Dec 2022 - BlockAura Ponzi Scheme - $Unknown (Global)
"BlockAura [was] a revolutionary blockchain platform built to create smart contracts for security tokens to bring back an actual store of value of the assets. It [announced] a high-throughput blockchain that will support 450–500k transactions per second without complex solutions like layer two. Firoz Multani, a Dubai-based Indian man, started the project in 2021."
"Blockchain For Global Adoption Scalable, and lightning-fast L1 blockchain BlockAura will take everything you love about Blockchain and turbocharge it."
"BlockAura ensures the ability of the platform to support increasing load of transactions, as well as increasing the number of nodes in the network to scale to global requirements with minimal energy requirement."
"BlockAura has been precision engineered to be economical at a fractional cost to per transaction powered by BlockAura’s new generation of BFT Advance-Proof-of-Stake (APoS) consensus algorithms."
"BlockAura's algorithm is all about speed to process transaction on the network faster compared to other blockchain by achieving 500,000 TPS and can scale to millions of validators with minimal hardware."
"BlockAura is a blockchain platform built on the groundbreaking algorithm Advance-Proof-of-Stake consensus protocol, and developed to pursue flexibility and security ensuring you have the ability to create apps that can appeal to the masses while maintaining the power of decentralization through it’s protocol."
"The native token TBAC [was] mainly listed on decentralized exchanges only. It made an all-time high of over $30 in July 2022"
"BlockAura is currently a Token (TBAC) deployed initially on Binance Smart Chain, Ethereum and Polygon. It is currently in the of upgrading it with a new token smart contract allowing cross chain transfers."
"To accelerate the growth of BlockAura blockchain and community reach through particpation from different industries both regional and international BlockAura has become the newest member of Singapore Blockchain Association."
"BlockAura Blockchain is currently on Testnet and is scheduled to launch its Mainnet on 3rd March 2023."
"According to a Bloomberg article, Sanjay Kamble, a 51-year-old Indian man, claims to have made over 3100% returns in eight months from BlockAura. Kamble says, “I don’t need a day job, BlockAura is the next Bitcoin.” He predicts that TBAC will reach $10,000 in two to three years."
"The Indian investor says BlockAura is the next Bitcoin. He believes TBAC will hit $10,000 in two to three years.
The project's founder claims there is no risk of losing capital, and the principal amount can be earned back in five months."
The DefiAI project of BlockAura claims to give a staking reward of more than 25% a month. Firoz Multani, the project’s founder, says, “Profit can fluctuate depending on the token’s price, but there’s no risk of losing capital, as staking returns distributed within the community help earn back the principal within five months. Those who believe in BlockAura and know that the coin will touch $100 within a year will stay.”
[T]he staking rewards are in the form of highly illiquid native token TBAC. Furthermore, BlockAura limits the withdrawals to $250 per day. Akhilesh Agarwal invested $10,000 in BlockAura tokens in May and accumulated $25,000 in rewards over the next four months. However, he is not able to withdraw even the principal amount.
He says, “Only a handful of people made money at the start when the price of the token was rising. Now we can’t withdraw, and everyone’s money is stuck.”
The BlockAura website is presently offline.
Further Analysis
BlockAura announced a blockchain platform designed for smart contracts for security tokens, emphasizing scalability and speed. It claimed a high throughput blockchain capable of supporting 450,000 to 500,000 transactions per second without complex layer-two solutions. The project is associated with Firoz Multani and aimed to offer a cost-effective solution for transactions using its Advance-Proof-of-Stake (APoS) consensus algorithm. BlockAura's DefiAI project offers staking rewards of over 25% per month in TBAC tokens. An investor claims substantial returns from BlockAura, believing TBAC could reach $10,000 in the next few years. The Mainnet launch was scheduled for March 3, 2023. Many investors reported difficulties withdrawing their funds, and the project's website is currently down.
How Could This Have Been Prevented?
More Cryptocurrency Exchange Hacks/Scams/Frauds
Minswap Front-Running Swap Orders > > < < Ellipal Funds Removed jovanajovana
Sources/Further Reading
BlockAura Climbs 3100% but Crypto Investors are Skeptic (Dec 31)
https://blockaura.com/ (Dec 31)
Crypto Coin that Surged 3,100% in India Cracks Amid FTX Fiasco - Bloomberg (Dec 31)
@Praviarva Twitter (Dec 31)
https://coinmarketcap.com/currencies/blockaura/ (Dec 31)
tbac price: Crypto coin cracks after luring Indians with 3,100% returns - The Economic Times (Dec 31)
@BlockauraB Twitter (Dec 31)
3100% Returns In 8 Months: Is BlockAura The Next Bitcoin or Just Another Ponzi Scheme In The Works? | PeakD (Dec 31)
Crazy Up: This Altcoin Is Up 3,100 Percent! Then… - TechnoPixel (Dec 31)
Home - BlockAura (Dec 31)
Fairyproof (Dec 31)
Fairyproof (Dec 31)
 t.me/QuadrigaInitiative
|
 /r/QuadrigaInitiative
|
 @QuadrigaInit
|
 info@quadrigainitiative.com
|