NovaChain Exit Scams After Luring Investors with Bot Trading
The promise for fast gains through a high-frequency trading robot enticed many to send funds to the NovaChain project.
The NovaChain project seems to have made an exit scam, after it went silent about a week ago, announcing a hack and deleting its Telegram channels and its site. Despite an earlier promise, for now, there is no sign that NovaChain is returning.
https://twitter.com/PezOjosde/status/1148009131426615296
The disappearance of NovaChain also stopped the activity of the T-Rex arbitrage and trading bot. Just days ago, there was evidence that the bot was operational, taking advantage of the increased volatility and the potential of Bitcoin (BTC) to make fast gains:
https://twitter.com/PassiveCryptoI1/status/1137415704515403779
Scams have returned since 2019 saw a significant bounce in the price of Bitcoin (BTC) and some altcoins. A high-return investment scam mimicked the Binance exchange logo and site recently, and the Ethereum scam has also reappeared on Twitter threads.
But what was different about the NovaChain scam is that it used influencers on social media to entice new investors to put their Bitcoin (BTC) into the scheme. In a way, NovaChain resembled the now-defunct BitConnect pyramid scheme, where YouTube influencers built the mass of the following.
For a while, NovaChain may have been authentic, and even to have made trading gains, but within just a day, the team was gone.
The news of problems with NovaChain broke down the market price, from around $0.20 down to $0.019.NOVA, the native token, was only traded on a single exchange, P2PB2B, on very low volumes. NOVA was also volatile and posted robust fast gains, besides offering passive income.
The NovaChain claimed to have launched an exchange in May 2018, with the potential to offset the bear market through arbitrage trading.
https://twitter.com/CryptoUnivers3/status/995298467084988417
The project survived for a little more than a year.