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Crypto Scam

Popular YouTuber Mr.Beast accused of duping followers into a pump and dump token

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  • Mr.Beast has been accused of tricking followers to buy a token that many suspect was pumped and dumped.
  • The YouTuber is just the latest popular figure to get linked to a sketchy crypto project, with Floyd Mayweather, Kevin Hart and Steven Seagal getting into trouble for similar actions.

American Youtuber Jimmy Donaldson, popularly known as Mr. Beast, has been accused of scamming his followers. According to the report, it all started when Mr.Beast and Binance supported the launch of Refinable app, a non-fungible token (NFT) platform.

Before the launching of the app, its native asset “ Fine” was advertised to the public. Though it was advertised that the price would start at $0.33, it reportedly debuted at $4 after garnering massive support. The Initial DEX Offering (IDO) of Refinable sold out within five minutes and was Polkastarter’s biggest ever launch.

Soon after the launch, the price of Fine more than doubled to $9. However, the price crashed to less than $2 shortly after. Investors have raised concerns that they were unable to exit the market due to a “no liquidity error” message that kept appearing. Others also complained that they were completely unaware that they purchased the asset at $9 as they could not see the purchase price. Many investors lost thousands of dollars – some even their life savings – due to this error.

Mr. Beasts’ followers are divided between those who believe this was a calculated fraudulent scheme and those who believe it was just a technical error with no bad intention.

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“I highly doubt that Mr.Beast intentionally tried to screw people over, but he’s still involved here. As an influencer he should understand that telling people to invest in crypto can have very bad outcomes, ” said a Reddit user.

Why Mr.Beast is dragged into the saga

Mr.Beast, one of the top YouTubers with about 55 million subscribers and a combined 9 billion views is mentioned as one of the main investors in the Refinable app. Binance Smart Chain is also said to be an active sponsor.

In addition to mentioning the cryptocurrency casually, Mr.Beast allowed his image to be used for promotional purposes. Refinable has also been accused of removing backlash tweets that can affect the credibility of their token.

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Despite the recent happenings, Mr.Beast has not released any statement.

The Refinable app

The Refinable app is the first NFT marketplace launched on the Binance Smart Chain. The platform empowers creators, buyers, sellers, and decentralized applications.

Refinable offsets the disadvantages that prevent the growth of NFTs including high minting cost and gas fees. Users on the platform will be able to stake the native currency (Fine) on the network as well as the BSC Defi applications. To fund the growth and development, they easily raised $3 million from the public sale. However, the private round was limited to value-creating partners to aid the direct growth of the platform.

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Bitcoin Scammers Trick 165,000 People Into Watching Fake Apple Event

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More than 160,000 viewers mistakenly tuned into the wrong Apple event

Some scammers decided to cash in on the immense anticipation surrounding Apple’s big day.

Prior to the company’s much-awaited “California Streaming” event, fraudsters launched a fake YouTube stream that appeared at the very top of the search results (even above the official Apple channel).

Apple
Image by youtube.com

Roughly 165 000 users started watching an unrelated video featuring CEO Tim Cook next to a bogus announcement about Apple buying 100,000 BTC and organizing a giveaway for everyone who sends a certain amount of crypto to the scammers.

Apple 2
Image by youtube.com

The channel that was broadcasting the fraudulent video has now been taken down.

YouTube often appears in hot water because of the proliferation of crypto frauds on the platform.

As reported by U.Today, the video hosting giant was sued by blockchain company Ripple for not doing enough to remove XRP scams last April. The lawsuit was then settled in March.

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Crypto Scam

14 Arrested in Police Raid After $5,400,000 Crypto Investment Scam Targeted Retirees

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Over a dozen people have been arrested in connection with a cryptocurrency scam that preyed upon wealthy senior citizens in Taiwan.

The Taipei Times reports that local Azure Crypto Co. allegedly ran an online investment scheme that defrauded over a hundred people out of $5.4 million.

Taiwan’s Criminal Investigation Bureau (CIB) is charging the 14 suspects with fraud, money laundering, and organized crime violations in relation to the scheme, which was headed by a man named only as “Chen.”

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Lead investigator Kuo Yu-chih said that Chen and other suspects lured in mostly male victims – many of whom were well-off retirees – using photos of attractive females.

“Chen and his staff set up websites, and allegedly used photographs of pretty women to attract mainly male victims, many of whom were in retirement with substantial savings.

The victims were drawn [in] by the attractive images and persuaded to invest through interactions they believed to be with the women, while Chen and his staff presented themselves as financial advisers specializing in cryptomining.”

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Investigators got ahold of ledgers that showed the extent of the alleged fraud and the number of victims involved. One victim lost more than a million dollars over the course of two months.

Crypto-related scams have reportedly flourished with the rise in popularity of the digital asset markets. Last week, the U.S. Securities and Exchange Commission (SEC) issued an alert warning consumers about crypto scams, and offered advice on how to spot them.

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Scam Alert: Fake FLR Tokens Offered by Stellar-Based Wallet

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Another day, another scam campaign in crypto: avoid buying “FLR” tokens before Flare (FLR) mainnet launch

Flare Networks, the software team behind the development of Flare, a much-anticipated EVM-compatible blockchain, issues a warning about a new scam targeting its enhusiasts.

No legit FLR tokens so far

According to the official announcement by Flare’s team shared on its main Twitter account, someone using a domain name impersonating Flare is offering Spark (FLR) tokens.

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Fake FLR offered by scammers
Image via Twitter

Fake Spark (FLR) are for sale in Lobstr, a centralized Stellar-based wallet. Moreover, FLR is not the only fake token offered by these scammers.

Flare Networks reiterates that, since Flare blockchain has not yet launched in mainnet, its core native asset FLR can be purchased in no way.

The only way to monetize interest in Flare’s progress right now is by buying FLR IoUs. These assets are available on three major centralized exchanges: Bitrue, ZB.com and Poloniex.

Flare (FLR) infrastructure gains steam

Tim Rowley, a Flare enthusiast and owner of FTSO.AU, Flare’s “oracle provider,” stresses that the price of FLR-based IoUs has nothing to do with the price of the “real” FLR at launch.

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As covered by U.Today previously, prior to the mainnet release of Flare (FLR), its “canary network” Songbird (SGB) will begin its operations.

Meanwhile, more and more services for FLR delegators are inviting clients. Yesterday, the Use Your Spark service announced support for price broadcasting for many trading pairs, including FLR and XRP tokens.

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