TBAC token grew by 3100% in 8 months

Analysts drew attention to the TBAC cryptocurrency, which is the native token of the BlockAura blockchain platform — TBAC grew by 3100% in 8 months. The crypto community has questions about the security of BlockAura, its token, and the guarantee of returning investor funds in case of a collapse, so some users and experts believe that fraudsters are behind the project.

Sanjay Kamble claimed to have made more than 3100% profit by investing in TBAC, according to a Bloomberg article. «I don’t need a job anymore, BlockAura is the next bitcoin and I will make money on it ,» Kamble said and predicted that TBAC would reach $ 10,000 in two to three years.

According to the platform’s official website, BlockAura is a «revolutionary blockchain platform» designed to create smart contracts. Its representatives position their project as a «high-performance blockchain that supports 450−500 thousand transactions per second.» The founder of BlockAura is Firoz Multani, an Indian who launched the project in 2021. According to CoinMarketCap, in July 2022, TBAC reached its all-time high of more than $ 30 and is now trading for $ 3.

According to BlockAura representatives, the platform guarantees more than 25% of the monthly reward. The problem is that users receive this reward in the form of an illiquid native TBAC token. In addition, BlockAura has a withdrawal limit of up to $ 250 per day. For example, investor Akhilesh Agarwal invested $ 10,000 in BlockAura tokens in May and accumulated $ 25,000 in rewards in four months. However, he cannot withdraw even a part of the amount. «At first, when the token price was rising, people were making money. Now we can’t withdraw our funds, all the investors' money is just stuck on BlockAura,» explained Akhilesh Agarwal.

Crypto + mlm = scam

— Pushpendra Singh (@pushpendrakum) August 19, 2022

Another Twitter user said that the project manipulates people by making vain promises. Indian Praveen Dsouza called BlockAura a Ponzi scheme.

Most projects that provided high APY yields collapsed during the bear market. Recently, cryptocurrency lender BlockFi filed for bankruptcy, and Binance-vyznav-shho-znav-pro-problemy-zbankrutiloyi-platformy-ftx/">Genesis is trying to raise funds to avoid collapse.