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💰 Not everyone will get it ⏳ Timing decides everything 🔥 Early eyes. Fast hands. Sharp minds. 🚀 If you’re reading this—you’re already close 🫧 Don’t let this one drift away
💰 Not everyone will get it ⏳ Timing decides everything 🔥 Early eyes. Fast hands. Sharp minds. 🚀 If you’re reading this—you’re already close 🫧 Don’t let this one drift away
💰 Not everyone will get it ⏳ Timing decides everything 🔥 Early eyes. Fast hands. Sharp minds. 🚀 If you’re reading this—you’re already close 🫧 Don’t let this one drift away
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.
Are Chinese crypto tycoons collectively going 'invisible'? Is the golden age really gone forever?
Back in 2018, the cryptocurrency space was practically the 'home field' for Chinese people. In the WeChat group, a shout could make the price soar; mining machines were everywhere, and just picking one out from Bitmain or Canaan Creative could cause a stir. At that time, names like Zhao Changpeng and Wu Jihan were synonymous with the industry.
So what now? The new cycle has arrived, the stage lights are focused on Europe and America, and the voices of us Chinese entrepreneurs seem to be getting smaller and smaller?
In the midst of this, where exactly did it break?
To be honest, this really can't be blamed on everyone's lack of effort. With the 'three mountains' pressing down, anyone would need to catch their breath.
The PuYin Coin case is a fundraising fraud case disguised under the name of 'Blockchain + Tibetan Tea' that involved the forgery of asset endorsements.
The project was issued by Shenzhen PuYin Blockchain Group Co., Ltd., initially called 'Pu'er Coin' but later renamed PuYin Coin. It claimed to be a backed digital currency tied to physical Tibetan tea assets, stating that one coin corresponds to one yuan of Tibetan tea, and falsely claimed to have 10 billion yuan worth of Tibetan tea as collateral, creating the illusion of solid asset support.
PuYin Company extensively promoted through its official website, the acquired P2P platform 'Quqian.com', as well as the internet and social media platforms, even holding roadshows at star-rated hotels, promising high annual returns, and falsely claiming to supplement 10 billion yuan of Tibetan tea support and split the tokens. At the same time, the company manipulated the investment funds, raising the price of PuYin Coin from 0.5 yuan to 10 yuan to attract investors.
In June 2017, the police received reports and intervened in the investigation, finding that only over 50 million yuan of investment funds were used to supplement the Tibetan tea, and the so-called 10 billion yuan Tibetan tea endorsement was purely fabricated. In March 2018, the police arrested six suspects and seized 100,000 cakes of tea. The case ultimately caused over 3,000 victims to lose about 307 million yuan, with the highest individual loss reaching 3 million yuan, and subsequently, the price of PuYin Coin nearly dropped to zero, resulting in significant losses for investors. In addition, the company had previously been fined 1.2 million yuan by the Shenzhen Market Supervision Administration for publishing false investment solicitation advertisements.