An altcoin called BlockAura (TBAC) has brought returns, especially to investors in India. It brought an Indian man a profit of 3,100 percent. The cryptocurrency, however, dropped 90 percent afterward. It is debated whether this coin, most of which is from India, is a ponzi. Here are the details…
This altcoin is up 3,100 percent
According to its official website, BlockAura plans to restore assets as a true store of value. In this respect, it is a revolutionary Blockchain platform created to create smart contracts for security tokens. It is a highly efficient Blockchain that will support 450-500k transactions per second without complex solutions like the second layer. Firoz Multani, an Indian based in Dubai, started the project in 2021.
Native token TBAC is mainly only listed on decentralized exchanges. According to data from CoinMarketCap, it surpassed its all-time high of $30 in July 2022 and is currently trading at around $3. According to one report, Sanjay Kamble, a 51-year-old Indian man, claims to have earned over 3,100 percent returns from BlockAura in eight months. Kamble, “I don’t need a day job, BlockAura is the next Bitcoin.” says. He predicts TBAC will reach $10,000 in two to three years.
BlockAura’s DefiAI project claims a staking reward of over 25 percent per month. Firoz Multani, founder of the project, said, “The profit may fluctuate depending on the price of the token, but there is no risk of losing capital as the staking returns distributed within the community help to recover the principal within five months. Those who believe in BlockAura and know that the coin will reach $100 in a year will remain,” he says.
Investors cannot withdraw their money
As we reported as Kriptokoin.com, most projects with high APY returns collapsed during the bear market. Most recently, BlockFi has filed for chapter 11 bankruptcy, while Genesis is trying to raise funds to avoid bankruptcy. However, BlockAura claims to offer over 25 percent monthly staking rewards. The trick is that the staking rewards are in the form of the highly illiquid native token TBAC. Also, BlockAura limits withdrawals to $250 per day. Akhilesh Agarwal invested $10,000 in BlockAura tokens in May and collected $25,000 in rewards over the next four months. However, he cannot even withdraw the principal amount.
BlockAura’s native token called TBAC registered an all-time high of $32.30 in July. However, it is currently down 90 percent to $3.03. Trading at $3, PancakeSwap has a seven-day volume of just $20,000. On the other hand, it is trading at $19 on UniSwap, another decentralized exchange. However, it should be underlined that there are not many TBAC transactions on this platform.
Indian startups have gained momentum in recent months
Alongside BlockAura, SBG Global and ApeJet are among the many different Indian startups that came out about 12 months ago. BlockAura, which started in 2021, currently has 60,000 investors. Founded by real estate developer Anil Yadav, SBG Global claims to have tripled returns in 20 months. It has more than 100,000 customers. Relatively new to the market, ApeJet is offering gifts ranging from iPhones to $605,000 villas in Dubai to attract investors.
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