NovaChain Exit Scams After Luring Investors with Bot Trading

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.

Hi @cz_binance, are you aware that @NovaChain_cc just exit scam an hour ago ? The supossed to be trading pool with about 110btc of investors money ?

— OjosdePez (@PezOjosde) July 7, 2019

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:

#Novachain's automated trading bot "T-Rex" continues to deliver solid results. Todays payout was whopping 1.19%#dropil #arbitraging #bitcoin #passiveincome #sidehustle #makingmoney #ethereum #cryptocurrencynews pic.twitter.com/Kn4HAJ3rgX

— Passive Crypto Income (@PassiveCryptoI1) June 8, 2019

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.

Exchange Launches Monday! 👽🔥💣 #novachain #exchange #lending #staking #crypto #cryptocurrency #bitcoin #ethereum #nova #cryptouniverse https://t.co/9QKJrbIwS2 pic.twitter.com/l7MVmasTrM

— The Crypto Universe (@CryptoUnivers3) May 12, 2018

The project survived for a little more than a year.

  • 20
Block
Add Reply
Feedback |

Mining support                     

Add Reply
expand

Thank you  for sharing. 

Add Reply
expand

thanks

Add Reply
expand

support

Add Reply
expand

nice

Add Reply
expand

keep on

Add Reply
expand

great

Add Reply
expand

good day

Add Reply
expand

 Good afternoon.

Add Reply
expand

support

Add Reply
expand

Come and support

Add Reply
expand

Great sharing. 

Add Reply
expand

Nice sharing           

Add Reply
expand

Support 

Add Reply
expand

support~

Add Reply
expand

thanks for sharing. 

Add Reply
expand

Good evening        

Add Reply
expand

Support you            

Add Reply
expand

Support and  mining   

Add Reply
expand

Nice sharing       

Add Reply
expand
You should login to reply
You will reward to {{ username }}

Available Balance: {{balance}}

≈ $ {{usdtAmount.toFixed(2)}} (The reward commission rate is 10.0%)

New Favorite Bag

Add To Favorite You can create multiple favorites and classify the topics. Please select the favorites you want to add.
{{ favoriteBag.title }} {{ favoriteBag.favorites_count }}Topics

{{ text }} OK
fa-bars fa-arrow-up