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In 2020, a cross-chain project named SkyNode suddenly became popular in various communities. The team claimed they had developed the core technology of "instant cross-chain" that allows users to transfer assets like sending messages. To showcase their strength, they launched a test network that could indeed execute simple transfers, impressing many tech players.
As the excitement grew, SkyNode announced the start of a private placement, quickly raising a large amount of funds within just a few days. The community was filled with cheers, and everyone believed this would become the next "underlying infrastructure" to change the industry. However, the actual audit report was delayed in publication, the code repository updates were unusually slow, and the identities of the team members began to be questioned. Some raised doubts, but they were drowned out by enthusiastic investors.
Until one day, all of SkyNode's official accounts stopped updating simultaneously, the website became inaccessible, and the raised funds were transferred to an anonymous wallet. The so-called "cross-chain technology" was nothing more than a beautifully packaged scam.
Warning: In the crypto world, projects that promote themselves under the banner of "technological innovation" require calm verification. Dazzling concepts can ignite imagination but cannot ensure safety. Always remember: verifying before investing is more important than regretting afterwards.

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The Thodex exchange is one of the most significant cryptocurrency fraud cases in Turkey's history, which not only caused the assets of nearly 400,000 users to 'evaporate,' but also prompted changes in local cryptocurrency regulatory policies.

Faruk Fatih Ozer, born in 1994, founded the Thodex exchange in 2017. It was also the first global cryptocurrency exchange in Turkey to obtain the FinCen MSB license from the United States, peaking at around 700,000 customers, with a 24-hour trading volume reaching as high as $585 million. In April 2021, the platform first cited a cyber attack as the reason for trading malfunctions, and then on the 21st, it completely shut down trading and withdrawal functions, announcing that it would only be suspended for 4 - 5 days, which was actually a delay tactic before fleeing.

While shutting down the platform, Ozer absconded with approximately $2 billion in cryptocurrency assets to Albania. The Turkish police immediately launched a manhunt, issuing arrest warrants for 78 platform employees, detaining 62 people, and collaborating with Interpol to issue a red notice. On August 30, 2022, Ozer was captured in Albania and extradited back to Turkey in April 2023.

In September 2023, the court sentenced Ozer to 11196 years in prison for forming a criminal organization, severe fraud, and other charges, while his siblings and company executives were also sentenced to long-term imprisonment. On November 1, 2025, Ozer was found dead in a high-security prison cell in Turkey, with preliminary investigations pointing to suicide, and relevant investigations are still ongoing.

The scam affected nearly 391,000 customers, with Chainalysis subsequently estimating investor losses could reach as high as $2.6 billion. This incident also directly prompted Turkey to tighten cryptocurrency regulations, prohibiting the use of cryptocurrency for payments, revising anti-money laundering laws, and subsequently introducing amendments to capital market laws, adding new cryptocurrency licensing, reporting, and consumer protection provisions.

In 2019, a small exchange named NovaPay quietly went online. Due to its simple interface and rapid recharge, it quickly attracted many retail investors. At the beginning of its operation, the platform was indeed stable and reliable, and it even held several successful airdrop events, allowing early users to reap some benefits. Gradually, everyone began to view NovaPay as a 'potential platform,' and more and more people invested money into it.
However, as funds continued to pour in, the platform's real issues were masked: the team's background was unclear, the cold wallet addresses were not transparent, and compliance information was lacking. Users chose to turn a blind eye in the frenzy of the bull market. Until one day, withdrawals suddenly became unusually slow, customer service responses became increasingly perfunctory, and people in the community began to suspect that the platform's capital chain had encountered problems.
Not long after, NovaPay released a vague 'system maintenance announcement' and then fell silent. The backend wallet was emptied, the website became inaccessible, and countless users' assets evaporated into thin air.
Warning: The stories in the cryptocurrency world often start smoothly but end in blind faith. The smaller the exchange, the more cautious one must be; transparency, qualifications, and regulation are the cornerstones of safety. No matter how high the returns, they cannot bring back the disappeared assets.

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On the eve of the Federal Reserve meeting, the market is cautious.
This morning, U.S. stocks opened flat, with the Dow down 0.1%, the S&P 500 unchanged, and the Nasdaq up slightly by 0.2%. Investors are waiting for the Federal Reserve to announce its interest rate decision at 2 PM, with the market generally expecting a 25 basis point rate cut, though Powell's speech may turn hawkish, emphasizing inflationary pressures. The yield on the 10-year U.S. Treasury rose to 4.19%, reflecting weak demand in the bond auction.
Bitcoin rebounds over 10%
The cryptocurrency market is recovering, with Bitcoin's price rebounding from $86,000 to over $93,000, an increase of more than 10%. Analysts say that expectations of rate cuts from the Federal Reserve boost liquidity, supporting risk assets until 2026. As a result, related stocks like BitFuFu (FUFU) rose 3.8% in early trading.
Wall Street employment data bolsters rate cut expectations
The latest Challenger report shows that U.S. companies announced layoffs of 1,170,000 in November, a year-on-year increase of 54%. Weak ADP employment data further raised the probability of a rate cut in December to 90%. Morgan Stanley reversed its forecast, confirming a 25 basis point rate cut, stating that it previously overestimated economic resilience.
Stock dynamics
Oracle (ORCL) shares fell 2% after its earnings report due to concerns about data center demand. Costco (COST) is expected to announce its earnings tonight, with analysts optimistic about its consumer resilience. The small-cap Russell 2000 index rose 0.8% for the week, benefiting from rate cut expectations.
Overall, financial market liquidity is ample, but geopolitical risks and inflation uncertainty remain. Investors should pay attention to signals from the Federal Reserve.

Centra Tech is a high-profile fraudulent ICO scam in the cryptocurrency space that shocked the industry from 2017 to 2018, deceiving investors out of $25 million to $33.8 million through celebrity endorsements and a complete fake facade.

The scam was orchestrated by Ray Trapani, Sohrab Sharma, and Robert Farkas. They fabricated a CEO named "Michael Edwards," claiming he had twenty years of banking experience and held an MBA from Harvard, with a photo that was actually of Trapani's grandfather; they falsely claimed that the company had partnerships with giants like Visa and MasterCard, enabling the launch of debit cards for cryptocurrency that could be used for offline purchases, even forging licenses for fund transfers and other qualifications, while copying other companies' websites to create a professional image to gain investors' trust.

The project team spent heavily to enlist celebrities, with former boxing champion Floyd Mayweather declaring to his 8 million fans that he had invested in the project, and music producer DJ Khaled also participating in the promotion. The endorsements from these celebrities significantly increased the project's credibility, and in the fervent atmosphere of the 2017 cryptocurrency market, its ICO (Initial Coin Offering) quickly raised substantial funds, while the project team never disclosed that they paid the celebrities for promotion.

As the media questioned the authenticity of the executives' identities, and investors saw no actual products, the scam gradually collapsed. After the U.S. Securities and Exchange Commission intervened and launched an investigation, it was found that the project had no real partnerships or products. Founder Robert Farkas was arrested while preparing to board a flight to leave the country, and the remaining masterminds were also captured one after another. Ultimately, Trapani was sentenced to 8 years in prison and ordered to pay over $2.6 million in restitution, Sharma was required to pay $37.7 million, and Farkas also pleaded guilty and went to prison. The involved celebrity endorsers also paid settlements for illegal promotions.

This case became one of the early significant fraud prosecutions in the cryptocurrency field, pushing regulatory agencies to strengthen their scrutiny of ICOs. In 2024, the scam was turned into a documentary titled "Bitconned" by Netflix, where mastermind Trapani candidly recounted his involvement in the fraud, becoming a cautionary tale for investors.

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In 2022, a meme coin named LazyLion suddenly became popular on overseas forums. Its image is a cartoon lion lazily lying on a sofa, and the white paper has only one sentence: "Being lazy to the extreme is also a form of power." Originally just a joke project for a few people to entertain themselves, it went viral due to a meme image of "lazy lions dominating the market," instantly attracting a large number of players.
The community began to continuously create the "Lazy Lion Philosophy," and the project discussion area was as lively as a festival. The price of LazyLion skyrocketed from an insignificant decimal point to hundreds of times in just ten days, leaving early holders in shock at their profits. However, when the hype peaked, the developers delayed updates, and on-chain revealed that large whales held concentrated positions, the neglected risks suddenly amplified. A large sell-off directly triggered a chain panic, causing the price of LazyLion to plummet from its highs, almost returning to its starting point.
Warning: A meme coin can take off with a single sentence, but it can also crash because of one. Emotions can create miracles, but they can never support value. Don't impulsively buy in the excitement, and don't treat jokes as the future.

ACChain (Asset Chain) scam is a typical false concept cryptocurrency scam exposed in 2018, relying on forged government endorsements and project qualifications to paint a picture that ultimately swindled over $60 million before fleeing.

ACChain claims to be an open-source public chain that can digitize physical assets such as real estate and gold, emphasizing the concept of "global asset tokenization." It also forged a series of qualification materials including official documents and cooperation agreements, falsely claiming that the project had government endorsements, creating a compliant and reliable illusion. Furthermore, it set a grand goal of "becoming a globally authoritative digital asset issuance and circulation tool by August 2018," further attracting investors to join. In reality, the project has no government affiliations, nor does it have any corresponding substantial products and real blockchain technology support.

The risks of this project can be seen from the team background. The operational entity, Guiyang Blockchain Financial Co., Ltd., is headed by Ye Qiang, who is also the legal representative of Shenzhen Puyin Blockchain Group Co., Ltd., which has been investigated for the "Puyin Coin" fraud case. Shenzhen Puyin once swindled 307 million yuan through the "blockchain +藏茶" model, and both companies share a shareholder, Shenzhen Fenghui International Color Treasure Co., Ltd., which has long been listed as untrustworthy. Guiyang Blockchain Financial Co., Ltd. was subsequently included in the abnormal business operations list due to the loss of its operating location.

ACChain was established in June 2017 and launched on the Allcoin exchange in January - February 2018. At the beginning of its launch, the token price once soared to nearly $3. However, after completing its fundraising in February 2018, the project team completely halted operations—the official website announced no updates after February 7, and the official public account only posted two non-original articles. Meanwhile, its token price plummeted within a week, shrinking by 86%, and after an abnormal surge in market capitalization in July, it quickly crashed. By the time investors sensed something was wrong, the project team had completely disappeared, and the tens of millions of dollars raised were all swindled away, leaving investors with no means to seek redress.

In 2021, a MEME coin named RocketDuck quietly became popular on Twitter. Its image is a duck wearing sunglasses and riding a rocket, and the developer only wrote four words in the introduction: 'Ducks can fly too.' No one expected it to become a sensation until a game streamer jokingly said during a live broadcast, 'If this duck goes to the sky, I will live stream shaving my head.' This phrase was edited into a meme and spread wildly, attracting a large number of players.
In just two weeks, RocketDuck's market surged, and the community was creating new memes every day, making 'Duck Universe' a hot topic. However, popularity often comes with risks. After the market cap skyrocketed, a few early whales began to quietly liquidate, causing prices to plummet dramatically. Newcomers who chased the high could hardly react and could only watch helplessly as their accounts were halved, then halved again.
Warning: The value of most MEME coins lies not in technology, but in emotions and jokes. When the traffic dissipates, the story ends. It's easy to be impulsive when seeing others become rich, but one must remind oneself: not every duck can fly back; some go up just to fall faster.