Huobi CEO Announces 100 Million RMB to Compensate WAX Investors

Worldwide Asset Exchange - Safe. Secure. Fast. Global Decentralized Marketplace for Virtual Assets
WAX is a decentralized platform that enables anyone to operate a fully functioning virtual marketplace with zero investment in security, infrastructure, or payment processing.
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RamboLambo
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Huobi CEO Announces 100 Million RMB to Compensate WAX Investors

Post by RamboLambo » Fri Apr 13, 2018 3:26 pm

A Pump-and-Dump Incident
Huobi.pro launched an ICO token, WAX, on December 20. The opening price of the token was about 10,000 CNY (0.09 BTC) and was pumped up to over 40,000 CNY (0.36 BTC) on the very first day, gaining 6,000% more than its ICO price (6.6 CNY). Users at Huobi felt excited to buy more WAX, believing that the token could be the star of 2017 in the crypto world. But their investment turned out to be a disaster, as the price fell in the following five days to as low as 2 CNY per WAX.

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