Corrupt people in crypto

[RockBell]

A lot of bad incidences happened in crypto community this year including:

1) FTX
2) Luna
3) Gemini Earn
4) Celcius
5) Voyager
6)BlockFi

All these incidences happened because of the greed of some people. It is important to control the entry of these kind of people as developers or people behind some new crypto projects. Otherwise people will have very less trust left on crypto in general and people will move to other alternatives. What do you think are the required steps to prevent these incidences from occurring in future ? Or are these unavoidable ?

After various occurrences this year in cryptocurrency luna crashing and FTX to some extent, people's eyes were opened even with the security of your asset on an exchange, looking at the top of bitcointalk news you will see that it was a clear warning about not keeping your money in an online account is very risky but despite the warnings, people will not change but the issue of FTX served as a lesson to everyone who keeps their money on an exchange because your assets are in their custody.

[Lanatsa]

A lot of bad incidences happened in crypto community this year including:

1) FTX
2) Luna
3) Gemini Earn
4) Celcius
5) Voyager
6)BlockFi

All these incidences happened because of the greed of some people. It is important to control the entry of these kind of people as developers or people behind some new crypto projects. Otherwise people will have very less trust left on crypto in general and people will move to other alternatives. What do you think are the required steps to prevent these incidences from occurring in future ? Or are these unavoidable ?

After various occurrences this year in cryptocurrency luna crashing and FTX to some extent, people's eyes were opened even with the security of your asset on an exchange, looking at the top of bitcointalk news you will see that it was a clear warning about not keeping your money in an online account is very risky but despite the warnings, people will not change but the issue of FTX served as a lesson to everyone who keeps their money on an exchange because your assets are in their custody.

Now the issue is currently hot which it did really make out some results on making the community would really be put up on extreme fear,anxiety and hesitance.This is why it is really that hard on pumping out the

market.We cant really deny that people are observing now which there might be even more similar scenarios or events and some are really just waiting for the right opportunity to buy on possible bottom.

The way you could really make yourself avoid with these scams and frauds is that you should really be that confident for whatever things that you do have in mind.
Corrupt and other things in related is not something new on this market.So better prepare yourself anytime.

[lalabotax]

Corrupt people in crypto

I am not sure what means corrupt in this case. But if this is about what happened to some projects that you mentioned, this may not relate tot he corrupt. But this is more to the scams and fraud. But, whatever the term, those incidents really disappointed us. They were big projects with massive community and progress, but in fact, they could be crashed very easily. We may not expect that this will happen. But in fact, the competition in the business especially the crypto business is very hard. Each can make another to be crashed very easily. And the one with weakness can be crashed also very easily. That is why form this I am learning that we ca never trust anyone here. Just invest for our own investment to take or earn profits, not as loyal to certain altcoins or exchanges.

[Davidvictorson]

A lot of bad incidences happened in crypto community this year including:

1) FTX
2) Luna
3) Gemini Earn
4) Celcius
5) Voyager
6)BlockFi

All these incidences happened because of the greed of some people. It is important to control the entry of these kind of people as developers or people behind some new crypto projects. Otherwise people will have very less trust left on crypto in general and people will move to other alternatives. What do you think are the required steps to prevent these incidences from occurring in future ? Or are these unavoidable ?

Truly a bad year for crypto but is more of a learning year for crypto. It would have been strange if bitcoin had a smooth run. Well, how do you prevent this incidences from occurring in the future? As a client, one way I would say is, avoid projects that are heavily levered. They are the first to go down in the even of any uncertainty. I remembered O'leary making this statement on a CNBC interview a couple of months ago and it turns out he was right.

[Sang Prabu]

A lot of bad incidences happened in crypto community this year including:

1) FTX
2) Luna
3) Gemini Earn
4) Celcius
5) Voyager
6)BlockFi

All these incidences happened because of the greed of some people. It is important to control the entry of these kind of people as developers or people behind some new crypto projects. Otherwise people will have very less trust left on crypto in general and people will move to other alternatives. What do you think are the required steps to prevent these incidences from occurring in future ? Or are these unavoidable ?

I also feel the loss from Luna and FTX, I'm worried that FTX conditions can occur in other exchanges so as to make the market more drop, it is time for all information to be open, the concept of decentralization that makes us able to know the condition of the project and excahnges should make crypto a hope in the future .

[Obari]

Most times, I have to just agree that this developers if not all but some of them really meant well for their users but got drown along the line and they also wish they would do something about it just in the case of FTX who also tried to partner with binance but later got rejected.

On the other hand, I also have to blame the users as well because of the rate of greed of minimizing input and maximizing output which later on swallowed them.

This incidence and the similar ones can actually be prevented if the rate of greed is actually minimized from the end of the users and also try not to store money in exchanges no matter how reputable the exchange might seem.
Don't be surprised that some people still have a whole lot of money still stored in binance believing it is safe and can also be trusted.

[Crypto Legend]

When there is an opportunity to be rich faster, of course people will do that, but in my opinion the biggest mistake of FTX Exchanges is too manipulated, when the business is going well then the next thing is to provide the best and honest service so that the business will continue to grow.

And actually cases like FTX have often occurred, we as investors must be vigilant and do not store too large assets in Exchanges because cases like this can be repeated at any time.

[Yatsan]

A lot of bad incidences happened in crypto community this year including:

1) FTX
2) Luna
3) Gemini Earn
4) Celcius
5) Voyager
6)BlockFi

All these incidences happened because of the greed of some people. It is important to control the entry of these kind of people as developers or people behind some new crypto projects. Otherwise people will have very less trust left on crypto in general and people will move to other alternatives. What do you think are the required steps to prevent these incidences from occurring in future ? Or are these unavoidable ?

I also feel the loss from Luna and FTX, I'm worried that FTX conditions can occur in other exchanges so as to make the market more drop, it is time for all information to be open, the concept of decentralization that makes us able to know the condition of the project and excahnges should make crypto a hope in the future .

It is never okay to generalize. There are good exchangers still, you just have to find the best one. Also, given that the issue is still recent, for sure exchangers would take extra caution with their action 'coz they might be tangled with FTX's case instead. Try to calm down, although what happened is unfortunate, it would be worse if you',d be worried that much. If it is really draining on your end, try to pull out your investments for now. Being worried is just fine, but everything that is too much would be bad for sure.

And actually cases like FTX have often occurred, we as investors must be vigilant and do not store too large assets in Exchanges because cases like this can be repeated at any time.

Not exactly the same as with FTX but the thing which is somehow close with what happened is rugpull of projects wherein developers chose to make use of the money and totally disregarded their users. But that's not often I think when it comes on exchangers.

[len01]

It is important to control the entry of these kind of people as developers or people behind some new crypto projects

I don't think there's going to be a tool that can control that person logging into the dev team. I mean it would be very difficult to control people like that who have a greedy disposition. because those people came in early with clever faces and minds and it didn't show that those people were greedy people. so actually it happened because between the CEO of that company and the development team.

What do you think are the required steps to prevent these incidences from occurring in future ? Or are these unavoidable ?

very hard to avoid. because something that looks big and looks good almost fools people will stay there.
I mean a big company or project that looks good for the future will end up scamming some of the people in that big community.
and one of the best ways to avoid it all is not to store your money in an online account (as the reminder above)

[darewaller]

It is never okay to generalize. There are good exchangers still, you just have to find the best one. Also, given that the issue is still recent, for sure exchangers would take extra caution with their action 'coz they might be tangled with FTX's case instead. Try to calm down, although what happened is unfortunate, it would be worse if you',d be worried that much. If it is really draining on your end, try to pull out your investments for now. Being worried is just fine, but everything that is too much would be bad for sure.

I feel like it’s not about security but the type of person the owner is. If there is an exchange out there which users put their funds in, and the exchange ends up using the user funds to buy a whole company to make bigger profit, that exchange will eventually crash, there is no way back.

What FTX imagined was they would make enough profit from the companies they bought with user funds to pay the users back, and it would allow them to grow bigger because users would keep on investing and it would be sort of like semi-ponzi because the deposits will cover the withdrawals, they had of course some saved aside as well. But we all know market crashed so they did terribly for sure.

[Cookdata]

A lot of bad incidences happened in crypto community this year including:

1) FTX
2) Luna
3) Gemini Earn
4) Celcius
5) Voyager
6)BlockFi

All these incidences happened because of the greed of some people. It is important to control the entry of these kind of people as developers or people behind some new crypto projects. Otherwise people will have very less trust left on crypto in general and people will move to other alternatives. What do you think are the required steps to prevent these incidences from occurring in future ? Or are these unavoidable ?

I am pleased that these fake companies are falling down  because it will assist to increase openness in the crypto industry, weeding out the bad actors, which is what cryptocurrency is all about. Just look at the CEOs of the companies that failed this year, they were all running or had previously worked in one or more TRADFIs, they thought the dirty games they were all playing could be done in the crypto space, but I'm glad they were exposed, there is no tolerance for corruption in this space.

Centralization has always been a problem for cryptocurrencies, but if Merkle trees or proofs of reserves can demonstrate some transparency from these companies, I welcome the idea and don't care about their privacy because they gave it up when they made the decision to become centralized, which means they work for the public rather than for private interests. All of them should provide proofs of reserves, though I wouldn't use them if I did, but for the confidence of those who do.

[jostorres]

It is never okay to generalize. There are good exchangers still, you just have to find the best one. Also, given that the issue is still recent, for sure exchangers would take extra caution with their action 'coz they might be tangled with FTX's case instead. Try to calm down, although what happened is unfortunate, it would be worse if you',d be worried that much. If it is really draining on your end, try to pull out your investments for now. Being worried is just fine, but everything that is too much would be bad for sure.

I feel like it’s not about security but the type of person the owner is. If there is an exchange out there which users put their funds in, and the exchange ends up using the user funds to buy a whole company to make bigger profit, that exchange will eventually crash, there is no way back.

What FTX imagined was they would make enough profit from the companies they bought with user funds to pay the users back, and it would allow them to grow bigger because users would keep on investing and it would be sort of like semi-ponzi because the deposits will cover the withdrawals, they had of course some saved aside as well. But we all know market crashed so they did terribly for sure.

If the owners have a bad intention right from the start then a collapse can still happen in a different way but if the owners are trusted then a good security is necessary so that hackers cannot penetrate easily and steal the company's funds. Using the users' funds to improve the company doesn't really sound evil because if it becomes a success, I think the owner will also give a bonus as a way of saying thanks.

What is only not right is if they use the money without the permission of their costumers. It's important to talk about this matter to their costumer first if they have a plan like this and for those who won't agree are free to pull out their money.

[coupable]

Corrupt people in crypto

The concept is very rude. Corruption in general can be summed up in a few points, but it cannot be distinguished in the field of crypto, the doors are open for development. This would raise an ethical dilemma if it were taken up on an academic level.
On the other hand, whoever carries out a suspicious act or supervises the development of mechanisms with the aim of carrying out a suspicious operation must be subject to legal accountability.

[coolcoinz]

There's always people taking advantage of other people. This is like a rule everywhere you go. The fact that you're exposed to crypto doesn't make it any better or worse, it's just that this is your small world and you see the events unfold here, but if you were investing in the real estate market or trying to start a company you'd probably see the same thing happening there.

I always view the world as a journey through a minefield and if you do well you should be able to avoid most of them, but some people will inevitably blow themselves up. In crypto not holding coins in your own hardware or software wallet is like going through the field in a straight line, without looking, hoping there's no mines there.

[BRINIRHA]

When talking about exchanges, I think the solution is transparency and openness on the part of the Exchange itself. maybe for example like what many exchanges are doing now that are starting to adopt PoR (Proof of Reserve). But still, everything will come back to how honest and trustworthy the people holding power and managing the exchange are. because if the person managing it is a person who has been dishonest from the start then he will still find a loophole no matter what the system is to satisfy his greed.

but anyway I think we shouldn't trust an exchange too much even though the exchange has shown good openness and transparency. and as suggested by experienced people here, namely not to store assets on the Exchange.

[19Nov16]

Cryptocurrencies potential is very large and easy to become a billionaire makes anyone tempted to become a scammer, now cryptocurrencies often appear on many TV business news in Bloomberg, CNN, CNBC or others and most are news about fraud and bad cases like what happened with FTX .

[Crypto Legend]

Corruption in the easiest way and looks genius right now is cryptocurrencies, many developers are known to add stock without audit so as to make the price of drop, if real life then corruption is to reduce or take but in cryptocurrencies is to add stock and then sell slowly so that the developer gets Big profits while trying to convince investors to continue to buy.

[maydna]

Corruption in the easiest way and looks genius right now is cryptocurrencies, many developers are known to add stock without audit so as to make the price of drop, if real life then corruption is to reduce or take but in cryptocurrencies is to add stock and then sell slowly so that the developer gets Big profits while trying to convince investors to continue to buy.

You are right because many people join crypto without finding out much information, so this is being targeted by people who want to scam others. And suppose they don't know that the developer is adding more stock without an audit. In that case, they will be at a loss because they don't have more info to consider whether to stay invested in that project or move on to another. Price manipulation is also common in the market, and this usually happens with small coins that are not well known and are expected to be difficult to raise. But apparently, a group of people started pumping up the price as if something interesting was going on with the project. And this makes people who don't have the info tempted to follow it even though they could get the loss.

[Sir Legend]

I've read a discussion on forums that nowadays the easiest thing to multiply money is with cryptocurrencies projects, if you have $100k capital it will be easy to increase to $1 million or more in a short time, the trick is to create a Polygon or BSC based project and pay Promotional fees or less are some of the social media influencers.

[Lambe Ndumble]

The advantage of cryptocurrencies is that information is open and can be seen by the public at any time, when the project is detected manipulation it will be easy to refute, what happens with the FTX that has manipulated data and freeze assets is a very silly action, this is an important lesson that never save Assets in Exchanges, if we don't know when we will withdraw then immediately withdraw because we don't know what will happen.