Guangzhou Crypto Exchange Suspected Of Listing Fake Coins
Investment loss victims complain about 100% KIMCHI token collapse
In the first hours after the start, the KIMCHI.finance project raised $ 500 million in capital
International consortium of news organizations developing transparency standards.
It is reported that users of the KIMCHI cryptocurrency complained to the exchange, which collapsed in price in just a couple of days by almost 100%
Chinese law enforcement raided the Guanj office of Gate.io cryptocurrency exchange.
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First reported by local journalist Colin Wu.
According to Wu, the owners of the decentralized finance token (DeFi) complained about the exchange. Decentralized finance (DeFi) is a financial services built on the blockchain technology that offer users access to the open, efficient and … More) KIMCHI. finance (KIMCHI), which since its appearance on the exchanges, the price has collapsed by almost 100%.
“The reason is that Chinese exchanges are crazy about adding DeFi coins to their listing. The fall of KIMCHI led to the fact that investors suffered big losses, “Wu wrote on his Twitter page..
Traders affected by the dump believe Gate.io is to blame for the creation of counterfeit coins, when in fact the allegations relate to investment losses, Wu added..
At the time of this writing, the price of KIMCHI / USDT is $ 0.010, which is 99.6% lower than its maximum on September 2 – $ 4.29.
The BeInCrypto editors previously wrote about KIMCHI, as well as the hype that this token caused. As the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More.
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As a fork of another DeFi project, SushiSwap, which was recently the focus of cryptocurrency farmers, KIMCHI.finance was able to raise about $ 500 million in capital in just a few hours after launch..
Condemn but add
Amid all-encompassing hype, Binance CEO Changpeng Zhao even urged the crypto community to “be careful” with the fast-growing DeFi market..
However, Zhao’s warning did not affect the plans of Binance itself to list the DeFi market tokens, which caused a wave of indignation amid the drawdown of the entire cryptocurrency market..
According to the analytical service Messari, out of 33 DeFi tokens in the market, only 9 are in positive territory in the daily interval..
Earlier, Head of Marketing at Messari Connor Dempsey said earlier that there is a growing misunderstanding of what is happening around DeFi in the cryptocurrency market, and this misunderstanding ultimately “will not do anything good for those who decide to invest heavily in the rapidly emerging market . “.
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