Market

Polkadot Parachain Detects Fraud Thanks to 2019 SEC Complaint

On January 13th, Composable Finance will celebrate winning the seventh Polkadot Slot Parachain Auction. The Defi Interaction Protocol claims to be the winner with over 9,000 community members who have collected over 6 million DOT.

However, Composable Finance is facing a “storm” from investors when it comes to mining fraud allegations.

Who is the scammer?

Twitter user “Zachxbt” has explain Very shocking news for the community who thinks the Composable Finance product manager could be a scammer.

The statement named Twitter user 0xbrainjar, identified as Omar Zaki, who was fined by the SEC for alleged fraudulent activity. SEC complaint, okay Submit in 2019, Zakis examined mutual fund management practices and found that:

“Zaki constantly misleads investors, tricking them into investing in funds while hiding the fund’s true capital from investors while trying to convince them to proceed with funding the fund.

In addition, Zaki was banned from practicing certain professions or holding any investment-related position for a period of three years. He was also fined $25,000.

ZachxBT say more that previous projects Zaki had worked on were subject to serious insider attacks.

Feedback

Twitter user 0xBrainjar has reply Charges by admitting he’s made mistakes in the past, but with no mention of the SEC fine. 0xBrainjar stated ZachxBT did not give itself a fair chance to respond to the allegations and vowed to hold an AMA meeting to assuage any doubts.

“I do nothing but build the project. I also don’t join twitter, perform “chicken roll” to make the coin price go up a lot. I only speak up if I don’t want to burden the project because of my past mistakes.”

The Zach/Zaki interaction exposes the anonymous risks in the crypto market. In this case, “0xbrainjar” got composable finance investors to trust and mobilize DOT for the project. The real question is, if the stakers knew about the SEC complaint before the auction started, would the stakers have any other choice?

Polkadot parachain slot auctions are already taking place. Interlay took the lead with over 2 million DOTs. The latest winner, meanwhile, is hydradx.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

12 minutes ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

1 hour ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

3 hours ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

3 hours ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

4 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

5 hours ago

This website uses cookies.