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Grayscale Trust Falls Victim to Phishing Scam, Crypto Investors Beware

News
Wed, 06/24/2020 - 10:35
Vladislav Sopov
Typically, every overhyped blockchain-related product draws the attention of blatant scammers. Investors have unveiled a phishing attempt by Grayscale impersonators
Grayscale Trust Falls Victim to Phishing Scam, Crypto Investors Beware
Cover image via stock.adobe.com
Contents

Seasoned cryptocurrencies investor Ryan Sean Adams, founder of the Mythos Capital investment fund, announced that he received a very strange letter. It turns, he is not the only one.

Suspicious exception for fat cats

According to a screenshot of a letter shared by Mr. Adams in a tweet, fraudsters are impersonating Michael Sonnenshein, managing director of Grayscale Investments. The fake 'Sonnenshein' is asking for feedback on Grayscale's products and offering two programs.

Ryan Sean Adams reveals scammers' letter
Image via Twitter

This scam can hardly be called well-designed. First of all, the impersonators use a 'Graysceal' domain instead of 'Grayscale', which is a very old strategy. Secondly, the letter is full of grammatical errors and looks like it was written in a rush.

Furthermore, the logic of the letter is broken: the author offers two of the most popular Grayscale products after asking whether they are 'useful'.

Finally, the scammers try to lure in gullible addressees claiming that Grayscale can raise funds even from unqualified investors 'on an exceptional basis', hinting at the large investments required for this shady 'exception'.

The letter contains two backlinks and asks for an answer so it is highly likely that it may steal personal financial information.

Controversial newsmaker

The activity of Grayscale Investments which offers benefits from cryptocurrency market volatility without owning crypto tokens raised many concerns among investor and analytic communities.

Their most popular product, Grayscale Investments Ethereum Trust (ETHE), sells stocks of an Ether-pegged trust with an enormous premium. As highlighted by ex-Messari analyst Qiao Wang, this method has no benefits in terms of liquidity influx or taxation regime.

Also, he unveiled that the Grayscale Bitcoin Trust (GBTC) lacks a redemption function, which is very suspicious. Without a prominent redemption instrument, the investors of GBTC are just sponsors of the Grayscale team, Mr. Wang concluded.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director

News
Mon, 07/13/2020 - 14:38
Vladislav Sopov
John Lilic, managing director at ConsenSys decentralized development studio, has shared an over-bullish prediction for Ethereum (ETH) progress
Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director
Cover image via stock.adobe.com
Contents

John Lilic leads international business development in the ConsenSys leading blockchain development studio. He is also an expert in energy markets and cryptocurrency segments. He tracked the progress of Bitcoin's (BTC) and Ethereum's (ETH) market capitalization statistics, coming up with an extravagant prediction.

Bitcoin (BTC) should get ready for parity

Mr. Lilic outlined that Ethereum (ETH) is showcasing much healthier dynamics than its competitor is. For instance, the flagship cryptocurrency still surpasses Ethereum (ETH) by 6.3x in terms of market capitalization, while simultaneously collecting 20% fewer fees than Ethereum (ETH).

John Lilic of ConSensys foresees parity of Bitcoin (BTC) and Ethereum (ETH) market capitalizations
Image via Twitter

Also, Ethereum (ETH) is demonstrating much more impressive price dynamics this year. It gained almost 37% against Bitcoin (BTC) in 2020. That said, Ethereum (ETH) looks severely undervalued to the top manager of ConsenSys.

However, Ether is on the path to eliminating this discrepancy. Eventually, the top two cryptocurrencies may reach market capitalization parity, concludes Mr. Lilic.

Related Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains
Related
Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains

As covered by U.Today Crypto News recently, Coinmetrics on-chain research team called Bitcoin (BTC) and Ethereum (ETH) the unique crypto behemoths that have managed to recover from Black Thursday.

Bitcoin (BTC) is losing supremacy in "fee race"

Should Ethereum (ETH) overcome its undervaluation, its price may be over $1,550 based on liquid supply and current Bitcoin (BTC) market capitalization.

Recently, it was unveiled that Ethereum (ETH) blockchain continues to surpass Bitcoin (BTC) in terms of network fees for more than 30 days in a row. Ethereum (ETH) is seeing this advantage for the first time in its history.

As U.Today Crypto News reported previously, ex-Messari analyst and angel investor Qiao Wang identifies two main catalysts of Ethereum's (ETH) price run in the mid-term perspective.

Related Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang
Related
Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang

According to Wang, the upcoming rally may be fueled by a long-awaited transition to Proof of Stake and fixing the monetary policy of Ether token.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)