$400 Million Cyber Cyrpto Fake money Is Easily Stolen From Fools

“Biggest Theft In Crypto History”: Over $400MM Stolen From Hacked Japanese Cryptocurrency Exchange | Zero Hedge.  Actually, the biggest theft here are the originators of the fake cyber money scam, they are the real thieves.  Illegal junk attracts criminals who recognize a scam when they spot it.  Naturally, the entire cyber money scam is infiltrated by and attacked constantly by crooks, it is a financial cess pool.

 

And then, the worst case scenario was confirmed by Coincheck itself told financial authorities that it had lost 500 million NEM cryptocurrency coins in today’s cyberheist, which at the current exchange rate amounts to roughly $400 million, according to Nikkei.

 

Just last week, all the crooks running these stupid scams told their victims, the smaller ‘wallets’ with low-cost fake money were safer than the insane bitcoin scam.  Well, it was not!  Not at all!  Oh, am I so not at all surprised.

 

NEM Foundation president Lon Wong also confirmed Coincheck was hacked, calling the stolen funds “the biggest theft in the history of the world”, as quoted by CryptoNews. According to Wong, the hack had nothing to do with NEM and the blame lies exclusively with Coincheck:

 

Nope, the entire cyber money business is the world’s biggest financial scam.

 

The hack, at recent NEMUSD exchange rates, would make it even bigger than Mt. Gox – which lost a total of $350 million in 2 hacks, one in 2011 and 2014 – by $50 million.

 

And what this means is…this happens a lot.  Like, EVERY YEAR.  Year after year.  More about that below.  Coincheck Theft: “The Biggest Theft in the History of the World” | CryptoNews reports:

 

As of right now, the XEM coin’s price has fallen by 18.46% in the last 24 hours (and the fluctuations are almost impossible to follow, because of their erratic behavior), which is significantly higher than its previous fall of a measly 1% in the week between January 18 and January 25. The coin dropped in price to USD 0.77 at 08:34 UTC today, not long after the news was published on Yahoo Japan. It eventually recovered to USD 0.78, where we are right now, but this is still a far cry from its last week average of USD 1.05. (source: coinmarketcap.com)

 

Are there still enough fools out there to prop up this scam?  I am beginning to think that even idiots will finally figure out this scam.  This system has near zero security.  Not just that, it shifts like crazy, hour by hour, erratically and violently.  It is impossible as a money system due to rampant instability and lack of even basic security.

 

An obvious answer to this sudden plunge would be panic selling – even though the President of the NEM.io Foundation told Cryptonews.com that the blame lies solely in Coincheck for not using their multi-signature smart contract.

 

Others warn against panic selling: “If a bank gets robbed, do you sell all your dollars?” asks u/web2linc.

 

The comment about robbing banks: we pay this thing called ‘insurance’ on bank accounts!  I remember the last major bank scare in NYC for I was directly involved in dealing with it.  I used to deposit the checks of a number of people because banks closed at 3pm back then making banking hard for office workers.

 

Then one day, a bank refused to honor a check for me.  I began yelling.  This yelling went from the teller’s window to the office of the top executive of this now bankrupt bank.  He threw some money at me to get me out of there.  As I left, I warned everyone to pull out, too, as I was suing them now (I won).  The bank went under soon afterwards.

 

I urge all people to track their bank’s activities.  We are literally, look at the written information, contractually we are ‘shareholders’ in a bank.  With the fake crypto money, it is all nonsense with nearly zero legal legs to stand on.  To keep their scams going (this is all free money for them!) they try to keep their victims happy but they have zero legal obligations.

 

Here is a list of all the fake currency scams that were robbed by even bolder robbers, this chaotic system is rife with stupid messes and attracts frauds:

 

$607 million fake cyber crypto junk has been stolen before this is now it is over a billion dollars worth of stupid junk valued by fools who thought they found ‘real money’ when they really found an obvious scam.  Any system losing a billion dollars on a very small customer pyramid is stupid as well as criminally careless.

 

I absolutely despise this whole ‘cypto money’ fraud. It annoyed me on day one.  Governments can print useless money very easily.  The cure to that is to take down the government.  Generally, this inevitably happens which is why governments try to avoid screwing up money.  The scam artists running this fake money scheme have no reason to make anyone ‘whole’ again because they can just turn off the computers and vanish.

 

A number of governments are alarmed at this theft and are beginning to move legally to shut it down or force the creeps running this, to pay properly for doing ‘money’ stuff, like pay insurance on all holdings, etc. Since this ‘money’ represents nothing, it can’t be insured.  So it should be outlawed as a blatant fraud.

 

Stick to speculating on Beanie Babies, please.

13 Comments

Filed under .money matters

13 responses to “$400 Million Cyber Cyrpto Fake money Is Easily Stolen From Fools

  1. Melponeme_k

    The warnings all over the net are that when the trading crypto exchange company loses your “money”, they won’t replace it. They will just ignore your pleas. Why would anyone ignore this kind of warning?

    The “History” and the “Myth”

    There are a lot of talking heads out there pushing this “currency”. Most of them are, what do ya know!, military, intelligence agency or brats of either.

    They are pushing the Weimar, Zimbabwe and Venezuela crises as examples by stating that the dollar will totally collapse by 2020. To prevent this occurrence, the line is we need a new system. You guessed it Crypto-Currency. Which just so happens to be what the elites want…Universal currency with no National controls on it.

    The “Myth” or “Fairy Tale” that is being invoked and used as a guideline.

    STAR Money

    https://en.wikipedia.org/wiki/The_Star_Money

    https://www.grimmstories.com/en/grimm_fairy-tales/the_star-money

    If we just BELIEVE in good fortune and the kind heartedness of the elites they will give us Crypto STAR Money.

    Incidentally, there is a crypto currency named “STELLAR”. And it is quite interesting what area STELLAR is servicing.

  2. nclaughlin

    Max Keiser who works at RT is the loudest huckster of this fraud.

  3. Lou

    2 and 3–There are lots of people ‘into’ hyping Bitcoin.
    Put this in on You Tube,

    bitcoin to a million dollars

  4. Yes, the search for more fools to scam is a big business.

  5. melponeme_k

    The scam is obvious. And we are all going to end up using Imaginary money (even more so than what we have now), unless everyone realizes what is going on.

    This is linchpin, just as important as Jekyll Island was to the Elites. Once they take currency control away from ALL nations, that is it. No president, prime minister or government official will matter a damn.

    IT will be rammed through by the elite conglomerates. This is all a scripted event. There will be chaos, just the way they like it. The government will come in and regulate but just not enough. Then there will be elite company recommended “safe” crypto.

    Then they will crash the dollar, pound and any other independent currency.

  6. Ken

    I am surprised that no one on this site has brought up the obvious explanation for these “thiefts.” Particularly since a number of contributers to this blog can only be characterized as suspecious of everything.

    The people running the crypto currencies are stealing the coins themselves. By blaming fictious theives for running off with their clients’ money they remove all suspeciion from themselves. This is a much better approach, from the perspective of the criminal, since they don’t have to skip town and go into hiding with their ill gotten loot.

  7. Oh, a number of us suspect that!!! What we figure is, they oversold it when it was going up and in classic fashion, when it went on a steep decline, they had to sell off quickly and this meant the price would drop to zero so they had it ‘heisted’ and then vanish.

    They are crooks, after all.

  8. tio

    Dear Author what have you done with Elaine and can we please have her back?

    “Nope, the entire cyber money business is the world’s biggest financial scam.”
    I wrote about Bitcon back when Mr Keiser still had some of his marbles left and was banging his silver drum, but how soon we forget? We collectively shell out $180,000,000,000.00 per month to stop the cadaver that is the global economy from stinking the place up, zombified by the actual ‘world’s biggest financial scam’.

    “We are literally, look at the written information, contractually we are ‘shareholders’ in a bank.”
    Hell No. If you have a bank account you are an unsecured creditor to a vast and mostly insolvent predation machine.

    I might be wrong.

  9. So, cooking up a totally crooked ‘money’ scam will fix something??? HAHAHA. Since when?

  10. tio

    I wonder if what currently passes for ‘capitalism’ was functioning in a more recognisable way, would we even be having this conversation? It is, to me anyway, an indicator of a wider larger malaise, no more than that. So no, it will not fix anything, but was it meant to?

  11. tio

    *cough*were*cough*

  12. Throughout history, whenever there is money, governments degrade the money because they are greedy and run things in the red, for example. Counterfeiters always probe ways to produce fake money. The good systems have vigilance and citizens who don’t want to get rich, quick, while producing nothing which is why I am against gambling, for example.

    Gambling casinos are traps! Once you win there, you can never escape and anyone playing that system who isn’t an ‘operator’ ends up poor.

    Life is full of traps. Lots of humans love setting traps and devouring their victims. It is the ancient blood lust at work. How to avoid being eaten is what ‘smart living’ is all about.

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