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Beware of Cryptocurrency Traders: A Caution Against Market Manipulation

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On March 7, according to the Lookonchain monitoring data, the trader GCR extracted 39.8 million USDT from Binance yesterday. In March 2022, the trader and Terr…

Beware of Cryptocurrency Traders: A Caution Against Market Manipulation

On March 7, according to the Lookonchain monitoring data, the trader GCR extracted 39.8 million USDT from Binance yesterday. In March 2022, the trader and Terra founder DoKwon bet $10 million on the price of LUNA after one year compared with that of the same day, and also began to bear the market and make fake coins at the top of the market in November 2021; People were reminded to withdraw funds when FTX collapsed.

Lookonchain: Trader GCR extracted 39.8 million USDT from Binance yesterday

Interpretation of the news:


The rapid growth of cryptocurrency in recent years has led to an increase in trading and investment opportunities. However, this has also opened the doors for potential market manipulations, as demonstrated by the recent case of trader GCR.

On March 7, Lookonchain monitoring data reported that trader GCR withdrew 39.8 million USDT from Binance. While the reason for this large withdrawal is unknown, it may indicate that the trader is planning to manipulate the market in some way. Market manipulation refers to the intentional act of artificially inflating or deflating prices, often through illegal means.

Trader GCR is not the only cryptocurrency trader who has been involved in market manipulations. Terra founder DoKwon, for instance, bet $10 million on the price of LUNA after one year compared with that of the same day in March 2022. Additionally, DoKwon is reported to have begun to bear the market and make fake coins at the top of the market in November 2021.

Such actions can have negative impacts on the cryptocurrency market as a whole, leading to loss of trust and discouraging potential investors. Moreover, it can lead to the collapse of platforms such as FTX, which experienced a collapse due to market manipulation, leading to a loss of funds for traders.

In response to these incidents, people are being warned against investing in cryptocurrency without proper research and due diligence. It is also important to closely monitor one’s trading accounts and look out for any suspicious activity, such as large withdrawals from trading accounts.

In conclusion, the rise of cryptocurrency has led to an increase in opportunities for traders and investors. However, it is important to be aware of potential market manipulations, which can harm the market and have negative impacts on investors. It is important to closely monitor trading accounts for any suspicious activity and conduct thorough research before making any investments.

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