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$ASTER saw CZ lose but still forced a smile and tweeted, turns out he is also a big retail investor. I have a somewhat immature idea, thinking of buying the dip on CZ, haha, anything below 0.9 for ASTER should be considered a pretty good price, right? Buy, buy, buy.
Space Chain (SPC) is a typical fraudulent scam project exposed during the 2018 ICO craze, harvesting a large number of investors with the gimmick of 'Aerospace + Blockchain'.
The project falsely promoted itself, claiming to have established deep cooperation with multiple aerospace agencies, applying blockchain technology to cutting-edge fields such as satellite communication and space data storage. It also packaged a 'luxury team' with dual backgrounds in aerospace and blockchain to elevate the project's value and attract investors to participate in the ICO fundraising.
However, in reality, Space Chain has no real aerospace cooperation resources and has not undertaken any substantial technological research and development work. The so-called technical white paper is empty, logically chaotic, and contains numerous core technology descriptions that are suspected of plagiarism. After raising a huge amount of funds through the ICO, the project team did not advance the project as promised, but instead quickly transferred assets, and core members gradually went missing, with the project’s official website and community also ceasing updates.
As the scam was exposed, the price of the Space Chain token SPC plummeted by more than 99%, nearly to zero, leaving investors with significant losses. Subsequently, regulatory authorities initiated an investigation into the project, determining that its ICO activities constituted illegal fundraising and imposed administrative penalties on the responsible individuals. This case also became one of the hallmark events in the rectification of the ICO chaos at that time, highlighting the typical tactics of packaging and hype for fraudulent projects during the ICO phase.
WOKE Finance (沃客理财) is a Ponzi scheme disguised under the concept of virtual currency, and it is not a compliant project supported by real blockchain technology. The project uses the gimmick of 'high returns, low risk' to design a deceptive model of 'static returns + dynamic rebates', with the core goal of harvesting the principal of ordinary investors.
In terms of operational logic, participants must first pay funds to purchase the so-called 'WOKE tokens' in order to qualify for static returns. The project party claims that the tokens will continue to appreciate, promising to double returns in a short period. At the same time, the project party vigorously promotes a dynamic reward mechanism for 'referring others', where participants can earn tiered commissions based on the investment amount of each new recruit they develop. The more recruits developed and the larger the team size, the higher the rebate ratio.
In essence, WOKE Finance has no actual business scenario or profit source; the so-called appreciation of tokens and rebates entirely depend on the funds invested by new participants to pay out, making it a typical Ponzi scheme. As the growth in the number of participants slows down, the new funds cannot cover the rebate demands of old users, leading to a sudden break in the capital chain. Ultimately, the project operators abscond with a large amount of investors' funds, disappearing without a trace and leaving behind chaos, with countless participants losing their investments. This case has also become a typical negative example of illegal fundraising using Ponzi schemes in the early cryptocurrency circle.