“Limited” cryptography market: How cryptocurrencies have become the victims of the Beam manipulation
The cryptography market has long been known for its volatility and unpredictability, but recently it has become increasingly known for the Crooks and Pirates manipulation tactics. One of the most harmful and most common examples is the “cryptocurrency” phenomenon, which destroys a group of investors losing all of their assets in one transaction.
The center of this scheme is Beam (Beam), a cryptocurrency project that promised consumers to return investment with minimal risk. However, after the first public offer (IPO) and subsequent collection campaigns, it became clear that something was wrong. The platform creation team has disappeared, leaving many empty promises and lost funds.
One of the first signs of problems came when Beam announced its intention to start its native cryptocurrency, Beam token. Investors were presented as “on the ground floor” and the promised yield of up to 1000% in a short period of time. However, as soon as the token began to change, the investors realized that something was disabled. The White Book and Project Plan revealed a lack of clarity and transparency, and the development team was not found.
While more and more investors withdrew their money, the Beam market has collapsed. In an attempt to cover the loss, Beam developers have announced a new “update” that promised to solve some platform problems. However, it soon became clear that this update was nothing more than a smoke screen to distract from the fact that the platform was completely dismantled.
Meanwhile, in social networks and online forums, investors were called to their peers to find themselves in a beam until its market value decreased. Some even said they had lost tens of thousands of dollars for the supposed “revolutionary” project technology.
Intellectual contract sabotage
One of the main factors contributing to the disappearance of Beam was the lack of his safe intellectual contract. The platform used a decentralized software system (DAPP), but there were significant safety functions or test protocols. When the investor tried to withdraw his funds, he met a crypt error message that encouraged them to the wild geese persecution on the network.
Only when the independent security experts, including the Blockchain analysis company Chainamalysis, revealed the truth of Beam Smart’s vulnerability that investors began to awaken. Experts found that Beam used the implementation of Solidey programming language insecurity, which allowed the hackers to use and manipulate the platform code.
The consequences were serious. In a shocking report on the Internet, Chainasity found that Beam used its safety measures against consumers using network vulnerability to fly funds and displace money from investors. The company’s management was finally forced to close the platform, leaving thousands of investors’ losses.
the importance of reasonable diligence
After all, Beam’s success is a pronounced warning for anyone planning to invest in any cryptocurrency project. One of the most critical aspects of cryptocurrency investment is reasonable diligence – before putting money, finding and checking founders, development team and project technology.
“Beam was a classic example of the” becoming “program,” said the investor, who lost his entire investment. “The more I learned about the project, the more I realized that something turns off. This is a editing story for those who want to get to the ground floor of all cryptocurrencies.”
Conclusion
Carpet and fiber fall remind you that cryptocurrencies are not a reliable or safe place to invest.