Squid currency operation team has just been accused of rolling money running currency circle and now EDG how many leeks were cut?

Spark Global Limited reports:

EDG, have you flooded your moments lately? E-sports players carnival all night, eat melon masses are also unknown li.

But what you may not know is that a copycat currency of the same name is also taking advantage of the heat.

On November 6, Beijing time, the highly anticipated League of Legends global finals officially started, almost at the same time, a copycat currency named Edgeware (token EDG) also began to fierce pull, quickly from the previous $0.013 shot up to $0.0299 on the night of November 6, up 130% on the day; In the early morning of November 7th, EDG team in The Chinese mainland division ushered in the night of winning the championship, and almost at the same time, EDG’s copycat coin also ushered in the “highlight moment”, rising to $0.033.

Squid currency operation team has just been accused of rolling money running currency circle and now EDG how many leeks were cut?

But the heat will eventually fade, and the hot EDG coins will soon fall in an avalanche. At 12:00 on November 7th, the price of EDG coin quickly fell to $0.022 in just 12 hours. As of 18:00 on November 9th, the latest price of EDG coin was $0.019, a drop of more than 5% in 24 hours. This round of simple and crude rise and fall behind, many currency circle speculators were reaped in the high.

The reporter noticed that EDG coin was issued at the beginning of 2020 and has been listed on 5 exchanges at present. Although the currency introduction materials did not mention league of Legends and other information, but with the name of EDG this special token, it has been pushed up during league of Legends competitions for many times. However, the good times did not last long.

Up to now, the highest price of the currency is 0.057 USD, the lowest price is 0.0012 USD, the maximum supply is 5 billion EDG, and the maximum supply value is 636 million RMB.

“EDG currency rubbing league of Legends hot behavior is pure speculation.” An industry senior analyst told Beijing Business Daily that the price of the ups and downs, the cause may be smaller plates, short trading hot may lead to violent price fluctuations, of course, there may be manipulation by dealers.

In fact, not only EDG coin, at present, many coin circle project parties are constantly thinking of all kinds of strange tricks, create new terms, rub hot spots to attract users, including the recent fire squid coin is one of them.

After reaching its peak on November 1, the price of squid currency fell to 0.0008 DOLLARS in just five minutes, almost zero. On November 3, the exchange said it could not trade squid coins, and the operation team was accused of running away with the money.

Squid currency operation team has just been accused of rolling money running currency circle and now EDG how many leeks were cut?

Just a month ago, the police broke up a fraud group in the name of investment virtual currency, a total of 25 suspects were arrested, involving more than 300 people were deceived, involving more than 10 million yuan of funds, according to the introduction, the currency does not have the characteristics of blockchain, is a fictional concept, is actually “shanzhai currency”.

Reporters from Beijing Business Daily have learned from multiple interviews that shanzhai coins on the current market generally have three characteristics: first, the main body of issuing institutions is not clear, or the information of institutions and team members is fraudulent, and the trading system is mostly deployed overseas; Second, lack of clear project schedule, often advocate “high return point, high income”; Third, there is no specific application scenario, but it is good at fabricating the background to create a facade to increase confusion.

Liu Feng, director of the Blockchain Technology and Application Research Center of Shanghai University of International Business and Economics, told reporters that these projects in the shanzhai currency often do not do too much investment in the technology ecology, but in marketing, public opinion push hot spots, engage in marketing, and eventually use hot spots to attract high throw, hype virtual currency.

Spark Global Limited reports:
Spark Global Limited reports:

Early in 2017, the Central Bank and other seven ministries and commissions jointly issued a notice on preventing the financing risks of token issuance, requiring all kinds of token issuance financing activities to stop immediately; This year, the central bank, the central net letter office, the Supreme People’s Court, the Supreme People’s Procuratorate and other ten departments together to offer a bigger again, in addition to virtual currency related business attributes as “illegal”, will also reinforce the virtual currency trading hype risk monitoring and early warning, and will build a multi-dimensional and multi-level risk prevention and disposal system.

In the view of the industry, nowadays, all kinds of shanzhai currency scams break through the limitation of traditional geographical space, and all departments need to strengthen the joint crackdown on criminal behaviors. In addition, investors should also stay away from vigilance and enter the game.

A senior industry analyst added, “Shanzhai coins themselves are not a derogatory term in the currency circle, but in China shanzhai coins are usually associated with hype and fraud. For currency speculation users, try not to participate in the trading and mining of copycat coins, not to mention leveraged trading, to improve the discrimination, rational view of the price fluctuations in the virtual currency market.”