Cryptocurrency may no longer be the wild, wild west but it’s still an unregulated jungle out there.
Investors tend to skim through whitepapers and invest in a cryptocurrency purely because of the hype around it. Even if the whitepaper is solid and the hype is real, developers are sometimes just unable to deliver. One example of an ICO not living up to expectations is Centra Tech. The company’s founders are facing charges after raising US$32 million through an ICO and endorsements from big names like DJ Khaled and Floyd Mayweather.
Malaysia has seen it’s fair share of crypto clampdown issues with popular sites like Luno facing blocked withdrawals and eToro funding needing to go through PayPal.Crypto investors heavily rely on exchanges. We place our faith in exchanges in the hope that they will work perfectly every time. Unfortunately, no exchange is perfect.
Recent hacks in 2018 include Japanese crypto exchange Coincheck where over US$400 million of the NEM coin was stolen and South Korean crypto exchange Coinrail was hacked driving Bitcoin prices more than 10% and most other cryptos following suit.
such scammy suggestions.