We can’t say that 2018 has been very auspicious for the crypto money markets, with the 5 biggest fiascos in the 2018 crypto money market.. While many coins have decreased compared to last year, interest in the market has decreased due to these decreases.
The 5 biggest fiascos in 2018 in the crypto money market
5- Verge (XVG) Wraith Protocol Launch
The Verge’s Wraith Protocol was scheduled to be released in late 2017, but due to several delays, the release of the actual version was delayed to January of this year.. While Verge supporters and traders were eager to see Wraith in January, many were disappointed with what was revealed by the developers. While Wraith offers an interesting option such as optional privacy, people have begun to question the protocol’s efforts to provide anonymity.
Additionally, some of Verge’s code is a pet project called “Bitcoin Kid” created by 14-year-old Whit Jack, the developer. It also turned out to be copied from OpalCoin.
4. Banning VeChain cryptocurrency
Cryptocurrency market moderators have revealed the policy of suspending and banning cryptocurrencies that engage in malicious practices and vote manipulation in its subreddit. VeChain (VEN) developers and team members were banned throughout February after it was revealed that the community members were directed to get what they wanted.
This was the first penalty imposed by the cryptocurrency market and it sent a strong message.. During the ban, all cryptocurrency-related articles were removed. Oddly enough, the VEN coin did not lose value throughout the month of February.. However, it experienced a decrease of 30% in the first week of March.
3- Bitconnect
Bitconnect, which received reactions from many people with its pyramid scheme, which is one of the most discussed systems of the cryptocurrency exchange, was announced in January. announced that the system has stopped. With the news, the crypto money fell by 90%. It is currently trading at 99% below its price before the system was halted. Currently, Bitconnect is facing a $750,000 lawsuit.
2- Waltonchain Pr debacle
Waltonchain official when the person who manages the Waltonchain (WTC) Twitter account forgot to switch the account when they announced the Valentine’s Day gift winner list. He made a statement on his account as if he were a winner of the contest.
The scandal had a huge impact as it was announced that the majority of the winners were real and there was a prize of approximately $50 for each winner.. WTC suddenly fell 20% from the moment the scandal happened and continued to decline.
This decline continued until the announcement of their partnership agreement with Alibaba on March 6th.. With this announcement, it suddenly increased its price by making a rocket effect.. However, the accuracy of the news began to be questioned in the community and the tweet was deleted suddenly.. After this incident, the crypto currency fell once again.
1- BitGrail Hack
BitGrail takes the first place in our list of the 5 biggest fiascos in the 2018 crypto money market.. BitGrail, one of the leading nano trading exchanges, was hacked and 17 million NANO was stolen. The BitGrail team stopped the withdrawals and urged the Nano team to fork to reduce the impact of the hack.
With the news of the hack, NANO has lost more than 50% of its value.. Beyond that, NANO investors using BitGrail have seen their capital disappear overnight.. At the end of this event, which many people suffered, BitGrail announced that it was completely closed.
Themerkle