PH Cripto

According to JoongAng, South Korea's largest media agency, investors in the local crypto-currency exchange market were outraged by Bitcoin Platinum, a supposed fraud created by a South Korean teenager.

@bitcoinplatinum Twitter, the official design bill Bitcoin Platinum announced the project as a fork of Bitcoin Blockchain. Earlier this month, the creator of Bitcoin Platinum said that a group of miners, developers, investors and users of Bitcoin will forge the Bitcoin protocol in block 498.577.

However, a list of supporters, developers, investors and miners was not provided to the public. Prior to the latest incident that angered the South Korean Bitcoin community, investors remained highly skeptical of the project given its vague description and vision. Bitcoin Platinum claimed to conquer "Satoshi's original vision of Bitcoin as decentralized electronic money," copying the vision of Bitcoin Cash.

More than that, he offered no additional information besides PR gibberish. A statement from Bitcoin Platinum read:

"Bitcoin Platinum brings Blockchain's real book to the world, with merchants and users empowered with low rates and reliable confirmations." The future shines brightly with unrestricted growth, global adoption, unlicensed innovation, and decentralized development. "

Controversy
Before, on December 10, after launching all the declarations in English since the first week of November, the account holder of Bitcoin Platinum on Twitter wrote:

Before, on December 10, after launching all the declarations in English since the first week of November, the account holder of Bitcoin Platinum on Twitter wrote:

The brief statements above, written with a highly informal tone, say:

"[Bitcoin] hit very well," and "then whoever tells you to buy Bitcoin, shorting [Bitcoin] is the best."

Based on the tweets launched by Bitcoin Platinum, the motivation behind the Bitcoin Platinum project was, of course, to try to lower Bitcoin's price by introducing a hard fork and profiting from Bitcoin's short-term price trend by bursting it.

JoongAng and other South Korean mainstream media have revealed that Bitcoin Platinum's Twitter administrator and the suspected project creator is a South Korean teenager who allegedly presented the project to find an opportunity to Bitcoin short in the South Korean exchange market of Bitcoin.

The teenager then admitted on Twitter with the account Bitcoin Platinum, that the project was created as a fraud. The creator of Bitcoin Platinum wrote:

"Please forgive me Bitcoin Platinum is a fraudulent currency, I created the project to earn five million Korean won ($ 4,590)."

South Korean government plan
Last month, a $ 200 million Ponzi scheme was unveiled, targeting middle-aged investors. Ponzi system operators established a Bitcoin consulting firm in Seoul, seduced investors into the market and offered profit margins out of reality, claiming their money will be invested in Bitcoin.

Ultimately, the five individuals behind the Ponzi scheme were arrested as investors asked a local police department to investigate the scandal many months after failing to receive payments from operators.

In the coming months, the South Korean government and its criptomoeda task force, consisting of five ministries and commissions, including the ministry of strategy and finance, will create policies to regulate the South Korean crypto-currency market and repression of scams and operations such as the $ 200 million Ponzi scheme mentioned above and Bitcoin Platinum.