Azoundria: Another 30 minutes complete. Additional sources merged in. Prevention completed. Information moved around.

2023-10-20T16:13:23Z

Another 30 minutes complete. Additional sources merged in. Prevention completed. Information moved around.

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/blockauraponzischeme.php}} {{Unattributed Sources}} BlockAura Website/LogoBlockAura announced a blockchain platform designed for smart contracts for security tokens, emphasizing scalability and speed. It claimed a high throughput blockchain capable of supporting 450,000 to 500,000 transactions per second without complex layer-two solutions. The project is associated wi..."

2023-10-16T17:46:04Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/blockauraponzischeme.php}} {{Unattributed Sources}} thumb|BlockAura Website/LogoBlockAura announced a blockchain platform designed for smart contracts for security tokens, emphasizing scalability and speed. It claimed a high throughput blockchain capable of supporting 450,000 to 500,000 transactions per second without complex layer-two solutions. The project is associated wi..."

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{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/blockauraponzischeme.php}}
{{Unattributed Sources}}

[[File:Blockaura.jpg|thumb|BlockAura Website/Logo]]BlockAura announced a blockchain platform designed for smart contracts for security tokens, emphasizing scalability and speed. It claimed a high throughput blockchain capable of supporting 450,000 to 500,000 transactions per second without complex layer-two solutions. The project is associated with Firoz Multani and aimed to offer a cost-effective solution for transactions using its Advance-Proof-of-Stake (APoS) consensus algorithm. BlockAura's DefiAI project offers staking rewards of over 25% per month in TBAC tokens. An investor claims substantial returns from BlockAura, believing TBAC could reach $10,000 in the next few years. The Mainnet launch was scheduled for March 3, 2023. Many investors reported difficulties withdrawing their funds, and the project's website is currently down.

This is a global/international case not involving a specific country.<ref name="beincrypto-11977" /><ref name="blockaura-11978" /><ref name="bloomberg-11979" /><ref name="praviarvatwitter-11980" /><ref name="coinmarketcap-11981" /><ref name="economictimes-11982" /><ref name="blockaurabtwitter-11983" /><ref name="peakd-11984" /><ref name="technopixel-11985" /><ref name="blockauraarchive-11986" /><ref name="fairyproofarchive-11987" /><ref name="fairyproof-11988" />

== About BlockAura ==
"BlockAura [was] a revolutionary blockchain platform built to create smart contracts for security tokens to bring back an actual store of value of the assets. It [announced] a high-throughput blockchain that will support 450–500k transactions per second without complex solutions like layer two. Firoz Multani, a Dubai-based Indian man, started the project in 2021."

"Blockchain For Global Adoption Scalable, and lightning-fast L1 blockchain BlockAura will take everything you love about Blockchain and turbocharge it."

"BlockAura ensures the ability of the platform to support increasing load of transactions, as well as increasing the number of nodes in the network to scale to global requirements with minimal energy requirement."

"BlockAura has been precision engineered to be economical at a fractional cost to per transaction powered by BlockAura’s new generation of BFT Advance-Proof-of-Stake (APoS) consensus algorithms."

"BlockAura's algorithm is all about speed to process transaction on the network faster compared to other blockchain by achieving 500,000 TPS and can scale to millions of validators with minimal hardware."

"BlockAura is a blockchain platform built on the groundbreaking algorithm Advance-Proof-of-Stake consensus protocol, and developed to pursue flexibility and security ensuring you have the ability to create apps that can appeal to the masses while maintaining the power of decentralization through it’s protocol."

"The native token TBAC [was] mainly listed on decentralized exchanges only. It made an all-time high of over $30 in July 2022"

"BlockAura is currently a Token (TBAC) deployed initially on Binance Smart Chain, Ethereum and Polygon. It is currently in the of upgrading it with a new token smart contract allowing cross chain transfers."

"To accelerate the growth of BlockAura blockchain and community reach through particpation from different industries both regional and international BlockAura has become the newest member of Singapore Blockchain Association."

"BlockAura Blockchain is currently on Testnet and is scheduled to launch its Mainnet on 3rd March 2023."

"According to a Bloomberg article, Sanjay Kamble, a 51-year-old Indian man, claims to have made over 3100% returns in eight months from BlockAura. Kamble says, “I don’t need a day job, BlockAura is the next Bitcoin.” He predicts that TBAC will reach $10,000 in two to three years."

"The Indian investor says BlockAura is the next Bitcoin. He believes TBAC will hit $10,000 in two to three years.
The project's founder claims there is no risk of losing capital, and the principal amount can be earned back in five months."

The DefiAI project of BlockAura claims to give a staking reward of more than 25% a month. Firoz Multani, the project’s founder, says, “Profit can fluctuate depending on the token’s price, but there’s no risk of losing capital, as staking returns distributed within the community help earn back the principal within five months. Those who believe in BlockAura and know that the coin will touch $100 within a year will stay.”

[T]he staking rewards are in the form of highly illiquid native token TBAC. Furthermore, BlockAura limits the withdrawals to $250 per day. Akhilesh Agarwal invested $10,000 in BlockAura tokens in May and accumulated $25,000 in rewards over the next four months. However, he is not able to withdraw even the principal amount.

He says, “Only a handful of people made money at the start when the price of the token was rising. Now we can’t withdraw, and everyone’s money is stuck.”

The BlockAura website is presently offline.

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:
* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - BlockAura Ponzi Scheme
!Date
!Event
!Description
|-
|September 25th, 2022 10:45:00 PM MDT
|MLM Warning Tweet
|A warning tweet accuses the project of being an elaborate MLM.
|-
|November 30th, 2022 4:00:00 PM MST
|Bloomberg Article Published
|Bloomberg reports on the BlockAuro token surging 3,100%.
|}

== Technical Details ==
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?
== Individual Prevention Policies ==
{{Prevention:Individuals:Placeholder}}

{{Prevention:Individuals:End}}

== Platform Prevention Policies ==
{{Prevention:Platforms:Placeholder}}

{{Prevention:Platforms:End}}

== Regulatory Prevention Policies ==
{{Prevention:Regulators:Placeholder}}

{{Prevention:Regulators:End}}

== References ==
<references><ref name="beincrypto-11977">[https://beincrypto.com/this-coin-gave-3100-returns-but-is-it-a-ponzi/ BlockAura Climbs 3100% but Crypto Investors are Skeptic] (Dec 1, 2022)</ref>

<ref name="blockaura-11978">[https://blockaura.com/ https://blockaura.com/] (Oct 10, 2023)</ref>

<ref name="bloomberg-11979">[https://www.bloomberg.com/news/articles/2022-11-30/crypto-coin-that-surged-3-100-in-india-cracks-amid-ftx-fiasco Crypto Coin that Surged 3,100% in India Cracks Amid FTX Fiasco - Bloomberg] (Oct 10, 2023)</ref>

<ref name="praviarvatwitter-11980">[https://twitter.com/Praviarva/status/1574258816132079617 @Praviarva Twitter] (Oct 10, 2023)</ref>

<ref name="coinmarketcap-11981">[https://coinmarketcap.com/currencies/blockaura/ https://coinmarketcap.com/currencies/blockaura/] (Oct 10, 2023)</ref>

<ref name="economictimes-11982">[https://economictimes.indiatimes.com/markets/cryptocurrency/crypto-coin-cracks-after-luring-indians-with-3100-returns/articleshow/95902196.cms tbac price: Crypto coin cracks after luring Indians with 3,100% returns - The Economic Times] (Oct 10, 2023)</ref>

<ref name="blockaurabtwitter-11983">[https://twitter.com/BlockauraB @BlockauraB Twitter] (Oct 10, 2023)</ref>

<ref name="peakd-11984">[https://peakd.com/hive-167922/@omosefe/3100-returns-in-8-months-is-blockaura-the-next-bitcoin-or-just-another-ponzi-scheme-in-the-works 3100% Returns In 8 Months: Is BlockAura The Next Bitcoin or Just Another Ponzi Scheme In The Works? | PeakD] (Oct 10, 2023)</ref>

<ref name="technopixel-11985">[https://www.technopixel.org/crazy-up-this-altcoin-is-up-3100-percent-then/ Crazy Up: This Altcoin Is Up 3,100 Percent! Then… - TechnoPixel] (Oct 10, 2023)</ref>

<ref name="blockauraarchive-11986">[https://web.archive.org/web/20230508005919/https://blockaura.com/ Home - BlockAura] (Oct 10, 2023)</ref>

<ref name="fairyproofarchive-11987">[https://web.archive.org/web/20230508005919/https://fairyproof.com/report/BlockAura Fairyproof] (Oct 10, 2023)</ref>

<ref name="fairyproof-11988">[https://fairyproof.com/report/BlockAura Fairyproof] (Oct 10, 2023)</ref></references>

BlockAura Ponzi Scheme - Revision history

Azoundria: Another 30 minutes complete. Additional sources merged in. Prevention completed. Information moved around.