In the Cryptocurrency world, people have suffered a major setback once again. A fake cryptocurrency token, which was using the name of “Microsoft” and using the logo, which first showed a lot of fast and then there was a big decline in his price. This token increased by more than 14,000% in a few hours. But soon the reality has come to light and this token is trading at just $ 386 to just $ 386.
Such a big increase in this token was also possible because its total supply was limited to only 10,000 tokens. Due to this, purchasing or sales could have led to a big fluctuations in the price. According to reports, around 24,000 people bought this token, of which top holders have 4.71% tokens, while the rest of the holders have less than 0.5% tokens. This case shows that, Scams are increasing in crypto industry,
Unnovered on coinmarketcap, still trapped people
This token on coinmarketcap is not yet verified. There is no official information related to Microsoft on its page, only third party links and “Dyor” i.e. “Do Your Own Research” has been warned. Despite this, many investors came under confusion that this is a crypto project associated with Real Microsoft Company. At the same time, people are openly extracting their anger on social media and crypto forums and are telling that they have invested in this token without doing research.
Not only this, even after the crash, a 24-hour trading volume in this token remains around $ 54.4 million, which shows that either people are selling tokens in loss or some traders are trying to take advantage of this ups and downs.
This is a lesson for users, the name is big, even if you do research
The matter has once again come as a warning for crypto investors. Just having “Microsoft”, “Tesla” or the name of any big company in the name of a token does not mean whether it is real or connected to it. Rather, many scam projects also misuse the names of big brands so that people can be attracted early.
Conclusion
The incident of this fake token revealed in the name of Microsoft has made it clear that it can prove to be dangerous to invest only a name or logo in the crypto market. It is now common to launch scam tokens using the name of big brands. Therefore, before investing, check the verification of the project, its team, its website and social media information.
This is a strict lesson for all those investors who put money in the greed of just profit without information. Money is made rapidly in crypto, but can drown equally fast. Therefore, think before investing in any token next time and always do dyor – do your personal analysis. With this, if you want to know, Which crypto scams can do wallet emptySo you can know by clicking on this link.
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