Stories of quick and easy earnings on cryptocurrency


One trader was able to multiply his capital by participating in the ICO on a decentralized platform.  Another received bitcoin for par...

One trader was able to multiply his capital by participating in the ICO on a decentralized platform. Another received bitcoin for participating in an experiment. However, there are those who make money illegally and have problems with the law.
The cryptocurrency industry is still under development. There are many vulnerabilities in both exchanges and regulation that can be exploited by ordinary traders and hackers to take advantage of them.
For example, on July 13, an unknown trader earned  more than $ 500 thousand in cryptocurrency in half an hour  In this he was helped by the initial placement of BZRX tokens on the UniSwap decentralized platform. It works on the basis of Ethereum - this is the key point.
The trader made a spam attack on the coin network at the start of BZRX sales. Due to this, other users were unable to participate in the token sale immediately, only with a delay. During this time, an unknown person bought almost 2 million BZRX coins, spending less than $ 150 thousand on them.
Within an hour after the delay subsided, the trader began selling the cryptocurrency at an inflated price to the exchange's clients who arrived in time. Thus, he was able to gain 2,030 ETH or about $ 500 thousand. Another $ 50 thousand was left by the unknown person in BZRX tokens.
A similar story happened in June. Entrepreneur Alistair Milne ran an experiment on Twitter to test how long it takes to hack a cryptocurrency wallet. To do this, Milne created an address to which he transferred 1 BTC, and then began to share with his subscribers tips on how to get access to the cryptocurrency.
The entrepreneur broke the key to the address with the coin into several parts and published riddles, the answers to which were supposed to lead the participants in the experiment to win. But before Milne gave the last clue, he discovered that BTC had gone missing from his wallet.
Later it turned out that a user with hacking skills intervened in the experiment. He was able to find out the rest of the method by brute force or with the help of special services that help to recover forgotten keys from wallets with cryptocurrency. It took the hacker 44 hours to do this, during which he earned about $ 10,000.
There are those who have made their fortunes in a more legal way. One of these was the American trader Richard Dobats. Since 2017, he has converted $ 15,000 of leveraged funds into $ 1 million by trading securities and options using the Robinhood app.
However, in this case, the success was temporary, it continued until the 2020 crisis began. Due to the collapse in the stock market, Dobats's fortune in a short period of time turned from $ 1 million to $ 7 thousand. Moreover, the trader had to take another loan of $ 30 thousand to pay off the debts.
In the first two stories, hacking skills played a key role. But these cases cannot be unequivocally classified as fraud. However, in the following two situations, it came to formal charges. For example, according to the US Department of Justice, a resident of the American Houston illegally received $ 1.1 million in support from the state, allocated in connection with the Covid-19 pandemic.
The funds were to be used to pay salaries to employees - this was indicated in the application sent to the bank for a loan. But as the investigation found out, the company did not have wage arrears, and part of the money received from the authorities was spent on cryptocurrency.
Another controversial enrichment was considered by the US court the day before yesterday, July 15. According to the FBI, American Douglas Kim fraudulently attracted millions of dollars in cryptocurrency. Since 2017, he has repeatedly invited his friends to lend him funds for a "safe investment."
Kim offered to invest in digital assets like Bitcoin and Ethereum. Thus, he raised more than $ 4.5 million. However, the money was not spent on cryptocurrencies. Instead, the defendant lost some of them at an online casino. Now he faces up to 20 years in prison and a $ 250,000 fine.

Cryptocurrency Magazine - Crypto Market Updates: Stories of quick and easy earnings on cryptocurrency
Stories of quick and easy earnings on cryptocurrency
Cryptocurrency Magazine - Crypto Market Updates
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