The pool has been hollowed out, and the value is zero, which is equivalent to taking all the Ethereum in the trading pool. Ethereum is worth 100,000 US dollars.
Li Xuan: At that time, there should be a lot of people to participate in the purchase, but if it was sold, we can actually see the only information of this tail number 799.
Why the only user of the transaction address is 799. This user can successfully sell the coins, but none of other investors like Ms. Li successfully sold it? Who is this 799? With questions, we analyzed the source code of TRTC coin. After careful research and screening, we found such a line of small characters in the long code.
Li Xuan: In the function of the transfer, there is actually a condition. The bottom line can be seen that the sender is equal to Owner, which means that only Owner (issuer) can be sold, but other users can only buy or not sell. Normal code is not limited.
The so -called Owner is the creator of this virtual currency. This careful design made him the only person who had the right to sell. It is not difficult to see that this creator is the mysterious user of the tail number 799. The transaction record shows that the last one in the capital pool is also the person.
Li Xuan: This operation has brought the valuable currency scams of others. The situation that ordinary users do not understand may soon be attracted.
Ol "100 times coins"?
It you must understand when you see this. This is a complete scam under the new technology. It is the psychology that investors do not understand blockchain technology, but blindly follow the wind. So how does this virtual currency for cheating money be issued and went online? Why can we create the illusion of soaring and hook it?
The blockchain technology security engineer Feng Changsheng: It is expected to issue this currency within three minutes.
Feng Changsheng: First of all, we just copy a token code from the main network, and then put it on the online IDE (programming software). As long as the name of the tokens is entered, we start a name ABCD. Then you only need to click "Deployment" to set up on the exchange and set a initial price 1 Ethereum to change 10 ABCDs. Now that we have succeeded, then our ordinary users can find this token directly on the trading page.
Copy a code, change a name, and set a price. Only a few simple steps are required. A virtual currency is successfully launched on the trading platform for sale. However, what is even more unexpected is that this worthless virtual currency can not only go online at will, but also manipulate the price.
Feng Changsheng: Our token issuance, basically all tokens are in our hands, we can use the huge amount of tokens on our hands to control the market price, which is equivalent to the left hand pouring and right hand. Give up the price.
In the demonstration of this technician, when he bought this ABCD virtual currency, the K -line chart of the trading platform rose sharply immediately. Conversely, the K -line diagram immediately declined.
is operating on the left, and the right is K -line feedback
Feng Changsheng: Under the propaganda brainwashing of a project party, as soon as ordinary users see the price increase, ordinary users will be Will blindly follow the trend to buy this token. When a large number of users poured into the purchase of this token, the project party would use the tokens he held to smash. There is no threshold for issuing this currency, decentralized trading platforms, any user can trade and release tokens here, and will not verify whether the code is wrong.
In 2020 virtual currency safety incidents increased by 240%
The statistics from the National Computer Network Emergency Technology Treatment Coordination Center showed that with the active of virtual currency transaction volume in the first half of the year, each The hidden dangers of risks are endless.
Wu Zhen, the National Computer Network Emergency Technology Treatment Coordination Center: Many criminals use virtual digital currencies for money laundering or illegal capital transfer, which may disturb the country's economic order. There are even some criminals for fraud under the banner of the blockchain. At the same time, we now include more than 400 vulnerabilities, and if there are vulnerabilities, criminals will be used to steal related digital assets.
The reports released by the country's blockchain vulnerabilities stated that according to incomplete statistics, the number of security incidents in the blockchain field in 2020 reached 555, which was nearly 240 compared to the 2019 security incident increased by nearly 240 %; Mainly including fraud/fishing incidents, starting from 143 ransomware incidents, and 31 trading platform security incidents. The economic losses caused by reached US $ 17.9 billion, an increase of 130%from 2019.
since the new crown epidemic, various illegal financial activities on overseas virtual currency trading platforms have become more active. In addition to the issuance of tokens that Ms. Li encountered illegal issuance of securities, the more hot ones are also virtual currency long -term contract transactions, with dozens of times to hundreds of times leverage. Essence Such illegal futures activities bring huge property losses to participating people. There are often news reports of speculators, but the virtual currency trading platform has made a lot of money behind it.
MON not allows the wind of the wind to interfere with the healthy development of the blockchain
speculation speculation is not equal to high financial management, but high -risk gambling, some even violate the law the behavior of.
For ordinary investors, in the face of overseas trading platforms and the dealer mastered information, funds, and chips, it has a huge information advantage. In the end Cold thinking. For the practitioners of the blockchain, the innovation of blockchain technology is not the same as speculation virtual currency. How to make the blockchain technology be removed and let the "blockchain " take root in various application scenarios, for China for China, for China Economic transformation and upgrading and the realization of high -quality development into new kinetic energy is the deserved meaning of technological innovation.
Recently, the supervision of virtual currencies has been upgraded. On May 21, the State Council's Financial Stability Development Committee clearly stated that "cracking down on Bitcoin mining and trading behaviors and resolutely preventing individual risks transmitted to the social field." Not long ago, the Internet Finance Association, the Banking Association, and the Payment Clearing Association jointly issued an announcement, requiring that member institutions were not allowed to start virtual currency transactions and other related financial businesses.
Under the ban from the country, a virtual coin clearance was immediately unfolded. Inner Mongolia, one of the most concentrated areas of virtual currency mining, announced the "Eight Measures on Soliciting Opinions) on May 25," Eight Measures on Resolutely Campaigning the "Mining" behavior of virtual currencies ", and strictly prohibit virtual currency mining behavior.
The virtual currency
This is not the first time that the country has been so strong to monitor virtual coins. In 2013, five ministries and commissions including the People's Bank of China issued the "Notice on Preventing Bitcoin Risks", and financial institutions and payment institutions were prohibited from conducting Bitcoin -related businesses. In 2017, 7 ministries and commissions including the People's Bank of China issued the "Announcement on Preventing token Issuance Finance" to guide local governments to investigate and refund virtual currency transactions and tokens issuance financing platforms suspected of illegal issuance of securities and illegal fundraising. However, since then, some platforms such as Huobi and Ouyi have been transferred abroad, and they still provide services to domestic residents.
In the first half of this year, as the overall market value of virtual currency skyrocketed, virtual currency has become the hardest hit area for money fraud. The hype activities have fallen into the trap of the carefully layout of others.
Ms. Li: You see that this was a picture I cut at that time, and it showed that the transaction failed when it was sold.
The virtual currency named Ms. Li's name is TRTC. Earlier this year, this virtual currency was worthless and the prices soared all the way. Ms. Li, who is familiar with virtual currency investment transactions, sees this opportunity. She used about 6,000 yuan on overseas platforms to buy this TRTC coin.
Ms of Ms. Li: We all call this currency hundreds of times. You can think about how good the market is at the beginning, and think it can be 100 times.
Ms. Li: There is no doubt, because the concept of this currency is called liquidity mining. It is a new investment in the currency circle. Everyone is speculating. It's right.
The player told that this TRTC currency can only be purchased with another digital cryptocurrency "Ethereum". In the video, the player is accessing the virtual currency trading platform through the app on the mobile phone to buy Ethereum and then buy TRTC coins. But when trying to sell it, there is a reminder page for the trading failure.
Why can't you sell "100 times coins"?
What problems does this virtual currency have? Is there a temporary failure of the trading system, or is it an artificial design?
Limonic engineer Li Xuan: The pool has been hollowed out, and the value is zero, which is equivalent to taking all the Ethereum in the trading pool. Ethereum is worth 100,000 US dollars.
Li Xuan: At that time, there should be a lot of people to participate in the purchase, but if it was sold, we can actually see the only information of this tail number 799.
Why the only user of the transaction address is 799. This user can successfully sell the coins, but none of other investors like Ms. Li successfully sold it? Who is this 799? With questions, we analyzed the source code of TRTC coin. After careful research and screening, we found such a line of small characters in the long code.
Li Xuan: In the function of the transfer, there is actually a condition. The bottom line can be seen that the sender is equal to Owner, which means that only Owner (issuer) can be sold, but other users can only buy or not sell. Normal code is not limited.
The so -called Owner is the creator of this virtual currency. This careful design made him the only person who had the right to sell. It is not difficult to see that this creator is the mysterious user of the tail number 799. The transaction record shows that the last one in the capital pool is also the person.
Li Xuan: This operation has brought the valuable currency scams of others. The situation that ordinary users do not understand may soon be attracted.
Ol "100 times coins"?
It you must understand when you see this. This is a complete scam under the new technology. It is the psychology that investors do not understand blockchain technology, but blindly follow the wind. So how does this virtual currency for cheating money be issued and went online? Why can we create the illusion of soaring and hook it?
The blockchain technology security engineer Feng Changsheng: It is expected to issue this currency within three minutes.
Feng Changsheng: First of all, we just copy a token code from the main network, and then put it on the online IDE (programming software). As long as the name of the tokens is entered, we start a name ABCD. Then you only need to click "Deployment" to set up on the exchange and set a initial price 1 Ethereum to change 10 ABCDs. Now that we have succeeded, then our ordinary users can find this token directly on the trading page.
Copy a code, change a name, and set a price. Only a few simple steps are required. A virtual currency is successfully launched on the trading platform for sale. However, what is even more unexpected is that this worthless virtual currency can not only go online at will, but also manipulate the price.
Feng Changsheng: Our token issuance, basically all tokens are in our hands, we can use the huge amount of tokens on our hands to control the market price, which is equivalent to the left hand pouring and right hand. Give up the price.
In the demonstration of this technician, when he bought this ABCD virtual currency, the K -line chart of the trading platform rose sharply immediately. Conversely, the K -line diagram immediately declined.
is operating on the left, and the right is K -line feedback
Feng Changsheng: Under the propaganda brainwashing of a project party, as soon as ordinary users see the price increase, ordinary users will be Will blindly follow the trend to buy this token. When a large number of users poured into the purchase of this token, the project party would use the tokens he held to smash. There is no threshold for issuing this currency, decentralized trading platforms, any user can trade and release tokens here, and will not verify whether the code is wrong.
In 2020 virtual currency safety incidents increased by 240%
The statistics from the National Computer Network Emergency Technology Treatment Coordination Center showed that with the active of virtual currency transaction volume in the first half of the year, each The hidden dangers of risks are endless.
Wu Zhen, the National Computer Network Emergency Technology Treatment Coordination Center: Many criminals use virtual digital currencies for money laundering or illegal capital transfer, which may disturb the country's economic order. There are even some criminals for fraud under the banner of the blockchain. At the same time, we now include more than 400 vulnerabilities, and if there are vulnerabilities, criminals will be used to steal related digital assets.
The reports released by the country's blockchain vulnerabilities stated that according to incomplete statistics, the number of security incidents in the blockchain field in 2020 reached 555, which was nearly 240 compared to the 2019 security incident increased by nearly 240 %; Mainly including fraud/fishing incidents, starting from 143 ransomware incidents, and 31 trading platform security incidents. The economic losses caused by reached US $ 17.9 billion, an increase of 130%from 2019.
since the new crown epidemic, various illegal financial activities on overseas virtual currency trading platforms have become more active. In addition to the issuance of tokens that Ms. Li encountered illegal issuance of securities, the more hot ones are also virtual currency long -term contract transactions, with dozens of times to hundreds of times leverage. Essence Such illegal futures activities bring huge property losses to participating people. There are often news reports of speculators, but the virtual currency trading platform has made a lot of money behind it.
MON not allows the wind of the wind to interfere with the healthy development of the blockchain
speculation speculation is not equal to high financial management, but high -risk gambling, some even violate the law the behavior of.
For ordinary investors, in the face of overseas trading platforms and the dealer mastered information, funds, and chips, it has a huge information advantage. In the end Cold thinking. For the practitioners of the blockchain, the innovation of blockchain technology is not the same as speculation virtual currency. How to make the blockchain technology be removed and let the "blockchain " take root in various application scenarios, for China for China, for China Economic transformation and upgrading and the realization of high -quality development into new kinetic energy is the deserved meaning of technological innovation.