Connect with us

#Scam

Kashh Coin CEO arrested for multi million dollar scam.

Published

on

The New Delhi Police Branch has arrested Asif Ashraf Malkani – a thirty-five-year-old man blamed for operating Kashh Coin – a multi-million dollar scam.

The New Delhi Police Branch has arrested Asif Ashraf Malkani – a thirty-five-year-old man blamed for operating Kashh Coin – a multi-million dollar scam that hoodwinked Bollywood celebrities, among scores of Indian investors.

 

Administrator of Crypto Scam That Tricked Bollywood Celebrities Caught

Asif Ashraf Malkani, the denounced engineer behind a multi-million-dollar scam that focused scores of forthcoming Indian cryptocurrency investors, has been arrested by police in New Delhi.

As indicated by local media, Mr. Malkani ‘propelled’ the imaginary cryptocurrency ‘Kashh Coin’ amid 2016, preceding advancing the coin amid December 2017 at “an excellent capacity held at a farmhouse in Chhatarpur” that saw “Bollywood celebrities and models” enrolled to “perform and advertise the coin” at the occasion. Investors paid 3.5 Indian Rupees ($0.047 USD) per Kashh Coin.

Mr. Malkani is said to have looked to remain in isolation after a large number of the scammed investors reached police, be that as it may, he was gotten subsequent to moving to Uttar Pradesh and endeavoring to dispatch another cryptocurrency called ‘V-flix’.

Investigations have uncovered that Mr. Malkani was additionally looking for investment to dispatch an “industrially practical video streaming site” called V-Tube, and has been recognized as moving a critical whole of cash through a firm named “Puneet Venture.”

 

Malkani Arranges Multiple “Young Seminars” to Advance Kashh Coin

Police Commissioner, Ajit K Singla, stated that the capture and investigations into the tasks of Mr. Malkani and his organizations were completed by a group driven by Delegate Chief of Police, Bhisham Singh.

Commissioner Singh has stated that Mr. Malkani started working a multi-level showcasing plan in 2015 in the wake of joining publicizing Unetnet close by his wife, before getting to be occupied with cryptocurrencies the next year.

The investigations additionally revealed that Mr. Malkani and friends sorted out various “youth seminars” crosswise over India and Nepal following the achievement of their farmhouse occasion in 2017. From that point forward, Mr. Malkani advanced through Goa, Chennai, Kolkata, Kanpur, and Pune while endeavoring to sidestep law authorization.

Continue Reading
1 Comment

1 Comment

  1. Pingback: Kashh Coin CEO arrested for multi million dollar scam. – The Coinage Times

Leave a Reply

Your email address will not be published. Required fields are marked *

#Exchange

Is BitMEX trading against their customers? Foul play at BitMEX?

Published

on

Many users suspect that BitMEX gives unfair advantages to its desk. Registered in Seychelles, BitMEX is not required to report to any regulator.

BitMEX is currently the largest Bitcoin Exchange according to trading volume, and BitMEX research is going pretty good regarding market research, but is BitMEX really that ethical? Let us explore.

Registered in Seychelles, BitMEX is not required to report to any regulator. This article is sourced through various articles submitted on Medium, Reddit and social media like Twitter.

 

Does BitMEX trade against its Customers?

Before I start to answer this question, let us understand the concept of Market Making. Market makers are the one responsible for filling up the order books. They also buy and sell continuously, proving the necessary liquidity to the market.

Market makers quote on both sides of the order book, that means both the buy side and the sell side. If their buy order gets executed, their immediate plan is to execute the sell order as well, thus acting as a neutral market maker. So a market maker profits from a spread instead of up-down movements of the market, in return offering quick liquidity to the users.

The question is thus, is BitMEX acting as a neutral market maker (which is a positive service to its customers) or not.

On 30th of April, 2018, MitMEX updated its Terms of Service. It says:

“BitMEX has a for-profit trading business that, among other things, transacts in products traded on the BitMEX platform. The trading business primarily trades as a market maker”

 

BitMEX also states that its profit does NOT come from trading:

 

BitMEX claims that its goal is to breakeven regarding profit and loss and that they make money by the service fee paid by the business. But unfortunately, there is no way to check BitMEX’s audit report as they have never released an external audit of their business.

BitMEX’s legal counsel, Sullivan & Cromwell was silently removed from their blog post from April. It’s earlier post stated this:

Later in May 2018, the updated post said this:

It is a possibility that Sullivan & Cromwell separated from BitMEX because it had issues with the exchange’s plans.

 

BitMEX’s Desk should not be allowed to trade freely on the exchange

Let’s assume the owner (or owner’s employees) of an online casino is allowed to play its own game, can he resist from not looking at everyone else’s cards?

Same goes with an online Bitcoin exchange. If BitMEX’s desk is allowed to trade on their own exchange freely, we can expect a similar outcome. This gives “extra information” to the desk, which is not available to all other customers. While some information is available to all the customers, for example, the order book or the past trades, additional information like the degree of leverage of each position or the price at which it will run out of margin is private and is only available to the BitMEX’s desk.

In a blog post, BitMEX has denied that it gives this explicit information to its desk, but BitMEX has not agreed to give out equal information to all the customers especially the two mentioned above.

Many users suspect that BitMEX gives unfair advantages to its desk. What are your views on the above? Comment below and let everyone know.

Continue Reading

#Scam

Bitcoin Giveaway Scam: High Profile Twitter Accounts Hacked

Published

on

A team of cybercriminals hacked the twitter accounts of some famous retail business accounts on twitter to promote another cryptocurrency giveaway scam.

A team of cybercriminals hacked the twitter accounts of some famous retail business accounts on twitter to promote another cryptocurrency giveaway scam. These include the twitter accounts of retail industry giants Target and The Body Shop. The hackers are believed to be poor in English writing as the scam messages are usually written in a poor language. The hackers targeted a number of verified Twitter accounts.

The tweet on Target’s Twitter account read:

Target-Twitter-Hack

After which a few hours later when the team realized that their account had been hacked, they posted another tweet stating that their account was inappropriately accessed for posting a bitcoin scam:

 


Apart from Target, a number of other accounts such as The Body Shop, Universal Music Czech Republic, Toledo Rockets, the Agriculture, Horticulture Development Board and UNHCR Serbia account were also targetted by the hackers.

The hackers seem to be quite expert as it is quite surprising how a good number of verified Twitter accounts were all hacked at once. Earlier, the hackers used to clone the accounts rather than directly taking over the accounts.

In a recent case, a group of hackers had cloned the account of Cap Gemini Australia and replaced the name with Elon Musk and posted a similar bitcoin scam message stating that Elon Musk was giving away 10,000 BTC to all his community:

elon-musk-twitter

 

Continue Reading

#Scam

Million Dollar Indian Cryptocurrency Ponzi Scheme Cracked

Published

on

Ambidant Marketing and Investment Company is being regarded as a Crypto Ponzi Scheme run by son and father Syed Afaq Ahmed and Syed Fareed.

Ambidant Marketing and Investment Company is being regarded as a Crypto Ponzi Scheme run by son and father Syed Afaq Ahmed and Syed Fareed promised investors of Halal Investments to seek a huge amount of investment from Muslims.

 

How did the company work?

The company attracted Muslims to invest in the halal business and investments. The investors were promised a huge monthly return of 50% per 100,000 INR. The company used Ulemas (a body of Muslim scholars recognized as having specialist knowledge of Islamic sacred law and theology) for marketing the activities of the company as Halal.
The company used the money invested by people to further invest in cryptocurrencies and gain a massive amount of profit to pay back the investors only some amount out of it.
The company started to grow enormously with the rise of cryptocurrencies while the company never revealed where it earned profits from.

 

What happened to the investors?

As the company grew further and further, the return on investments was decreased from 50% to 25% to 11% and further to just 9% in the month of January 2018. After this period, the company stopped paying out its investors. From the start up to this time, only a few of the investors became lucky and had doubled their investments ranging from 100,000 INR to 10,000,000 INR and others were left with nothing but losses.

Continue Reading
Advertisement BitcoinAdvertising.com

Live Crypto Prices

  • BTC
  • USD
  • AUD
  • CAD
  • EUR
  • BTC
    Bitcoin(BTC) 3588.70503207
  • ETH
    Ethereum(ETH) 95.6742201605
  • EOS
    EOS(EOS) 2.5429738159
  • BCH
    Bitcoin Cash(BCH) 101.69508855
  • LTC
    Litecoin(LTC) 28.9541794997
  • TRX
    TRON(TRX) 0.0143730283
  • ADA
    Cardano(ADA) 0.0333563661
  • DASH
    Dash(DASH) 70.8747306963
  • XEM
    NEM(XEM) 0.0652780611

Trending