Consumers Have Lost Almost $100 Million To ICO Exit Scams

A common criticism that onlookers have for the cryptocurrency industry is that it is rife with scams and criminal wrongdoings. While this is often an unwarranted blanket classification of this nascent industry, research done by Diar, a weekly fintech-focused publication, claims that there are still some bad actors present in this industry

According to last week’s Diar report, ICO exit scams have raked in approximately $96.8 million in the past two years. While this is a staggering figure in and of itself, it was reported that approximately 70% of these funds were stolen within the past two weeks, with the culprits being four different projects run by two ‘firms’.

The first firm is Shenzhen Puyin Blockchain Group, a shady crypto-centric firm based in China’s Guangdong province, who reportedly ran three scam ICOs — ACChain, BioLifeChain, and PuyinCoin — which raised over $60 million in funds collectively.

As pointed out by eagle-eyed users on Reddit, the office in which the teams of the three aforementioned ICOs were supposed to be in remains empty, clearly indicating that something shady had occurred. Eventually, as news of this scam spread, the State Market Regulatory Administration (SMRA) of China caught wind of these projects and the company behind it.

The second firm was NVO, who raised nearly 3000 Bitcoin to ‘build’ a decentralized exchange and cryptocurrency wallet before disappearing altogether.

While the publication didn’t go into much detail about the other 10 scams listed, there was one that stood out, this being Block Broker. Ironically enough, Block Broker was founded in a bid to “completely eliminate ICO fraud by creating a 100% safe investment environment.”

It all seemed well and good, with ICO review sites like TrackICO, posting a multitude of raving reviews for the project. However, when it was revealed that the likeness of the project’s CEO was nothing but a stolen photo, it became evident that BlockBroker was a scam posing as a scam “eliminator.” Sadly, by the time the expose occurred, it was too late, with the figures behind the project running away with $3 million.

As the publication notes, the use of “fake profile pictures” is a common practice with exit scam projects, along with the plagiarism of promotional materials and whitepapers, which should be focused on showing a token or project’s worth instead of the malicious action of copy and pasting.

Although these projects — or scams more accurately — are clearly in the wrong, the aforementioned report notes how the incentives around an ICO offering are inherently flawed, writing:

“Unsurprisingly, the blatant exit scams continue to plague the largely unregulated ICO sector where the founders have no contractual obligation to deliver a product. After raising millions of dollars with no string attached, the founders’ incentives to actually build a valuable company are very limited.”

While this is a powerful statement by itself, as it clearly highlights the issue with the ICO crowdfunding structure, to add insult to injury, the report drew attention to yet another issue in the following statement:

“Even if the founders were to build a valuable venture, it’s unclear at best whether the price of the utility token would reflect the success of the company.”

This statement brings a much more fundamental issue to light, where cryptocurrency projects can be often overvalued, as investors seek to make

Despite the theory that scams are likely a minority in the ICO pool, as Ethereum World News has reported, many projects which are operated in good faith fail to meet promises touted in their whitepapers, including claims of decentralization.

While this issue may be starting to subside, with the development of blockchain technology pushing forward at a relentless pace, the aforementioned problems with the ICO structure still prove to be a problem in today’s cryptosphere.

Photo by Fancycrave on Unsplash

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A Thin Ice Market — Altcoins Bleed Out

On Monday morning, the cryptocurrency market awoke to a horrific sight, with the market reestablishing new year-to-date lows amidst an altcoin ‘cliff dive’.

Bitcoin May Have Sprained Its ‘Ankle’, But Altcoins Have Broken Some ‘Bones’

The cryptocurrency market remains on thin ice, as Bitcoin teeters above the ever so important level of support at $5,800, while altcoins threaten to drag the price of BTC down with them. At the time of writing, Bitcoin is down 1% on the day, falling to $6,250, which is only a small step down from the $6,400 level that was established during Saturday afternoon.

As reported by Ethereum World News, Jeff DeGraaf, a well-known Wall Street technical analyst, sees the ~$5,700-$5,800 level as a near ‘life or death’ line of support, where a move under that level could put the cryptocurrency market into a “game over” phase. DeGraaf elaborated, stating:

“Parabolic moves are notoriously dangerous for short‐sellers … Usually, a top develops that often appears as a descending triangle over months, with reduced volatility and little [fanfare]. Once the top is complete on the support violation, the security in question can often be considered permanently impaired or even ‘game‐over’. We are of course referencing Bitcoin as exhibit ‘A’ in today’s market.”

So the fact that Bitcoin has not broken through the $5,800 line of support can be a silver lining in a stormy market.

Although Bitcoin has remained relatively strong in the face of tribulations, altcoins have begun to suffer, metaphorically breaking some ‘bones’ on their way to new year-to-date lows. A majority of altcoins are currently posting losses of 5%, while some altcoins have had it even worst off if you can believe it.

Today’s bout of altcoin sell-side has led Bitcoin’s market dominance to rise to a staggering 52.5%, which is the highest it has been since December’s crypto boom as ‘digital gold’ briefly hit the price of $20,000 a piece.

Ethereum Falls Below $300 For The First Time Since November 2017 

In this move downwards, one player stands out from the rest. Sadly, instead of positively standing out from the ‘altcoin crowd’, this is a case of Ethereum sticking out like a sore thumb. Ethereum unarguably had it the worse today, as it became the only top 10 crypto asset to fall by over 10% at an earlier point today.

As it stands, the price of ETH has just moved below $300, which is the first time it has been at this level since November 2017.

Over the past week, Ethereum has fallen by over 28%, while Bitcoin has ‘only’ posted a loss of 10%. With this devastating move downwards has led some to ask, “Why is the price of Ethereum doing so poorly in comparison to other altcoins?”

As reported by Bloomberg, this specific capitulation event with Ethereum has been widely attributed to a large sell-off with ETH funds raised by ICO projects. Biswa Das, who works at crypto hedge fund BloomWater Capital, commented on this occurrence, stating that the market is too fragile to take an ICO sell-off in the following statement:

“These startups are raising a lot of funds but they don’t have treasury management or enough cash management experience, so they’re selling too early and causing a lot of pressure in the market. It was fine last year but right now the market is so fragile that it causes a lot of pressure.”

While Ethereum has already been pressed down for months with this factor, Spencer Bogart of Blockchain Capital says it may be far from over, as there are still hundreds of thousands, if not millions of ETH that are still being prepped to be sold en-masse on open order book exchanges.

Nonetheless, it remains to be seen whether a drastic Ethereum downtrend will drag down the rest of market into icy cold waters, which may be ready to nip at the feet of cryptocurrency investors.

Photo by Erica Nilsson on Unsplash

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Roger Ver Planning ICO For Bitcoin.com

Roger Ver Bitcoin ICO

Bitcoin (BTC/BCH)–Roger Ver, the at times controversial figure associated with Bitcoin Cash and the current CEO of Bitcoin.com, has come out in a recent video stating he is considering an ICO for the aforementioned website.

While Bitcoin Cash prepares for the advent of the Wormhole Cash protocol, a new development that will allow for the creation of novel tokens on the BCH platform (similar to TRON and Ethereum), Ver is considering issuing an initial coin offering to supplement the function of Bitcoin.com.

In a video first published on August 11, Ver and Bitcoin.com lead developer Corbin Fraser were discussing the possibility of future developments related to BCH and the flagship website. Addressing the token creation afforded through Wormhole Cash protocol, Fraser gave a tongue-in-cheek response to the new development,

“For better or worse, ICOs and CryptoKitties are probably coming to Bitcoin Cash in the near future.”

Crypto Kitties is a reference to the popular game that has accounted for substantial volume on Ethereum’s network, a implementation of Dapps that Bitcoin Cash could follow with the onset of Wormhole.

Ver, in response to the comment of gaming and ICOs being integrated onto the BCH network, then revealed that he was considering issuing an initial coin offering for the Bitcoin.com platform–a website that has accounted for back and forth controversy in the debate over Bitcoin and Bitcoin Cash,

“They’re probably coming to Bitcoin.com, too. We’ve been thinking about having our own ICO for maybe the games part of the platform; maybe we’ll issue a token and pay dividends or use part of the money… to buy back the tokens on the open market.”

An ICO model changes the landscape of Bitcoin.com, which has traditionally been viewed as an outlet for information for those new to cryptocurrency (again, highlighting the disagreement between BTC and BCH proponents). Gaming would constitute an entirely new atmosphere for the site, while a dividend paying ICO through would make for an interesting proposition, given the website is Bitcoin.com.

Cointelegraph points out the relationship between Bitmain, which is planning to hold an initial public offering (IPO), and the aforementioned plan by Ver to launch an ICO. Along with Roger Ver’s Bitcoin.com, crypto mining operation Bitmain makes up the majority of the base for Bitcoin Cash, having been the two largest supporters since the coin forked last August. However, despite the boom in cryptocurrency experienced last year, Bitmain has been tied to cash flow difficulties, leading analysts to believe the relationship with BCH has proven to be less than profitable. An IPO would help remedy the losses sustained through supporting BCH, while a similar ICO move could do the same for Bitcoin.com.

On August 11, Blockstream Chief Strategy Officer Samson Mow shed light on the Bitmain BCH situation, saying via Twitter,

“According to the Bitmain pre-IPO investor deck, they sold most of their [BTC] for [BCH]. At $900/BCH, they’ve bled half a billion in the last 3 months”

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Blockchain Project Luxcore (LUX) Appoints Crypto Pundit John McAfee CEO

Cryptocurrency Leader

Luxcore (LUX), a blockchain solutions and services ecosystem, has announced cryptocurrency pundit John McAfee as CEO.

The blockchain company, which focuses on designing and building enterprise ready security and privacy products, says the decision to make John the company’s CEO is among its reorganization strategies that are purposely designed to bring about significant business growth of the cryptocurrency Lux Coin.

The platform said in a message to the blockchain community:

“We are excited to announce @officialmcafee as the new CEO of Luxcore! John’s appointment is part of a massive personnel reorganization designed to drive significant and rapid business growth for $LUX. It’s the dawning of a #NewEra”

Meanwhile, McAfee, who has been campaigning for mass adoption of cryptocurrency said on the latest appointment:

“I have accepted the position of CEO of LUXCORE. They have been working hard behind the scenes and will soon announce the availability of Blockchain features we have all been waiting for. I will still continue lead Team McAfee on its adventurous journey.”

Luxcore is going to be a topnotch product once John McAfee begins his work as the CEO of the platform.

The blockchain firm says it survives on the ground-breaking PHI2 algorithm fueled blockchain to develop and implement its core product offerings, which are the open source blockchain token of value, Lux Coin & the enterprise consumer focused, closed source products like LuxGate and Parallel Masternodes.

Luxcore’s major aim is to bring the usage of blockchain to mainstream by connecting the gap between normal consumers and enterprise users through specific product use-cases that are purely designed for each.

John Mcafee On Crypto Price Prediction

No doubt John McAfee is a respected price forecaster in the crypto sphere. Confirming that his predictions stand despite recent market fall, the famous crypto lover who claimed BitFi wallet is unhackable said recently: “My predictions are shit only if they fail in 18 months – the minimum long term investment. Everything I recommend I buy myself. It made me one the richest men on earth. Ex: My $400,000 ride. My yacht, the largest on the Island. Success is truth. I invest in all my predictions.”

McAfee has been a long time preacher for cryptocurrency adoption. He is respected for his stand against the decision of some countries to place restrictions on cryptocurrency.

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Tether Prints 50 Million USDT, The Controversy Continues

Tether is the project that you either love, hate, or know nothing about. For individuals falling into the latter category, here’s a quick overview of this often controversial topic.

Tether Remains A Controversy 

Tether is a stablecoin that is inherently tied to the value of one U.S. dollar and is reportedly backed by legitimate reserves. Many use USDT as a method to find solace in a bear market, as you can trade your altcoins/Bitcoin into Tether, in an act fittingly named “tethering”, to maintain the dollar value of your holdings.

Despite the fact that USDT has quickly become the 9th most valuable project in the industry, many remain skeptical about the funds behind the project, as the Tether organization has been slow to procure the documents that show that it holds $2.5+ billion in its reserves. While the Tether organization, which has been linked to Bitfenix’s leadership team, fired its auditors earlier this year, it has since shown some evidence to suggest that there are funds that back 100% of USDT tokens.

Although the fears around its USD reserves may have subsided, USDT has still remained a primary topic of controversy within the cryptocurrency community.

As reported by Ethereum World News, researchers claim that USDT was used to push up the price of Bitcoin throughout 2017. According to the research paper, which hailed from the University of Texas, the stablecoin was used to artificially inflate the price of Bitcoin following (or during) a sharp decline.

Not only do fears of manipulation surround the project, but so do technical concerns. According to SlowMIst, a Chinese crypto-centric cybersecurity team, an unnamed exchange falsely accepted 694 USDT tokens in a “double spend” attempt. Following this revelation, the community went into a panic, with some believing that the whole Tether ecosystem would come crashing down. However, as addressed by well-known exchanges and an Omni developer, this issue should not affect all USDT tokens, as this was just a case of “poor exchange integration.”

While the aforementioned fears have since been addressed in some capacity, the project remains as one of the most contested topics in the cryptosphere.

Kaching! Tether Prints 50 Million USDT

On Saturday morning, the Tether organization issued $50 million new USDT tokens amidst a bearish market. This information comes via the Omni block explorer (Omniexplorer), which helps track Omni-based assets, such as USDT tokens. With this move, Tether now has a $2.4 billion market cap, which has brought it to become the 9th most valuable cryptocurrency.

During a previous Tether issuance, Charlie Lee, a well-known cryptocurrency personality and founder of the Litecoin project, pointed out that the printing of USDT likely is a bullish sign.

But this time around, the market continued lower instead of seeing a healthy 2-3% move upwards as prices normally do, which surprised more than just a few investors.

Photo by Jeremy Paige on Unsplash

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Opera Browser is Spearheading the Cryptorevolution

binary options

On August 8th, Opera through a press release announced that they will launch a browser that features a pre-installed cryptocurrency wallet, as reported by CoinTelegraph.

Opera has been spearheading and competing for crypto attention since this July, as evidenced by the release of a wallet feature on their Android app. The plan seems to be working as Opera has communicated that there are a strong interest and a positive response from the global crypto community.

Regarding the latest desktop browser, it will work in a similar way to how they enabled users to connect their WhatsApp messenger and access it online. Users planning to use the wallet will be able to use their Android app and connect it to the browser by scanning a QR code, which will communicate the permission and access capabilities for the wallet.

For now, there is no available information regarding when and if iPhone apps will be available for the wallet. According to Opera, the wallet is a user-controlled wallet, which means that the company does not have access to the private or public keys generated by the application.

It seems that Opera is placing a lot of value in making sure that users feel comfortable and secure, by ensuring them that their privacy is guaranteed when using their software. Being a major browser provider, we are confident to believe that they have taken the necessary steps to provide at least the same level of security as any other HD Wallet such as BTC.com and Blockchain.info.

The ability for one to have access to their wallet is not new, but Opera is making significant improvements to the wallet usage and security process completely removing the need for passwords. In fact, users will be able to sign transactions and access their wallet using only their fingerprint.

Another improvement that Opera has included in their browser regarding cryptocurrencies is the inclusion of anti-cryptojacking software, as reported by CoinTelegraph. This software prevents unauthorized use of your computer or mobile device for cryptocurrency mining, especially recognized through an app called CoinHive.

Unfortunately the number of supported cryptocurrencies is limited to ERC20 tokens and Ethereum, but that’s also a wide enough number. Hopefully they will not ignore other relevant cryptocurrencies such as NEM, Dash, Litecoin, and Bitcoin, although we do understand why these implementations might prove to be more challenging than Ether and ERC20.

Opera is making significant steps to position themselves as the best browser option for cryptocurrency users. This is an effort that leads them to provide even more value than crypto-first browsers such as Brave.

Furthermore, it suggests forward thinking on behalf of the Opera team, which enables us to conclude that the company believes in cryptocurrency and blockchain and understands that the technology is here not only to stay, but also to thrive.

At this current stage in evolution, we are transitioning from infrastructure to consumer-ready blockchain solutions. While this transition may last a couple of years, the momentum is solid and there are minimal chances for widespread failure of innovation in this space.

With any emerging technology, there are a lot of companies that will crash and burn, but the ones that make it will embed themselves so deep in cryptocurrency and blockchain culture, as they will be necessary for the operation of many systems.

While Opera, in this case, is not providing any infrastructural solution, they are giving us a promise, and giving other browsers a challenge. We hope to see others follow in their footsteps, as we continually revolutionize the world, and solve old problems, with brand new solutions.

 

Featured Image via Pexels.

KuCoin’s Hong Kong Office — Is It A Facade Or Something More?

On Friday, the cryptocurrency community was met with a Medium article that puzzled many, quickly rising the ranks to the top of the crypto Twitter environment, as it claimed that KuCoin’s Hong Kong office was a sham.

“But why did an article gain such steam?” You may be asking.

Well, according to Jackson Wong, the author of said article, KuCoin’s Hong Kong office was nothing but a shell, advising users to be cautious whilst using the popular Asian cryptocurrency exchange. Although some were quick to shoot down this non-sensical FUD (fear, uncertainty, and doubt), as they saw it, Wong backed up his claims with evidence and photos of the location which KuCoin propagated as its Hong Kong location.

Firstly, the author highlighted previous information he had gathered on KuCoin, namely that the exchange was not operating out of Hong Kong as conflicting information made it seem. Reportedly, KuCoin touts that it is “home-grown” in Hong Kong, so the fact that local contacts Wong knew had never heard or uttered KuCoin was suspicious at the bare minimum and damning at the worst.

Eventually, his curiosity got the better of him, leading him to seek the registered office of the exchange.

As he arrived at the address stamped on legal documents, he noticed that something was amok. Immediately not seeing any signs of KuCoin, Wong checked the directory, that should be present on any respectable office building. To his surprise, there was nothing of interest on the board, with no Chinese or English characters indicating that the building (or any companies present) had any affiliation with KuCoin. While some would cast this off as a mistake, the skeptic went up to the floor where KuCoin’s operations should be residing, but again, nothing.

In its place was a company called Smart Team Secretarial. Trying to get to the bottom of this situation, the author turned investigator rung the bell at the door of this firm. While Smart Team employees weren’t there, a representative from another company answered the door, stating that she had never heard of KuCoin or any cryptocurrency company in the office building.

Remaining skeptical, the author wrote:

So where the heck is KuCoin? WOW. So it’s crystal clear now, guys. KuCoin has never been there and they lied to us the whole time. Wow, really? Wtf guys.

Concluding his article, the KuCoin critic bashed the exchange, issuing the following impassioned statement:

I don’t trust their exchange at all. They are just too shady. They told us that they have an office in Hong Kong. But that’s all a lie. No one’s even there! It’s completely empty. And most importantly, they don’t even have a Hong Kong licence to deal in cryptocurrencies… I don’t know what to advise. I just want all of you to be extremely cautious when you decide to deposit money into this exchange.

Community Backlash And A Warranted Response

Following the release of the apparent exposé, the official KuCoin Twitter account came under fire from users, resulting in the social media platform restricting the page. As a result of this widespread backlash, KuCoin responded near immediately, issuing a short, but sweet statement highlighting why the Hong Kong “office” was not there.

According to the statement from the KuCoin exchange, the Hong Kong office is empty, but it still used as a mailing address of one of the firm’s subsidiary firms. The statement later noted that its HQ is in Singapore, and is supported by other offices in the Philippines, Thailand, and China.

So, for now, this clarification has seemingly put a cap on this situation, as it seems that KuCoin is doing its best to act with good intentions, but neglected to let its users know the state of its office situation earlier.

Photo by SHUJA ZED on Unsplash

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Ethereum (ETH) Founder Vitalik Buterin Eulogizes Zcash (ZEN), Calls It “Cool” Project

Ethereum (ETH) founder Vitalik Buterin has once again eulogized Zcash (ZEN), saying the project is cool. The cryptocurrency guru said this while he was charged to comment about a not too popular coin “ANON”.

Buterin despite the demand, said he comments on coins, stating afterward that Zcash is cool.

“Do you comment on coins besides ETH? I was curious. I do sometimes. @zcashco is cool.”

Vitalik’s statement attests to the unique features of Zcash. Series of discussion revolves around Zcash, the privacy coin is been praised by cryptocurrency enthusiasts every time. But some are of the opinion that privacy coins will help in fueling criminal offences on the internet.

Not long, Coinbase announced it’s exploring five assets, among them was Zcash. The announcement was seen as a major boost for the cryptocurrency since not many understand how reliable it is until Coinbase mentioned the coin amidst 4 other assets, which include, Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), and 0x (ZRX).

The exchange mentioned Zcash especially saying: “We may also only enable certain ways to interact with these assets through our site, such as supporting only deposits and withdrawals from transparent Zcash addresses.”

Two days back, Zcash Foundation released a weekly update where it was indicated that Zcashd 2.0 otherwise regarded as the first Sapling compatible version is going to be released tomorrow, August 13, 2018.

A video series dubbed Perspective, a series purposely recorded during the Zcon0 conference, is going to be released. Zcon0 is the first ever conference organized by the Zcash community.

Here is this week’s update:

  • Zcashd 2.0 release
  • Sapling
  • Website rebranding
  • A policy to aid set up of  Zcash meetings.

Many have been talking about privacy in the cryptocurrency sphere. In a latest post by Weiss Rating, it was indicated that

According to Weiss and Villaverde:

“Privacy DLT is a technology that can guarantee the anonymity and privacy of voters, precisely what’s essential for secure, democratic elections. Thus, the same kind of Privacy DLT that Zcash uses for shielding transactions can also be used to create a fast, efficient, anonymous, and secure voting system.”

The pace at which people are embracing privacy coin is alarming. While security experts are of the opinion that privacy coin can serve as an option for criminals online, it is a known fact that privacy is sacrosanct for the fact many a number of individuals are under government’s surveillance.

 

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Rich Dad Poor Dad Bullish on Bitcoin, Calls Fiat ‘Scam’

Robert Kiyosaki Bitcoin Cryptocurrency

Bitcoin (BTC)–Despite the sinking valuation of the cryptomarkets, Bitcoin continues to find advocates from various sectors of society. Robert Kiyosaki, author of the best selling financial advice book Rich Dad, Poor Dad, came out in a recent podcast with strong support for Bitcoin and cryptocurrency, in addition to describing the US-backed dollar as a “scam” and saying that fiat would fail to outlast crypto and a re-emergence of precious metals.

Bitcoin Superior to Government Fiat

Echoing other sentiments like Peter Schiff, Mr. Kiyosaki stated that he believes the U.S. economy and mainstream financial system predicated on Wall Street is heading towards an immense collapse, one that will eclipse 2008 in terms of financial loss and damage to investors,

“Unfortunately we had a big crash in 2000, they called it the dotcom crash, then in 2008 it was the subprime real estate crash. The next is going to be the biggest of all. When it’s coming I don’t really know, but the foreshocks are sounding right now.”

In addition, the personal finance author had harsh criticisms for fiat and other government-controlled forms of money, in particular finding fault with an argument so often levied against Bitcoin: that there is little intrinsic value backing the dollar aside from what the government ascribes it. As some have pointed out, governments are required to accept fiat for taxes, thereby giving it some measure of real-world value over an alternative like cryptocurrency, But Mr. Kiyosaki doesn’t buy into the belief that fiat holds a sacred position in society, one that cryptocurrency or precious metals could never replace,

“There’s so much fake money. In 1971 Nixon took the dollar off the gold standard and the US dollar became fake money.”

The author also continues to by slamming the propensity for government-caused inflation, again finding support in the deflationary nature of cryptocurrencies–or at least the inability of rampant new printing of money,

“The problem is it also became invisible, so they could print as much as they wanted. That’s why savers got wiped out.”

Cryptocurrency ‘People’s Money’

Mr. Kiyosaki echoes some of the similar arguments of Peter Schiff, who has been labeled by many in the cryptocurrency industry as a detractor of crypto despite holding overlap in views towards decentralization. Like Schiff, who is credited for warning ahead of the 2008 collapse and now predicting a new crash in the market, Mr. Kiyosaki finds safety in the precious metals industry, saying that the average person can protect themselves from the influence of Wall Street and reckless behavior by the banking conglomerate by seeking refuge through gold and silver,

“For the average person just buy some Aussie gold or silver coins from the Perth Mint. When the dollar goes down, gold goes up.”

In his most bullish statements towards cryptocurrency, Kiyosaki commented that he believes government fiat will fail to have the same lifespan as cryptocurrency and precious metals, stating that crypto will come to be seen as the people’s money. Speaking in an interview on the Sane Crypto Podcast, Kiyosaki had this to say,

“God’s money, which is gold and silver, will be here after the cockroaches go extinct, and people’s money, which is [crypto] currency…I think the dollar is toast because gold and silver and cyber currency are going to take it out.”

Kiyosaki concluded his sentiment with “The U.S. dollar is a scam.”

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Campaign To Find The “Real” Satoshi Garners $70,000 USD In Crowdfunding

The true identity of Satoshi Nakamoto, the creator of Bitcoin, has been a heavily contested topic in the cryptocurrency community for the better part of a decade. Even though Satoshi has since faded into the shadows, with some classifying him as somewhat of a legend, many still seek to find out who he, she, or they are.

Crypto Mysteries: Who Is Satoshi?

Satoshi burst into this world in late 2008, following the financial crisis of the same year, posting the original Bitcoin whitepaper onto a cryptography forum. Eventually, the network was launched, and Satoshi became the face (ironically enough) of the project for the next few years. Although becoming a household name throughout the nascent cryptosphere, no one really knew who he was and what he had done with the bitcoin he had mined.

Some postulated that it was Craig Wright, an Australian coder who has claimed to be Nakamoto. Others say it was a group of like-minded individuals, set on making an impact through a new, decentralized system. While speculation rages, it could really be anyone’s guess, well for common civilians like you or I anyway.

As Ethereum World News reported previously, many have started to believe that there are some who know who Bitcoin’s “father” is, specifically governmental agencies who hold access to tools and tactics which may make it easy (easier) to find such a secretive individual.

The Game Is Afoot — Users Crowdfund International Search Campaign 

While governmental agencies could potentially be keeping Nakamoto’s identity under lock and key, others have sought to take this matter into their own hands.

A group of individuals, joining hands through the #findsatoshi hashtag, recently launched an “International Search For Bitcoin Creator Satoshi Nakamoto” campaign on Russian crowdfunder BoomStarter. German Neff is heading this move, hoping to raise upwards of 15 million Russian Rubles or $200,000 in the equivalent USD value.

Issuing a statement alongside the BoomStarter post, Neff wrote:

“It’s about time we found Satoshi Nakamoto…The appearance of Bitcoin is widely compared to a supernova explosion. And after one has happened, some uncertainty started to take place… Satoshi needs to be found. And it is not just a trite curiosity. Now the market is on a fragile balance; for the further development of cryptocurrency, we need to know who created crypto and why.”

Explaining how this search would work, the user went on to write about how they would hire independent detective agencies in the U.S., Japan, and Europe to find the figure. Additionally, the campaign would take on the support of linguists, IT professionals and others who held specific professional capacities to help in this search.

As it stands, the campaign has raised 31% of its goal, or 4.7 million rubles ($70,000 U.S.) It remains to be seen who exactly is behind the influx of funding, but this interest shows that users really want to know who Satoshi is. Neff seems to hold a polarizing view on Satoshi, as he wrote that “we (#findsatoshi proponents) have the right to know the identity of Satoshi.”

But as some see it, this shadowy figure is likely dead, captured by the government, or hidden in a place so secret that no one would have any clue where to find them. Moreover, many cryptocurrency proponents have kept their distance from such a search, as finding the Bitcoin figurehead essentially undermines the very nature of decentralization and pseudonymity itself.

Photo by Noah Silliman on Unsplash

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