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South Korean ICO project discontinued, to return $7.5M to token holders

Thu, 20 Feb 2020, 10:58 am UTC

South Korean initial coin offering (ICO) project Contents Protocol has announced that it will discontinue its operations and return 26,877 Ether (ETH) ($7.5 million approximately) to the holders of its CPT token, Cointelegraph reported.

The Content Protocol Team made the announcement on its website. According to it, they will discontinue the project due to “regulatory uncertainties in cryptocurrency and lack of business prospect.”

The company raised a total of 29,333.77 ETH through ICO (private and public token sale) and will distribute 26,877.68 ETH to CPT holders as it goes into liquidation.

“Based on the legal opinion and advisory from law firms in Korea and Singapore, we will convert our remaining assets to ETH and distribute it on a pro rata basis to CPT holders who have requested ETH compensation until specified date. The company will go through liquidation process and the CPT we currently possess and collect through this process will be destroyed,” the announcement read.

The project collected consumer data from content platforms like WATCHA and WATCHA PLAY by rewarded the platforms and their users with cryptocurrency (CPT). It then analyzed the data and sold it to content providers to help them create better content.

However, they struggle to find participants due to the negative perception toward cryptocurrency, price volatility, and complex user experience. The team also found it challenging to find content platforms willing to provide data to Contents Protocol. Due to resulting limited capacity in collecting data, it also experienced difficulty in providing helpful insight to content producers.

On top of these, the team feels that the perception and environment for cryptocurrency will not improve anytime soon. Also, it is uncertain as to when the legal and accounting guidelines on crypto will be established.

“In order to overcome these limitations, the team went through numerous trials and errors, but after serious deliberation, we decided that it would be best to put a stop to this business and return our remaining assets to CPT holders,” the team wrote. “Sincere gratitude to everyone who has supported our project.”

Meanwhile, South Korean crypto wallet Bitberry has decided to shut down due to “market deterioration and uncertainty of the blockchain industry”. It will officially close on Feb. 29.

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  • Johnny
  • 2020.11.17 07:07:03
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  • caban
  • 2020.11.15 03:00:29
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  • vanhel
  • 2020.10.03 20:19:23
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  • vanhel
  • 2020.10.03 20:19:09
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  • Leanea
  • 2020.09.22 00:28:48
More and more Americans are turning to dating websites and mobile apps in hopes of finding love and companionship. A Pew Research Center study revealed that nearly 60 percent of U.S. adults consider online dating a good way to meet people, and Match meet someone new, one of the most popular dating sites, says people 50 and older represent its fastest-growing share of users. But seeking romantic bliss online can have a major downside: Cyberspace is full of scammers eager to take advantage of lonely hearts.

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Over weeks or months you feel yourself growing closer. You make plans to meet in person, but for your new love something always comes up. Then you get an urgent request. There’s an emergency (a medical problem, perhaps, or a business crisis), and your online companion needs you to wire money quickly. He or she will promise to pay it back, but that will never happen. Instead, the scammer will keep asking for more until you finally realize you’ve been had.

Phony suitors also seek out targets on social media, and they are increasingly active. The Federal Trade Commission (FTC) received more than 25,000 reports about romance scams in 2019, a nearly threefold increase since 2015. Victims' losses totaled $201 million, almost 40 percent more than in 2018 and the most for any type of consumer fraud.

The older the victim, the heavier the financial toll, according to the FTC — the median individual loss for people aged 70 and over was $10,000, compared to $2,600 for all victims.

Warning Signs

Your new romantic interest sends you a picture that looks more like a model from a fashion magazine than an ordinary snapshot.

The person quickly wants to leave the dating website and communicate with you through email or instant messaging.

He or she lavishes you with attention. Swindlers often inundate prospective marks with texts, emails and phone calls to draw them in.

He or she repeatedly promises to meet you in person but always seems to come up with an excuse to cancel.

Do's

Do take it slowly. Ask your potential partner a lot of questions, and watch for inconsistencies that might reveal an impostor.

Do check the photo, using Google’s “search by image” feature. If the same picture shows up elsewhere with a different name attached to it, that’s a sign a scammer may have stolen it.

Do be wary of flirtatious and overly complimentary emails. Paste the text into a search engine and see whether the same words show up on websites devoted to exposing romance scams.

Do cut off contact immediately if you begin to suspect that the individual may be a swindler.

Do notify the dating site or the maker of the dating app on which you met the scammer.

Don'ts

Don’t feel a false sense of safety because you’re the one who made first contact. Scammers flood dating websites with fake profiles and wait for victims to come to them.

Don’t reveal too much personal information in a dating profile or to someone you’ve chatted with only online. Scammers can exploit details like your last name or where you work to manipulate you or to commit identity theft.

Don’t ever give an online acquaintance intimate photos that could later be used for extortion.

Don't send cash to someone you've chatted with only online or put money on a reloadable gift card for the person — you’ll never get it back.

Report a suspected online romance scam or false investment to SCAMRECOUP, com and also get a possible chance to refund your lost funds
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  • 2020.09.16 16:34:19
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  • 2020.08.17 09:38:30
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  • lynne424
  • 2020.08.17 09:38:30
Even if you lost money, don't go down without a fight. I was naive for thinking it wasn't possible but i kept trying even after i lost money because i couldn't afford to let go of the huge amount i lost. I really don't want to get into details but if you are going through this, you may also have been scammed by fake recovery experts,it is possible to recover your lost funds because i did. All you need is the right person to do this for you ( support @ corecrypto .tech). Send a mail and you will be glad you did.
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  • 2020.06.23 04:21:40
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  • susu
  • 2020.06.23 04:20:29
Comment deleted by user
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  • susu
  • 2020.06.23 04:19:02
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  • Johnny
  • 2020.06.22 12:08:08
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  • 2020.06.12 05:01:26
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  • HackEthics008
  • 2020.06.04 04:52:54
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  • HackEthics008
  • 2020.06.04 04:38:21
Hack Ethics is a Verified Experienced Binary Options Recovery Specialist and Professional Hacker that provides the experience, intelligence, expertise in Asset Recovery and successfully solve ANY DESIRED HACKING SERVICES YOU WANT with ease which includes BINARY OPTIONS FUNDS RECOVERY, CREDIT REPAIR, PHONE & SOCIAL MEDIA HACKS and so on. 

People have lost their hard earned money through this BINARY OPTIONS TRADINGS, yet they would go to meet FAKE HACKERS who are also scammers unknowingly to help them recover their money and they would end up losing more money in the process. These Scammers also tend to put Fake Testimonies out there just to steal more from you by giving you False hope. I understand how heartbreaking it is to be a BINARY OPTIONS SCAM VICTIM after you've been promised your fortune by Binary Companies and then they ignore your Emails or Calls after stealing from you.  I'm taking every step to render solution to those innocent people affected and help them get every penny they lost.  CONTACT  EMAIL  -  HACKETHICS008 @ GMAIL . COM 
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  • HackEthics008
  • 2020.06.04 04:37:47
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People have lost their hard earned money through this BINARY OPTIONS TRADINGS, yet they would go to meet FAKE HACKERS who are also scammers unknowingly to help them recover their money and they would end up losing more money in the process. These Scammers also tend to put Fake Testimonies out there just to steal more from you by giving you False hope. I understand how heartbreaking it is to be a BINARY OPTIONS SCAM VICTIM after you've been promised your fortune by Binary Companies and then they ignore your Emails or Calls after stealing from you.  I'm taking every step to render solution to those innocent people affected and help them get every penny they lost.  CONTACT  EMAIL  -  [email protected] 
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  • 2020.05.02 20:55:04
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  • rachelmillr
  • 2020.02.21 08:27:00
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  • wilsonborne44
  • 2020.02.20 23:48:30
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