FBI Creates Fake Cryptocurrency to Expose Widespread Crypto Market Manipulation

ByteOnBikes@slrpnk.net to Technology@lemmy.world – 492 points –
FBI Creates Fake Cryptocurrency to Expose Widespread Crypto Market Manipulation
thehackernews.com
64

NexFundAI, as per information on the website, was marketed as redefining the "intersection between finance and artificial intelligence" and that its aim was to "create a cryptocurrency token that not only serves as a secure store of value but also acts as a catalyst for positive change in the world of AI."

Dude...hook, line, and sinker. FBI knows their target audience lol

Someone got paid by Uncle Sam to make this and I’m extremely envious.

Yup, they've been entrapping victims for decades!

Nothing about this is entrapment....this cryptocurrency created by the FBI isn't any different from others. People are breaking the law in the same way in the crypto market every day, these people just got caught.

COX: Drug traffickers love gizmos. They love gadgets. And if they have something like, ooh, the app is hidden behind a calculator, they think that's amazing, and they want to buy it.

TIL drug traffickers have the mindset of a teenage boy looking for ways to hide porn.

They're like regular people who don't know our entire tech stack is fully sodomized by glowies. Basically every electronic object in your house is permasnitching your business to the state should and their vampite friends

Now if only they could do the same with the stock market. But the conspiracy theorist in me believes that all this manipulation is being done hand in hand with certain arms of the government in order to maintain the government's appearance of solvency and to control inflation in the face of what appears to be nearly unlimited spending. Just keep moving around fake money using a million different utterly opaque methods.

People get convicted of fraud charges all the time. Archegos being probably the biggest non-Trump non-Crypto related cases of late.

It's just that if it's a fraud conviction that's not related to either Trump or crypto (and maybe soon Trump will be convicted of crypto related fraud!) it's not big news.

nearly unlimited spending

The great thing about currency is that it can change hands an infinite number of times and function the same as it did on day one.

Just keep moving around fake money

Laughing at my credit card company

How can I owe you dollars when they're all worthless?! Idiots!

Haha, I'll give you 100 CocoCoins if you can define what makes a cryptocurrency "fake" rather than real.

This headline should probably say "FBI create a cryptocurrency to expose..."

That said there are only a few cryptocurrencies I would call worthy of note or respect.

there are only a few cryptocurrencies I would call worthy of note or respect.

The difference between a theist and an atheist is believing in one fewer God.

Polytheists are theists too

Holy Trinity is basically tritheism.

The difference between atheist and theist is the belief in N fewer gods, where N is the number of gods the theist believes in.

It's complicated. They are three but they are one according to their dogma.

For me it's a bullshit threshold: if you swallow this paradox, you'll be ready to accept more.

You make the point that this cannot happen but surely some really have the intention to make an e-currency that has long term, legal use?

I make the point that what cannot happen?

I'm sorry, I just didn't quite understand what you mean.

Seems I missed reading the last line where you said you would respect some cryptocurrencies. I misunderstood.

All good.

And yeah for the record, I do think Bitcoin is pretty brilliant and that Etherium has some real unique utility. I think there are definitely some others that are genuine attempts to do something useful, but few that have really achieved much so far.

Lol at all the people deleting their comments or getting downvoted heavily. You are the target audience. This is either a warning to get your shit straight or nuke your hard drive. Dealers choice... Take a hint boys.

NexFundAI, as per information on the website, was marketed as redefining the "intersection between finance and artificial intelligence" and that its aim was to "create a cryptocurrency token that not only serves as a secure store of value but also acts as a catalyst for positive change in the world of AI."

Even though it's not obvious it was a government run "scam"/operation this website screams scam.

Every cryptocurrency website scream scam

Just like the "Nigerian prince scams". Yes, they are obviously a scam to most of us. But to the few ignorant/naive people who don't, they're the victims worth pursuing by the scammers. We are not the audience.

I'm glad it's just a bunch of rich assholes who went down, and not* people only doing this to survive. They get what they fucking deserve.

Focus on cryptocurrency but ignore the blatant connivance on Wall Street. Sounds about right.

Wash trading is also illegal on wall street

Why does the government keep trying to regular fake Internet money? The whole point of it was that it was a free for all. Who the fuck cares if crypto bros get fucked, if you want real securities you go to a real bank and open a real investment account.

Yeeeaaaah, because nothing says "I'm doing my job, and certainly not getting yelled at by any other agencies" like letting a free for all happen on your watch. You know the FBI is supposed to be PREVENTING fraud, right?

🤦

You know the FBI is supposed to be PREVENTING fraud, right?

And they've been doing a helluva job.

Did I not get the memo ? When did acab get a pass for the glowies that told MLK to KYS ?

Apparently you did not get the memo, because you believe in something that didn't exist in the first place.

BRB, gotta go find my "World's Best" for absolute morons, but I can't find that specific one. Just "Dipshit", "Fucking Idiot", and "Fucking Idiot Dipshit".

You claim this is false

https://en.m.wikipedia.org/wiki/FBI%E2%80%93King_letter

Sources Please piggy boy

I was referring to YOUR own relation of what you call "acab" (which is an acronym, not a group of people), to some larger group of people (which is not an acronym, and IS I assume a group of people).

You're conflating some bullshit that doesn't and never did exist because you have absolutely no idea what you're talking about, but you heard from some dumb YouTuber or right-wing blog who also doesn't know what the fuck they are talking about.

Because then the fraudsters end up with all the money, buy an e-news paper, or get a game show, and end up running for president. It's not an excellent idea to let fraud run rampant on your society.

Scammers beg the goverment for a "free for all" so their central organization can defraud people.

P2P crypto users achieve a free for all by avoiding central organizations.

We are not the same.