Chinese Police Investigating EtherDelta Over Exit Scam

Chinese police have reportedly initiated an investigation against crypto Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term EtherDelta for its involvement in an exit scam.

Revealed by Dovey Wan, the founding partner at Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term-focused investment firm Primitive Ventures, the non-custodial trading platform was sold by its founder Zack Coburn to a group of Chinese “who later issued exchange token $EDT and [which] turned out to be an exit scam.”

JUSTIN and ??‍♀️??‍♀️??‍♀️

EtherDelta is involved in a major scam in China, police officially take legal action against it The actual beneficiaries of EtherDelta are all Chinese after ownership transition in 2017 Highly recommend western media to follow up @coindesk @Cointelegraph pic.twitter.com/eGPm8wor8k — Dovey Wan ? ? (@DoveyWan) August 7, 2019

Police were informed of the scam by “furious investors” of the token.

Wan also shared a snapshot of the ownership agreement signed between Coburn and the Chinese buyers. She also alleged that the new owners of the exchange bought it with the intent to use it as a “front” to issue their initial coin offering (ICO).

This is the stock ownership agreement between the Chinese buyers and Zack, obtained by the Police ??? Now we know who the mysterious buyers are

Apparently these folks have NO ACTUAL money for the transaction but use EtherDelta as a front to issue their own ICO for payout pic.twitter.com/RmC8i71USW — Dovey Wan ? ? (@DoveyWan) August 7, 2019

EtherDelta is one of the most controversial exchanges in the crypto market. Built on the Etherum blockchain, it allowed the listing of any ERC-20 tokens. It allows users to trade cryptocurrency without the need to register an email or password – in fact, people do not need to sign up at all.

A gentle slap by the SEC?

Last year, the US Securities and Exchange Commission (SEC) charged the founder of the decentralized exchange for operating an unregistered securities exchange. Coburn was eventually slapped with a fine of $300,000 in disgorgement, with another $13,000 in pre-judgment interest and a $75,000 penalty.

Wan pointed out that, unlike the US where Coburn got away with only a fine, “Chinese police shows no mercy if any crypto scam involved large amount of retail capital.”