Cryptocurrency prices
After the Hawk Tuah coin sparked backlash on social media, Burwick Law, a firm that specializes in cryptocurrency, posted on X urging people who lost money on the memecoin to reach out to “learn about your legal rights rolling slots.” Still, it’s unclear whether the crash will have legal consequences, and there is no clear evidence of wrongdoing or illegality. Some critics have speculated—without proof—Welch’s coin was launched as part of a “pump and dump” scheme, in which the value of an asset, including a cryptocurrency, is quickly inflated and then sold off, causing the value to crash. The CFTC first cracked down on crypto pump and dumps in March 2021, charging two individuals on multiple counts of fraud for deceiving crypto investors and profiting more than $2 million in one such scheme.
The SEC recently clarified its stance, asserting that meme coins do not qualify as securities, which may have influenced the outcome. However, the debate around regulatory oversight continues, with concerns about “rug pulls” and investor protection remaining central. Though Welch walks away unscathed from the SEC’s scrutiny, the crypto community remains divided on how to handle such volatile assets.
Despite the token’s dramatic 95% crash just hours after its launch, regulators found no evidence of fraudulent activity or malicious intent on Welch’s part. The once-hyped memecoin skyrocketed to a staggering $500 million valuation before plummeting below $60 million in a matter of 20 minutes, sparking widespread criticism and accusations of a pump-and-dump scheme.
What is cryptocurrency
Though cryptocurrency blockchains are highly secure, off-chain crypto-related key storage repositories, such as exchanges and wallets, can be hacked. Many cryptocurrency exchanges and wallets have been hacked over the years, sometimes resulting in the theft of millions of dollars in coins.
Cryptocurrencies traded in public markets suffer from price volatility, so investments require accurate price monitoring. For example, Bitcoin has experienced rapid surges and crashes in its value, climbing to nearly $65,000 in November 2021 before dropping to just over $20,000 a year and a half later. Bitcoin prices had roared back by mid-2024. As a result of this vast range of volatility, many people consider cryptocurrencies a speculative bubble.
Many cryptocurrency projects are untested, and blockchain technology in general has yet to gain wide adoption. If the underlying idea behind cryptocurrency does not reach its potential, long-term investors may never see the returns they hoped for.
It’s essentially a decentralized network, also called a distributed-ledger technology (DLT). This means there is no single authority serving as a gatekeeper or facilitator for the transactions taking place within the network.
Proof-of-work cryptocurrencies, such as bitcoin, offer block rewards incentives for miners. There has been an implicit belief that whether miners are paid by block rewards or transaction fees does not affect the security of the blockchain, but a study suggests that this may not be the case under certain circumstances.
Pi network cryptocurrency
In this guide, we explore Pi Coin’s foundations, the structure of its ecosystem, the mining model, ongoing development milestones, and its challenges — as well as its future prospects in a rapidly changing digital landscape.
These extensions, while explained as measures to ensure inclusivity and network strength, have faced criticism from community members who sometimes view them as delay tactics for postponing the Open Network launch.
Unlike Bitcoin and Ethereum, which require costly hardware or capital to participate, Pi Coin offers a mobile-first alternative. Users mine from their smartphones without significant resource consumption. This model lowers the barrier to entry and broadens access to crypto participation.
The success of the network is dependent upon its expansion. Therefore, membership is via invitation. If a user doesn’t successfully refer another person, the mining sessions won’t achieve completion. You can still mine without a referral, but the rewards will be significantly less.