SEC Investigates MinhCoin
After recent news with the SaveTheKids Coin scandal by fellow Faze members and influencer Ricegum, the SEC has decided to crack down on pump and dumps, with the first example being MinhCoin. After trading at $550.11 last week, it has dropped to an average of $13.42 per MinhCoin and has been consolidating slowly from there. In return, this has raised suspicion in the SEC. This further prompted an official investigation from the SEC to see whether MinhCoin was a pump and dump. The SEC has released an official statement, “It is our duty to make sure securities — including cryptocurrencies, to not be manipulated in ways such as artificially increasing the price in order to sell it off at a higher price.” What this means for investors is that if MinhCoin, if found fraudulent, will be BLACKLISTED and DISCONTINUED. It could be estimated at about 6.3 million dollars will be lost for investors currently holding MinhCoin if it is discontinued. Critics argue that MinhCoin should not be regulated, as it is decentralized. We were able to get a statement from his brother, Michael, who states, “Uh, I think it’ll be fine. Look out for my next big project, which will be cooler than my brother, Minh.” Our team tried to get a statement from Minh, but we have been alerted by his son that he is out right now cheating on his wife, so we will not be able to get a statement until next week possibly.