Combining Forex Trading And Mining For Easy Money In Edinburgh, Uk

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Combining Forex Trading And Mining For Easy Money In Edinburgh, Uk – The constant buzz around cryptocurrency trading and the enormous digital wealth that some people have created (and lost) in the crypto market is a strong lure for interested investors. But it is the complexity of cryptocurrency and decentralized finance (DeFi) projects that create an environment in which criminals can attract victims. Using Sophistication to Disguise Fake Apps dangerous contract and other schemes that make victims think they are on the path to wealth while making them more and more exchanging money.

We have already reported on one such project. We named it CryptoRom, which has potential targeting access to mobile dating applications. and enticing to send a message to someone who is acting like a couple. It is then imported into a fake cryptocurrency investment project. by fake trading applications and websites But while we are reviewing that project Then another project fell into my lap: Twitter direct messages inviting me to participate in “Liquidity Mining Research”

Combining Forex Trading And Mining For Easy Money In Edinburgh, Uk

Combining Forex Trading And Mining For Easy Money In Edinburgh, Uk

This interaction led to an investigation that revealed a number of fraud rings based on “Liquidity mining,” a form of cryptocurrency-based decentralized finance (DeFi), which even in its legal form is a highly complex endeavor. The mechanics of mining liquidity in a legitimate form provides a perfect cover for old scams, reinvented for the cryptocurrency era.

Foreign Exchange Options

Criminals use the sophistication of the real thing to conceal various scams. By luring victims to receive extraordinary returns on their investment. We found a number of these rings. which is operated mainly from China and use fraudulent blockchain contracts, websites, and applications to attack victims’ digital wallets. At the same time make them believe that they are making daily profits. Like many other crypto scams we track, these have evolved from being focused on Asia to becoming a global phenomenon. While we were studying one such scam, the Washington Post reported on the victims of another liquidity mining scam that closely follows the pattern of the CryptoRom sha zhu pan scam we have reported on in the past.

Legitimate liquidity mining exists to enable decentralized finance (DeFi) networks to automatically process cryptocurrency trades. DeFi is an emerging financial technology that uses a distributed ledger that Use the blockchain It is similar to what is used by cryptocurrencies to arbitrate trades between different types of cryptocurrencies. This is controlled by a trading protocol built into the ledger itself.

Centralized cryptocurrency exchanges act as Coinbase and other exchanges often reward large investors. (with lower trading fees and other benefits) for allowing a portion of their deposit to be used to guarantee the exchange, there are enough widely traded cryptocurrency pairs to ensure that Trading can be arranged, for example, if someone wants to withdraw money from Ethereum and exchange it for “Stable coins” such as Tether (USDT) require exchanges to have enough USDT in reserve to complete trades and transactions. as in the other direction

DeFi exchanges do trading differently. This is done by a protocol built into the network called Automated Market Makers (AMM). Smart contracts built into the DeFi network are required to quickly determine the relative value of the currencies being traded and execute trades. This is because there is no centralized cryptocurrency pool for these distributed exchanges to pull from to complete trades. They therefore rely on crowd funding to provide the cryptocurrency funds needed to complete trades. which is a source of liquidity

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To create a liquidity pool which typically handles transactions between a single pair of cryptocurrencies. Investors will commit the same value of both cryptocurrencies to the pool. It is tied on the blockchain to a smart contract. In exchange for lending that crypto to the pool, participants are rewarded based on a percentage of the trading fees associated with the DeFi protocol. The “mining” portion comes from liquidity pool tokens (LP tokens), which are Representative of the share of investor-backed liquidity pools.

The LP token is another important cryptocurrency. It is tied to the percentage value of the relevant pool.

Holding tokens usually comes with a benefit: a percentage of trading fees. and other rewards. There is also a risk of loss, for example the total value of the crypto may decrease and therefore the withdrawal value of the tokens may fall below the initial buy-in cost. But as long as the people behind the token don’t take the assets in the group and run away. At least there is a way for investors to get off the carousel.

Combining Forex Trading And Mining For Easy Money In Edinburgh, Uk

Unfortunately, there are only so many ways that things can go wrong. It may go wrong. If the person behind the liquidity pool is unethical or criminal. There is no regulation of DeFi exchanges, and the only guarantee that they will always be up-to-date is the smart contract code built into the DeFi network’s blockchain (usually Ethereum-based). But what if a token is cancelled? or never had a backup pool at all Everything will go out the window. There are many opportunities for digital token Ponzi schemes to become fraudulent. and flat theft

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Unfortunately for those curious about crypto, there are many unethical and criminal “liquidity mining” schemes out there. Like the CryptoRom rings we follow, they use a variety of social media and messaging tools to reach potential victims. In some cases, they also use fake mobile applications and websites that impersonate or fake connections with well-known organizations trading on the blockchain.

But the presentation we’ve seen doesn’t focus much on the romantic angle. Although in some cases created profiles are used on young women to enhance their emotional attractiveness.

“Catherina” is now “Linna”, one of many identical accounts used to lure victims in liquidity mining scams.

The account was set up only a few weeks before I received my first direct message. The profile’s timeline is filled with selfies and videos of the woman. This is based on the content of the photos and some of the posts are in Russia. The woman’s photo was used on several Twitter accounts with the same content.

What Is Mining?

During a Telegram conversation, the scammer tried to instruct me to set up a Coinbase wallet and deposit Tether (USDT), a “stablecoin” that is allegedly backed by securities based on the value of the US dollar. about

Screenshots of Binance’s app store sent by criminals show auto-translation artifacts and show the Chinese version of the app. No link specified So this is a legit Binance app in this case.

During our interaction, I managed to get “Catherine” to open the Canary link, which is the URL associated with the server I had set up. Records show that the person’s IP address is in Hong Kong.

Combining Forex Trading And Mining For Easy Money In Edinburgh, Uk

“Catherine” finally pointed me to a Telegram channel called “US Coinbase Investment Trading” for more details on connecting to the “pool.” The same Telegram channel was promoted in the direct message group of Twitter called “Part-Time Liquidity Mining Exchange Group”:

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Telegram channel shares “” big prizes that are shared. As well as a warning not to trust direct messages from other forum members because of the risk of fraud. In a message claiming to be from a CoinBase admin (@Coinbase_CarlM), the scam group directs victims to a URL to register their wallet on. “Official blog”:

That link coinbase-udt[.]cc It offers a mobile version of the website and displays a QR code with formatted links specifically for protocol-compatible crypto wallets. WalletConnect If a browser wallet extension such as MetaMask is available, the user will be automatically asked if they want to connect their wallet.

The site claims to have generated more than 2 billion USDT (roughly equivalent to $2 billion) in “user revenue,” with 2,300 “legitimate” wallet “nodes” among its portfolio. This site is hosted on Alibaba Cloud in the United States. But most of the text on the home page is in Chinese.

Once the wallet is linked The website promises that users can invite other people to win additional rewards. But in joining User must pay “Blockchain miners’ fees” to get “blockchain certificates” for their wallets to be configured as nodes Once registered Scammers can withdraw the contents of a user’s wallet at any time. Users are increasingly encouraged to deposit money into their wallets. to increase returns But eventually it will be found that they cannot actually withdraw the cryptocurrency or withdraw the alleged winnings.

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We have shared details about this scam with Coinbase and other organizations, but this is not the only liquidity mining scam. We are gathering information about other scams. continuously Many others we’ve found use fake mobile applications on both Android and iOS to offer a more reliable route to fraud.

Its success has bred counterfeiters in the world of crypto scams, and new forms of schemes developed by those trying to expand the CryptoRom/ sha zhu pan playbook attempt to expand the pool of victims in different ways. together

Lack of protection, regulation, reliable information about cryptocurrency investments. and international cooperation by law enforcement in ending these schemes. has created the perfect cover for a well-executed scam. With a lot

Combining Forex Trading And Mining For Easy Money In Edinburgh, Uk

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