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Crypto Market Wrap: Minor Gains After Two Day Dump

Crypto market wrap: minor gains after two day dump

Crypto Market Wrap: Minor Gains After Two Day Dump

Crypto markets level out after two days of dumping, EOS, Tron, Cardano regaining, Stellar still sliding.

The crypto market free fall that started on Monday has slowed up mid-week. That is not to say that further declines are not around the corner, in fact quite the opposite, another dump is expected on Friday. Total crypto market capitalization is still very low, below $114 billion.

bitcoin is struggling to overcome new resistance levels that strengthen every time it falls. The current is at $3,500 and the closest BTC has been to it over the past 24 hours is $3,470. It fell to $3,400 before recovering about a percent to its current level.

Ethereum has dragged itself back over $105 but is still very weak and likely to dump below $100 within the next few days. XRP has not made any gains on the day which has reduced the gap between second and third to $900 million.

A couple of altcoins in the top ten have recovered a little during the day’s Asian trading session. EOS has taken fourth back from Tether with a 3% gain, but only just. Tron is the top performer with over 4% as it pulls away from Stellar which is still falling back. The rest have made around 1 – 2 percent at the time of writing.

The only two altcoins making progress in the top twenty are Cardano with a rare 3.5% gain and Waves, building on yesterday’s pump with an additional 4.5% gained today. None of the rest of the coins in this section have made more than 2% at the time of writing.

Today’s fomo pump is going to MobileGo once again as it adds 18% on the day. IOST is the only other altcoins making double figures with a pump of 11% at the moment. Two coins getting dumped are the two that often get pumped unsurprisingly; Aurora has dropped 22% while Holo is dumping 11% on the day. Revain, is also having a messy morning losing 10%.

Crypto market wrap: minor gains after two day dump

Total market capitalization has gained a marginal 1.8% on the day taking it up to $113 billion. Since the same time last Wednesday $8 billion has been dumped or almost 7%. The losses are doubled since last month as markets wipe out all of their gains this year and look set to return to mid-December lows.

Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.

Published at Wed, 30 Jan 2019 07:00:50 +0000

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Mining Max Pyramid Scheme Comes Crashing Down

The US-based mining platform, who cheated thousands of investors out of millions of dollars, now has to answer for their crimes after they were caught in South Korea.

The crypto industry has had its fair share of negative press over the years. However, its allure cannot be ignored. The fact that it continues to grow in price and popularity makes people want it even more. Based on its upward trajectory, who wouldn’t want a piece of bitcoin?

Money to Be Made From Mining

About 18,000 investors from over 54 countries turned to the Mining Max platform to help them capitalize on the crypto industry. The benefits they promised didn’t just stop at bitcoin though. According to the International Business Times, their high-performing mining farm in Seoul mined cryptocurrencies from different blockchains, supposedly giving these investors the option of putting their money on currencies that would offer higher returns.

About 14,000 investors are from South Korea. A total of 2,600 is from the US, 600 are from China and the rest are from Japan and other countries.

Classic Pyramid Scheme

Classic Pyramid Scheme

Stay Safe Online did a review article in June this year that not only detailed their tiered ROI structure but also raised the question of whether or not Mining Max was a scam.

Even though they promised these high returns based on their mining activities, the platform’s money was actually made through a pyramid scheme. Users would have to pay to become members and then were compensated for recruiting new business.

The cracks began to show when their mining endeavors failed to make enough money to pay their lower-level investors. According to Yonhap News Agency, those higher up on the food chain were paid with funds obtained through the scam, in addition to certain expensive items.

Fraud, Interpol, and a Cool $250 Million

Fraud, Interpol, and a Cool $250 Million

A total of 21 suspects were charged with fraud and violating South Korea’s law on door-to-door sales. Three other people with ties to the company, including Korean singer Park Jung-Woon, were charged with embezzlement but were not held.

Another seven co-conspirators, including Mining Max chairman, Daniel Park, its vice chairman and high-level investors have gone into hiding, but have been placed on one of Interpol’s wanted lists.

According to Yonhap, investors were scammed out of approximately $250 million, of which $80 million was spent on mining hardware. About $110 million is probably sitting in offshore accounts somewhere, while the remaining money was used to pay high-level investors, and of course, to line the pockets of the platform’s management team.

Do you think that we’ll be seeing more of these kinds of schemes as cryptocurrencies become more popular? Let us know in the comments below!

Images courtesy of AFP, Shutterstock

The post Mining Max Pyramid Scheme Comes Crashing Down appeared first on Bitcoinist.com.

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