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Adam Back saw the similarity of the SushiSwap dump with Litecoin and XRP

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Adam Back saw the similarity of the SushiSwap dump with Litecoin and XRP
CONTENT

  • A well-known cryptographer believes that over a dozen crypto projects have the same asset pump scheme

  • The SUSHI token dump is unremarkable, according to Beck

  • Ripple is trying to address the issue of misuse of distributed storage

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The renowned cryptographer also sees little difference between a SUSHI token dump and other traditional digital assets.

Blockstream co-founder and CEO Adam Back sees little difference between the collapse of the SushiSwap (SUSHI) token and the current state of affairs for giants like Litecoin (LTC) and XRP (XRP)..

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Adam Back saw the similarity of the SushiSwap dump with Litecoin and XRP

In particular, on his Twitter page, Back made a comparison between the above tokens, which, according to the head of Blockstream, have the same traditional pump schemes. & dump, hiding behind various campaigns for the development of the project.

If the SUSHI token pump scheme is an accumulation of assets in a smart contract, and then a quick pump & dump, then in the case of LTC and XRP, according to Beck, the situation looks somewhat different.

New methods, old schemes

So, the Litecoin community initially positioned itself as a silver analogue of bitcoin. Then, the community carried out pre-mining / buying of coins, advertised the product and only then sold the assets “on the highs”.

A similar pattern happened with XRP. Initially, the project was announced as an analogue of the SWIFT payment system based on blockchain technology. Subsequently, the developers carried out 100% pre-mining of all tokens, carried out a “scam-like pump” and a subsequent dump on the small trader market.

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Back believes there are at least a dozen similar fraudulent schemes in the cryptocurrency market..

However, not everyone agreed with Beck’s statements..

User @Long_Stock_Ag noted that in the case of Litecoin, pre-mining is not something bad and is very different in its essence from airdrop, as was the case with SUSHI.

In response, Beck stated that there is “a large variety of disguised pre-mining” in the market..

“Instamines, hindsight fake stories, stories of ‘GPU resilience’ that some are skeptical about given that the tokens are actually mined by the GPU or FPGA …” Back wrote.

Away from cryptocurrencies

Adam Back saw the similarity of the SushiSwap dump with Litecoin and XRP

The largest holder of XRP tokens, Ripple, has already been repeatedly accused by the cryptocurrency community of deliberately barring XRP and permanent token dump.

Notable in the situation with Ripple was the fact that the chief technical officer of Ripple Labs David Schwartz admitted that most transactions in the XRPL distributed ledger do not make any sense and are in fact spam.

After the topic with the incorrect use of XRPL began to receive massive media coverage, the company decided to hire an analyst to investigate suspicious activity on the network..

So far, however, the company’s efforts to save the token have not helped much to the asset, which has remained below the $ 0.30 level over the past several years..

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