“Crypto Fraud “ of the year

[sornson.matt]

On 04/02/2018 a big Scam happened on http://coinexchange.io  . I request all the Crypto family members to help the victims of this Scam......Here's the detail of the matter.

An open request to all Crypto Fellows ….Today one big incident happened at Coinexchange.io ( CE) ……Price of one coin named Monerogold ( XMRG ) came down from 800 sat to 1 sat in few Hrs…..

see on the exchange

https://www.coinexchange.io/market/XMRG/BTC

It all happened because developer dumped Trillion coins on CE, although it had max supply of 21M), here’s is detail of this

https://medium.com/@support_51806/monero-gold-xmrg-statement-de163e73c610

it all happened after these deposit on CE

https://etherscan.io/address/0x7dd2af6c0a7434df91dd663323b12cbc71b28be4#tokentxns

Deposit of ( 20 M , 20 M , 20 M , 60 M , 20M , 1.157*10⁶⁹ ) coins on CE when it has a max supply of 21 M …. market was normal ( 500 sat to 900 sat ) when earlier deposits of ( 765521, 2.1 M, 2 M ) took placed…

Now CE comes to a solution for its investors to put a buy wall at 2 satoshis.

It looks very very unfair to its investors ….as many of them bought it at more than 500 sat and they getting 2 sat per coin ….it’s a complete joke to them …….

My thoughts on this matter are…It all happened after wrong deposits ( where Deposits > > > total supply of 21M )…. Deposit of ( 20 M, 20 M, 20 M, 60 M, 20M, 1.157*10⁶⁹ ) ….

So cancel all the trades after these Deposits and any buyer who got XMRG after these deposits should get their BTC/ETH back…They should Neither get this XMRG shit nor this XMRG shit selling offer at 2 sat…. Because wrong amount deposits are fault of exchange and investors should not pay for that…..

it’s purely my opinion …may be biased …..

So, I request all the Logical minds of Crypto Family to suggest some Unbiased solution to deal with this situation …..

i put it on medium and here's medium.com link

https://medium.com/@sornson.matt/crypto-currency-fraud-of-the-year-ceb17afc021

[Vit83]

The exchange has no responsibility for this IMHO. This is crypto world and "The CODE is the only LAW". I sincerely regret those who bought this coin, but the only way now is to try to avoid new scums(

[wuclx]

I hope nobody feels sorry for the people throwing money at these obvious scammers.

[Samkol26]

first it was monero Dark, now Monero gold why do people keep falling for these scammer. if you cant buy real monero dont buy the look alike. its like buying electroneumgreen

[Xioma]

I hope nobody feels sorry for the people throwing money at these obvious scammers.

Indeed, people should be held responsible for their research, or lack thereof, and their decisions to invest.

[cryptodevs]

Again your actions are your obligations,you should be researching a lot not only once,twice you should be doing this in every investment you made,XMR doesnt have any official statement about their so called forked coin,surely from the start you should know it is a scam coin.

[The One Who Knocks]

If people actually made some little bit of research before dwelving into "coins" such as these, this kind of problems wouldn't be all that usual. Shame that this continues to happen ...

[kier010]

some people would not stop taking opportunity of others and this will adds up to negative feedback in cryptocurrency. i feel sorry for the investors i hope they will learn from this example not to trust any coin that are "promising" without researching first.

[cryptohunter]

INITIAL DISTRIBUTION IS KEY TO ALL CRYPTO

ICOS OR POW IF THEY HAVE NOT DISTRIBUTED CORRECTLY AND WIDELY THEN SHORT TERM OR LONG TERM YOU ARE DOOMED.

[steins19]

There are many fraud crypto currency in the market. And it is hard to pin point which crypto makes the the biggest impact on the market. Nevertheless it's not important what crypto is fraud, why important is what is not.

[cryptomorphines]

The main problem isnt the scammers,but the people who are investing to these scammy ICOs,because most of the investors are not doing a lot of research before joining any of these.Im sure 90% who invested on this scam project didnt research or ask the XMR if they had an official forked coin which is odd because any investments should be taken seriously.

[jonahlife]

I feel sorry for the ones who invested in this project. There are really things that even you are very careful things doesn't go on your way. I hope this kind of event will give us a warning and a lesson as well. Before putting your hard earned money you should research the coins or token that you will be buying. As there are lots of new cryptocurrencies and undergoes on initial coin offerings that happens to be a scam.

[5H4N3$]

It is the exchanges fault. PERIOD.  They allowed the overflow with poor security... They should have used blue, or quanstamp, or something.  They should be held responsible.  I hope they get sued... Poor investing is one thing, but a blatant lack of any type of scan security of an ERC20 token is Negligence.  And provable by law in a court...