I know this is always a fan favorite of the hive community. Today we are going to go over some recent happenings with Justin Suns platforms and that these mega scam might be crashing down. However that's also not a great thing for crypto being that we got over FTX and now Binance the mess of these hacks etc are all just giving crypto a bad rap lately while no one broadcasts the positive things about crypto.

We all knew and know Justin Sun is a constant scam artist but being unprotection of governments or whatever you might have it he continued to get away with it time and time again.

One of the biggest ones was the take over of Steemit and the steem blockchain which ended in a huge mess and a fork of the chain over to what we have today Hive.

Since then Sun has been the center of lots of cristisium and very questionable things. But even during all of that his tokens such as Tron continue to gain more and more values behind them.

It seems like no matter were you looked in any news article you'd see Justin dropping his ugly head in trying to play the savior of failed projects or when drama hit the fan by throwing money around. Money which most likely was scammed from other people.

One of the big pushes that happened to try and save face and save Steemit back in the day was to offer up TRX rewards along side of steem rewards. However all of that has been paused for the last year to year and a half now and has been sugar coated as a oh well it was only a temp thing. The amount of abuse, scams and other shady things that continue to happen on the steem blockchain are only getting worse.

To be fair Justin reminds me of that kid at school that would talk a lot of shit but when it came down to putting up or shutting up it was always some half assed project that was quickly whipped together and then held up by the next shit project over and over again until eventually it all comes crashing down. To me that's what steemit and TRX now stand for. The benefits of it however if you do make a crap ton of money if you can get away with it and a vast majority of it filters back to you and not your users. But then again that should be expected from where he was brought up (aka China). A vast amount of his networth holdings come from ETH and USDD which is extremely odd when it comes to the fact some of his lowest holdings are his own token of TRX, BTT or his own stablecoin. It would almost make one assume there's not a lot of trust in his own products and instead just constantly syphons it off into more trust worthy tokens like Ethereum.

Hacks and Exploits

Sep 24th HTX hacked for 7.9 million
Nov 10th Poloniex Exchange suffer a 100 million dollar exploit
Nov 22nd HTX exchange loses 13.6 million in hot wallet hack
Nov 22nd HECO chain bridge compromised over 86.6 Million

That's a lot of millions in a very short time frame for a so called mega wealthy linked platform and it starts to raise some serious questions by some.

It's been spread that many top people in crypto as voicing others to stay away from Poloniex and HTX under the suspicion there are some shady tactics going on behind it all and that these are not random attacks and errors.

on top of that HTX offers up some very weird and very scammy APRs. Let me be clear about this once again. If ANYONE or any company is offering you a higher (or even a same) APR as what is earned from staking rewards on that chain by yourself it is a clear scam. These APRs can not uphold themselves are instead invested into very risky items or clearly just a cash grab. Take a look at HTX offering. They make no sense a 100% APY?

It's also possible there could be someone on the "inside" of Justin Sun or hell even Justin himself behind these types of hacks. As it would in fact require a insider to be able to pull these things off and leak such key information at such a rapid pace.

In any case my advice to you is to always do your own research but also understand generating investment and risks and when red flags show up it might seem great at first but you'll often end up getting scammed out of most if not all of your crypto assets when investing in this manner.

Posted Using InLeo Alpha