Want to see which cryptocurrency stories are leading the news? This week, Hullcoin takes the spotlight. Have a look at the rest of the week’s hot news below.
Also read: ShapeShift Leads the Week in Crypto News
HULLCOIN
Approximately 500 investors have been cheated out of nearly $1.1 million by a Chinese investment scheme posing as London-based cryptocurrency platform Hullcoin. Emerging in 2014, Hullcoin’s claim to fame of using digital currency to battle global poverty is now facing a potential stain on its philanthropic reputation as the result of a nasty case of mistaken identity. Those directly involved with Hullcoin claim they have no involvement in the scam.
A website devoted to the investment plot allegedly advertised a number of benefits to potential investors ranging from special promotions to massive returns. The site states:
“At present, the hull currency in the UK and China for synchronous operation, the initial price is $0.1, the price with the market has gone up. As a virtual currency, Hull, the annual income of tens of times is not a problem. Hull currency in China since the trial operation, the achievement of a lot of young entrepreneurs. At present, Hull’s investment in the initial stage, investment costs are relatively low.”
Recently, journalists flocked to an office location in Hong Kong in the hopes of attending what they believed would be a Hullcoin conference, only to discover upon arrival that the address didn’t even exist. Local authorities are actively investigating, although the chances of recovering the lost funds are being labeled as “slim.”
RUSSIA
Skorobogatova also expressed the desire for the creation of a blockchain consortium, believing that the minds of several innovators will be necessary to put together a plan that will bring Russia’s monetary systems up to speed.
At the conference, the deputy chairman explained:
“The [blockchain] game isn’t for individuals. Distributed ledger technologies require participants from several platforms with a coherence and understanding of the system.”
COIN EXPLOIT
Aside from its alleged money-making prowess, the platform’s other claims to fame include insurance in investing funds, something rarely witnessed in the world of cryptocurrency, and an affiliate program that grants clients customized affiliate links for their blogs and business websites.
The company’s main page states:
“All transactions in the cryptocurrency market are carried out according to an elementary principle: buy at a lower price, sell at a higher. And, vice versa, respectively – sell at a higher price, buy at a lower. Due to the variability of the exchange rate, we make a great profit on this difference.”
What stories would you like to see recapped in our next industry report? Post your comments and let us know!
Images courtesy of Decision Support Analytics, Operationworld.org, 30btc.com