Crypto World, a Game of One Dollar: What I Read and What I Think!
Friends, how are you all? I hope that wherever you are, you are well. These days, so much is happening around, so much news is being heard that I can't stop watching and thinking about it! However, I recently read a piece of news, and after reading it, my mind was completely changed. 'Donald Trump's crypto business partners have left their old clients in the lurch!' - My eyes widened when I saw this headline! Can you believe it? Let me share some of my thoughts with you.
While reading the news, I thought that while the world of cryptocurrency opens up new possibilities on the one hand, on the other hand, there is so much risk and uncertainty hidden here! I never imagined that this could happen. Here is the story of a gentleman named Jonathan Lopez, who invested about $ 1 million in a small crypto trading platform called 'Duff Finance'. I mean, just think about it, $ 1 million! How much money! With that money, he could have easily taken risks and invested more. And the company's co-founder Chase Hero himself taught him and encouraged him. He wrote something like 'Lfg' - meaning 'let's go'! How terrible!
But it all ended suddenly. In July of last year (2024), hackers hacked the platform and stole about $2.5 million, including Lopez's entire investment! I mean, it was all over in an instant! Doff Finance said at the time that they were 'admitting mistakes' and would compensate users, 'make them whole'. Hearing that, I thought, aha! Come on, dad, people are good!
But then the real surprise came! Just two months later, Chase Hero and another co-founder, Zach Folkman, have started a new crypto business called 'World Liberty Finance'! And who do you know who their partners are? US President Donald Trump and his three sons! My head is spinning just hearing this! On the one hand, millions of dollars in theft, people are sitting on the streets, and on the other hand, these same people are doing business worth billions of dollars with such big names! The news says that the Trump family has earned about $400 million from this new business, and Hero-Folkman's share is no less than $65 million! How outrageous!
Now Lopez has filed a lawsuit against Hero. Fraud, breach of trust - so many allegations! Hero and Folkman have also stopped communicating with Doff's Telegram group and social media after it was hacked! People are sitting on the streets after losing money, and these people are starting a new business! I think this is not just a business, it is a kind of fraud!
The article also says that 'decentralized finance' (DeFi) platforms are particularly vulnerable to hacking. Because they are new, and the codes here are not as secure as those on large exchanges. It is very difficult for those who lose money to get legal compensation. The saying 'make whole' is actually a word. Because there is no legal obligation.
The most surprising thing is that this hero used to call himself the 'bad boy of the internet', and said that he does whatever he wants, just obeys the law! And another named Folkman used to be in the business of seducing women! Such people have now reached such a big place! Meanwhile, those who invested in them and trusted them, their money has become 'priceless'! A 25-year-old boy from Poland allegedly put all his life savings, 12 thousand dollars, on that Doff platform, and it is all gone! He even reported it to the FBI, but to no avail.
Overall, I was very saddened to read this news. On the one hand, there is the triumph of technology, the dream of a new day, and on the other hand, such incidents destroy the place of trust and confidence. I think that we should all think a hundred times before investing in this world of crypto. And those who are involved in such fraud should be severely punished. Such petty games with people's hard-earned money are really unacceptable. Such incidents completely reduce people's trust in the crypto market.
I hope you like my thoughts.
If you want to read original article link
Posted Using INLEO