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Bitcoin is the first decentralized cryptocurrency. Nodes in the peer-to-peer bitcoin network verify transactions through cryptography and record them in a public distributed ledger, called a blockchain, without central oversight. Consensus between nodes is achieved using a computationally intensive process based on proof of work, called mining, that guarantees the security of the bitcoin blockchain. Mining consumes increasing quantities of electricity and has been criticized for its environmental effects.
A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.
Coinbase Global, Inc., branded Coinbase, is an American publicly traded company that operates a cryptocurrency exchange platform. Coinbase is a distributed company; all employees operate via remote work. It is the largest cryptocurrency exchange in the United States in terms of trading volume. The company was founded in 2012 by Brian Armstrong and Fred Ehrsam. In May 2020, Coinbase announced it would shut its San Francisco, California, headquarters and change operations to remote-first, part of a wave of several major tech companies closing headquarters in San Francisco in the wake of the COVID-19 pandemic.
Quadriga Fintech Solutions was the owner and operator of QuadrigaCX, which was believed to be Canada's largest cryptocurrency exchange at the time of its collapse in 2019, with the exchange ceasing operations and the company filing for bankruptcy with C$215.7 million in liabilities and about C$28 million in assets.
OneCoin is a fraudulent cryptocurrency scheme conducted by offshore companies OneCoin Ltd, based in Bulgaria and registered in Dubai, and OneLife Network Ltd, both founded by Ruja Ignatova in concert with Sebastian Greenwood. OneCoin is considered a Ponzi scheme due to its organisational structure of paying early investors using money obtained from newer ones. It was also a pyramid scheme due to the recruiting of investors without providing any actual product. The company secretly conducted database entry scam simulating transactions not registered by an actual blockchain, and with no mining behind the apparent cryptocurrency release and circulation. Many of those characters central to OneCoin had been previously involved in similar and different other schemes and business malpractices separate from each other. OneCoin was described by The Times as "one of the biggest scams in history".
Bitfinex is a cryptocurrency exchange owned and operated by iFinex Inc, and is registered in the British Virgin Islands. Bitfinex was founded in 2012. It was originally a peer-to-peer Bitcoin exchange, and later added support for other cryptocurrencies.
An initial coin offering (ICO) or initial currency offering is a type of funding using cryptocurrencies. It is often a form of crowdfunding, although a private ICO which does not seek public investment is also possible. In an ICO, a quantity of cryptocurrency is sold in the form of "tokens" ("coins") to speculators or investors, in exchange for legal tender or other cryptocurrencies such as Bitcoin or Ether. The tokens are promoted as future functional units of currency if or when the ICO's funding goal is met and the project successfully launches.
Bitconnect was an open-source cryptocurrency in 2016–2018 that was connected with a high-yield investment program, a type of Ponzi scheme. After the platform administrators closed the earning platform on January 16, 2018, and refunded the users' investments in BCC following a 92% coin value crash, confidence was lost and the value of the coin plummeted to below $1 from a previous high of nearly $525.
Amit K. Bhardwaj was an Indian businessman who founded Amaze Mining and Blockchain Research Limited which ran GB [Gainbitcoin] Miners among other bitcoin-related businesses and projects, these have been described as various types of Ponzi schemes.
Tether is a cryptocurrency stablecoin, launched by the company Tether Limited Inc. in 2014. As of January 2024, Tether's website lists fourteen protocols and blockchains on which Tether has been minted.
A cryptocurrency bubble is a phenomenon where the market increasingly considers the going price of cryptocurrency assets to be inflated against their hypothetical value. The history of cryptocurrency has been marked by several speculative bubbles.
Binance Holdings Ltd., branded Binance, is a global company that operates the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies. Binance was founded in 2017 by Changpeng Zhao, a developer who had previously created high-frequency trading software. Binance was initially based in China, then moved to Japan shortly before the Chinese government restricted cryptocurrency companies. Binance subsequently left Japan for Malta and currently has no official company headquarters.
Cryptocurrency and crime describe notable examples of cybercrime related to theft of cryptocurrencies and some methods or security vulnerabilities commonly exploited. Cryptojacking is a form of cybercrime specific to cryptocurrencies that have been used on websites to hijack a victim's resources and use them for hashing and mining cryptocurrency.
Decentralized finance offers financial instruments without relying on intermediaries such as brokerages, exchanges, or banks by using smart contracts on a blockchain, mainly Ethereum. DeFi platforms allow people to lend or borrow funds from others, speculate on price movements on assets using derivatives, trade cryptocurrencies, insure against risks, and earn interest in savings-like accounts. DeFi uses a layered architecture and highly composable building blocks. Some applications promote high-interest rates but are subject to high risk. Coding errors and hacks have been common in DeFi.
SafeMoon LLC was a cryptocurrency and blockchain company created in March 2021. The company created the SafeMoon token (SFM) which traded on the BNB Chain blockchain. The token charged a 10% fee on transactions, with 5% redistributed to token holders and 5% directed to wallets in a different currency, Binance Coin (BNB), controlled by the coin's authors. The token reached its all time high market cap in April 2021 of $17b. As of December 2022, it had dropped 98.7% in value to $223m.
Solana is a blockchain platform which uses a proof-of-stake mechanism to provide smart contract functionality. Its native cryptocurrency is SOL.
Celsius Network LLC was a cryptocurrency company. Headquartered in Hoboken, New Jersey, Celsius maintained offices in four countries and operated globally. Users could deposit a range of cryptocurrency digital assets, including Bitcoin and Ethereum, into a Celsius wallet to earn a percentage yield, and could take out loans by pledging their cryptocurrencies as security. As of May 2022, the company had lent out $8 billion to clients and had almost $12 billion in assets under management.
The Bitfinex cryptocurrency exchange was hacked in August 2016. 119,756 bitcoin, worth about US$72 million at the time, was stolen.
Cryptocurrency in Nigeria describes the extent of cryptocurrency use, social acceptance and regulation in Nigeria. Nigerians are one of the major global users of cryptocurrencies.
Mirror Trading International (MTI), declared a pyramid scheme by the South African High Court, was a cryptocurrency trading platform promising automated trading services with significant returns.
References
- 1 2 Vinga, Paul; Jeong, Eun-Young (February 8, 2020). "Cryptocurrency Scams Took in More Than $4 Billion in 2019". The Wall Street Journal. Archived from the original on November 22, 2020. Retrieved December 18, 2020.
- 1 2 McGarry, Dan (July 17, 2019). "Who Are the PlusToken Six?". Vanuatu Daily Post. Archived from the original on October 30, 2021. Retrieved December 18, 2020.
- ↑ "Plus Token Wallet Review: Mobile crypto wallet Ponzi scheme". BehindMLM. October 20, 2018. Archived from the original on November 11, 2020. Retrieved December 18, 2020.
- ↑ Orcutt, Mike (January 20, 2019). "Millions of people fell for crypto-Ponzi schemes in 2019". MIT Technology Review. Archived from the original on January 20, 2021. Retrieved December 18, 2020.
- 1 2 Sidney, Leng (December 1, 2020). "Chinese cryptocurrency scam ringleaders jailed in US$2.25 billion Ponzi scheme involving PlusToken platform". South China Morning Post. Archived from the original on December 18, 2020. Retrieved December 18, 2020.
- ↑ Takahashi, Dean (August 12, 2019). "CipherTrace: Cryptocurrency thefts, scams, and fraud could hit $4.3 billion in 2019". VentureBeat. Archived from the original on November 29, 2020. Retrieved December 18, 2020.
- ↑ Kharif, Olga (August 15, 2019). "Bitcoin Drop Not Likely Triggered by Scam Dump, Researcher Says". Bloomberg. Archived from the original on 2020-11-28. Retrieved 2020-12-18.
- ↑ Kharif, Olga; Huang, Zheping (December 16, 2019). "Chinese Crypto Scam Unwind Suggests Bitcoin Risks Extending Drop". Bloomberg. Archived from the original on 2020-11-26. Retrieved 2020-12-18.
- ↑ Canellis, David (December 17, 2019). "Bitcoin's failing price could be caused by $2B Chinese Ponzi scheme dumping its crypto". The Next Web.
- ↑ McGarry, Dan (June 29, 2019). "SIX CHINESE FACE DEPORTATION". Vanuatu Daily Post. Archived from the original on September 29, 2020. Retrieved December 18, 2020.
- ↑ Osborne, Charlie (July 31, 2020). "China arrests over 100 people suspected of involvement in PlusToken cryptocurrency scam". ZDNet. Archived from the original on October 31, 2020. Retrieved December 18, 2020.
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