ALL ABOUT THE NEW DEFI SCANDAL

Posted 25 September, 2020

On September 23, Nugget's News CEO Alex Saunders posted screenshots of the closed group's correspondence in the Telegram messenger on his Twitter account. Its participants, well-known representatives of the cryptoindustry, discussed a plan to airdrop (free distribution) of the new FEW token and artificially inflate its rate after the sale.

In one of the messages, Sam Ratnakar, co-founder of the IdeaMarket portal, talks about the need to create a new massive project from scratch. The user under the nickname DeFi Dude replies that it is necessary to attract participants, distribute the token among them, and then "pump" it. The founder of Ethhub added that it is necessary to attract people in order to then sell them the asset at an inflated rate.

Shortly before the screenshots were published, Sassano posted a post on his Twitter account in which he mentioned the FEW token. He then added that it was a random token that was handed out on Telegram. Sassano stressed that he had nothing to do with the project, urged not to buy coins and separately noted that they cost nothing.

Prior to that, when the founder of Mythos Capital wrote “don't buy FEW”, the chief of Ethhub told him that “1 FEW is financial freedom”. However, after the screenshots were posted, Sassano added that he was joking and had already sent his tokens to the burn address.

IdeaMarket co-founder Sam Ratnakar admitted that he organized a group on the telegram, and its first 52 members received 769.23 tokens. 2000 coins were left to provide liquidity and decentralization.

“I invited a few people to join the experiment. Gather the smartest people in the industry, distribute tokens evenly and see what happens, ”wrote Ratnakar.

Another airdrop, in which Ratnakar participated, took place in mid-August. The MEME coin, which was also created without a definite purpose and meaning, has risen in price by 18,000% over the past month. The developers distributed all 28 thousand coins for free among their subscribers in the telegram, and after a few days the coin was trading at $ 10-40. By the end of August, the rate exceeded $ 200, after which it rolled back to $ 100. Altcoin began to rise in price rapidly on September 15 and eventually reached $ 1800. However, today the rate fell sharply below $ 700.

“MEME was merged so quickly that even Binance didn't have time to list it. This is a significant moment. The stories are getting shorter. The cycle from nothing to big and back is now very fast. Be careful not to get fooled by FOMO if something is imposed on you, ”wrote The Block analyst Larry Cermak.

In mid-September, the Uniswap decentralized exchange released its UNI tokens and distributed some of them to users. As a result, 8 traders received from 95 thousand to 245 thousand coins. At that time, the asset price was about $ 2.5, that is, users took away coins in the amount of $ 250 thousand to 750 thousand for free. About 50 people received coins for $ 25-250 thousand, in total, about 100 thousand people got the winnings in different amounts. , the minimum prize amount was $ 1000.

Traders who provided liquidity to Uniswap received the most. The earlier the user started providing his cryptocurrency to the site, the bigger the prize he received. All clients who had made at least one transaction on the exchange before September 1, were able to collect the payment.

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25 September, 2020 12:45

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