blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
Bet Now
blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
blockchainreporter
Bet Now
No Result
View All Result
Bitcoin
BTC
1d:
7d:
Ethereum
ETH
1d:
7d:
Polkadot
DOT
1d:
7d:
Solana
SOL
1d:
7d:
Ripple
XRP
1d:
7d:
Shiba INU
SHIB
1d:
7d:

Dogecoin Community Exposes Suspicious Ponzi Scheme On The Dogecoin Network

Mushu Butt by Mushu Butt
August 3, 2022 - 4:05 pm
in altcoins news
0
Dogecoin
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

The cryptocurrency market is plagued with a large number of hacks, frauds, Ponzi schemes, and strange transactions. The Nomad bridge was compromised just yesterday after fraudsters gained access to the network and stole money from the wallet. It has been stated that cryptocurrencies worth approximately $190.7 million were stolen, and Nomad is reportedly still investigating what took place.

In addition, an attack was launched against Solana wallets today after hackers were able to acquire access to private keys and compromise a number of wallets. It is suspected that cryptos worth more than $7 million worth were taken without permission. Now, a scam hunter by the name of “Mishaboar” discovered a potentially fraudulent Ponzi scheme operating on the Dogecoin network, which caused strange transactions to occur on the network.

ponzi scheme cryptocurrency

The Discovery Of Potential Dogecoin Scam

Mishaboar turned to Twitter to make his assertions, in which he claimed that a small number of accounts that are run by automated bots are beginning transactions and moving cryptocurrencies to various wallets. He asserted that numerous bots execute transactions, which makes the transaction look authentic, but they are actually altering and obscuring the true nature of shifting the cryptos to other wallets. Moreover, he claimed that this occurs without human intervention. In addition, it is estimated that the bot has been responsible for initiating 40,000 small transactions each day.

According to Mishaboar, “A large number of small transactions worth 0.0207 Doge were executed on a daily basis. Supposedly to hide the true nature of the business and the movement of money. Big increase over the past days of Dogecoin transactions. Unfortunately, it seems there are some automated accounts sending out thousands of transactions per hour.”

In addition, Mishaboar compiled a list of questionable shady transactions. Even Billy Markus, one of the co-founders of Dogecoin, expressed gratitude to the user for exposing the scam today. He tweeted, “Good job, gentlemen. Sucks that the jump in transactions wasn’t organic, but alas.”

The Current Situation Of Dogecoin’s Price

Dogecoin has had a difficult time climbing higher in the indices and has largely moved in the opposite direction this year. The meme-coin is losing all of the enthusiasm that it produced the previous year, and investors who purchased it after May 2021 are now experiencing a loss in their investment. It appears there is no chance of recovery, and the goal of reaching the $1 mark is an ambitious but unlikely aspiration.

Meme-coins have been among the most severely affected by the bear market of 2022; the majority of memecoin are currently trading at prices that are 90% lower than their all-time highs. It’s possible that Tesla CEO Elon Musk’s tweets may keep the price of Dogecoin (DOGE) relatively stable for the next few months, with only minor fluctuations here and there. As a result, investors who are serious about achieving significant returns should stay away from Dogecoin for the time being. At the time of publication, Dogecoin (DOGE) was trading at $0.06788 and was up 2.24% on the day.

Tags: AltcoinsCryptoCryptocurrencyDOGEDogeCoin
ShareTweet
Mushu Butt

Mushu Butt

Mushu Butt is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media.In addition to being a skilled content writer, Mushu is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushu enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for Blockchainreporter.

Recommended For You

Justin Sun Says TRON Will Offer an AI-Focused Decentralized Payment Agenda for AI Systems

by Umair Younas
February 4, 2023 - 1:02 pm
0
openai

Sun noted in the tweets that the Tron platform will offer an agenda for decentralized payments to facilitate the AI systems OpenAI and ChatGPT.

Read more

Bybit Achieves Fivefold Growth Despite Bear Market: CEO Ben Zhou Reflects on the Power of ‘Quiet Growth’

by Mushu Butt
February 3, 2023 - 11:13 am
0
Bybit

Crypto exchange Bybit achieves fivefold growth despite the bear market, solidifying Bybit's leadership position in the crypto derivatives sphere.

Read more

Binance Joins Hong Kong Police Department to Confront Cybercrime

by Umair Younas
February 3, 2023 - 9:53 am
0
Binance

The biggest blockchain infrastructure, “Binance” has recently participated in and provided support for a Virtual Asset Investigation Course (VAIC).

Read more

Shibonk Ends the Week with Multichain Adoption

by Kester Odero
February 3, 2023 - 9:03 am
0
shibonkcoin

The Shibonk team recently announced the transition of the asset into a Multi Chain asset. The token is set to feature in three new exchanges.

Read more

FTX Warned Customers as Scammers Impersonating FTX are Tricking Users with Fake Asset Recovery Offers

by Shayan Chowdhury
February 3, 2023 - 8:04 am
0
FTX

Recently, bankrupt crypto exchange firm FTX warned its investors of an ongoing scam as fraudsters promised users to return their assets.

Read more
Next Post
Naoris protocol dapp

Naoris Protocol Partners with Dapp Play Store

PARTNERS LIST

PRESS RELEASE

Game Space Powers Web3 Gaming With the Launch of Player One Tournament, Aligns Partnership with Splinterlands, Gods Unchained and Big Time

by Max Clark
February 3, 2023 - 12:00 pm
0

For Player One Tournament, Game Space will continue to cooperate with more public chains, various gaming guilds, Web3 Infra, Web3...

Metacade presale investment rockets past $5 million as GameFi investors hurry to buy remaining MCADE tokens

by chainwire
February 2, 2023 - 3:38 pm
0

London, United Kingdom, 2nd February, 2023, ChainwireThe Metacade presale is selling out fast with stage 3 coming to a close...

Snowfall Protocol

Joe Biden Reveals Game-Changing Crypto “Roadmap” after $2 Trillion Bitcoin (BTC) and Ethereum (ETH) Crash! Snowfall Protocol (SNW) Still the Top Pick for 2023

by Josh Fernandez
February 2, 2023 - 9:23 am
0

A perennial problem that has dogged the crypto world – and one that Snowfall Protocol (SNW) aims to address –...

Peer Acquires Elite Team of Engineers Behind Zenly’s Popular 3D Maps

by chainwire
February 1, 2023 - 5:44 pm
0

Seattle, Washington, 1st February, 2023, ChainwirePeer today announced the hiring of a specialist team of engineers from Zenly to develop...

BlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space, keeping its readers abreast of the latest and most significant trends in the industry.

Here at BlockchainReporter, our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin news, altcoins news, blockchain news, NFT news and cryptocurrency adoption news from around the world.

News

  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • Adoption
  • NFT
  • DeFi
  • Metaverse

Info

  • Education
  • Glossary
  • Market
  • Press Release

Company

  • About Us
  • Terms & Conditions
  • Advertise
  • Sitemap
  • Contact

@2022 – Blockchainreporter.net. All Right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise

@2023 - Blockchainreporter.net. All Right Reserved.