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Rugpull, Beam (BEAM), Smart contract
Limited cryptocurrency market: how cryptocurrencies have become “Ray down” manipulation victim **
The crypt market has long been known for its volatility and unpredictability, but lately, scammers and hackers are increasingly famous for their handling tactics. One of the most harmful and wide examples is the “cryptocurrency” phenomenon, where a group of investors is destroyed, losing its entire package of actions through a transaction.
The center of this scheme is the beam (beam), a cryptocurrency project that promised consumers to return the investment at least risk. However, after the initial public offering (IPO) and the subsequent collection campaigns, it was clear that something was wrong. The platform’s development team has disappeared, leaving behind the empty promise and loss of funds.
One of the first signs of problems occurred when Beam announced its native beam token cryptocurrency. Investors were called “access to the ground floor” and promised to return up to 1000% in just a short time. But as soon as the token started selling, investors realized that something was not working. The White Paper and the project plan revealed lack of clarity and transparency, and the development teams were nowhere.
When more investors pulled their money, the beam market began to collapse. To cover the loss, Beam developers have launched a new “update” that promised to solve some platform problems. However, it was soon clear that this update was just a smoke curtain, designed to distract the fact that the platform was completely dismantled.
Meanwhile, on social media and on on -line forums, investors were encouraged to involve their ray colleagues until their market value fell. Some even claimed to have lost tens of thousands of dollars to supposedly “revolutionary” technology.
Smart contract sabotage
One of the main factors that contributed to Beam’s death was the lack of a safe intellectual contract. The platform used a decentralized program (DAPP), but had no significant security functions or test protocols. When the investor tried to remove his funds, they were accepted with an encryption error report that encouraged them to pursue wild geese through the network.
Investors began to wake up, only when a team of independent security experts, including Blockchain Analytics, revealed the truth of Beam’s smart contract. Experts found that Beam used the implementation of insecure force programming language, which allowed hackers to use and manipulate the platform code.
The consequences were difficult. In the shocking exhibition published on the Internet, Chainasity found that Beam used its safety measures against consumers using the network’s vulnerability to steal funds and displace money from investors. The company’s management was forced to close the platform, leaving thousands of investor losses.
Importance of proper inspection
After all, Beam’s success is an obvious warning for those who are thinking of investing in any cryptocurrency project. One of the most critical aspects of cryptocurrency investment is Due Diligence – to fully investigate and check project founders, development team and technology before putting money on it.
“Beam was a classic example of a rich speed scheme,” said an investor who lost his entire investment. “The more I learned about the project, the more I realized that something doesn’t work. This is a careful story for those who want to get on the ground floor of any cryptocurrency.”
Conclusion
The rug and bundle fall is a reminder that cryptocurrencies are not a reliable or safe place to invest.