Currently, there are domestic victims who have reported to the police.
On the night of October 23 to the early morning of the 24th, the Shar project skyrocketed to nearly 60 million USD, then plummeted by 96% within five minutes!
All of this happened because a certain big shot sold off 500 million SHAR tokens at once, which is half of the total supply! According to the folks at Lookonchain, this transaction was orchestrated by an insider trader. At 5 AM on the 24th, he consolidated SHAR from over a hundred wallets into one wallet and sold it all in one go.
You might wonder how this project suddenly became popular? In fact, it relied on riding the coattails of well-known institutions and enlisted some famous KOLs to promote it, which deceived so many people into trusting it.
I don’t want to name names, but let’s just say there’s a big KOL with over 100,000 followers who also promoted it with two tweets, which have now been deleted.
In fact, these false promotions, riding on well-known institutions, and finding KOLs for advertising are not costly. If the promotional fee is paid in SHAR tokens, it’s essentially a free lunch for the project side. Now, some domestic victims have already reported to the police.