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NFT Platform Cent Closed Due to Malicious Activity

NFT Platform Cent Closed Due to Malicious Activity

The platform that allows the selling and buying of tweets as NFTs halted operations after alleged minting of counterfeit digital assets.

The non-fungible token craze has been going on for quite a while, generating millions of dollars in revenue from plain animated pictures to digital artwork with exclusive rewards.

Cent allowed people to acquire posts on Twitter as NFTs, but, just recently, it was shut down due to alleged unauthorized minting operations of non-fungible tokens.

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Initially, the platform gained a lot of traction only last year after Jack Dorsey, ex-CEO of Twitter, had his tweet minted as an NFT on the platform which was sold for about $2.9M in ETH.

However, Cent has been under a lot of scrutinies over the past weeks due to instances of copyright-infringing and misleading activity that would put buyers at risk of losing their funds or purchasing a counterfeit NFT. This led to the platform stopping all NFT trading on February 6th.

CEO of Cent Cameron Hejazi talked to Reuters about the situation surrounding the NFT marketplace, highlighting the "spectrum of activity" that was happening on the exchange like sales of counterfeit and copyrighted NFTs, some even posing as securities.

Hejazi mentioned the scale of these minting operations which were unable to control, stating:

"It kept happening. We would ban offending accounts but it was like we're playing a game of whack-a-mole... Every time we would ban one, another one would come up, or three more would come up."

Some experts claimed that NFT trading platforms, just like crypto exchanges, must have larger security measures like AML and KYS so only verified users are able to list non-fungible tokens for sale. With the current situation, people may be subject to scams with no way of retrieving their funds.

In fact, OpenSea addressed this issue in late January, stating that 80% of artwork on the platform were subject to copyright or spam. This pushed the marketplace to make a "50 item limit" for their free minting tool, which was later dismissed due to community backlash.

While the platform Cent paused operations, its secondary tweet NFT minting platform Valuables is still open for business.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.



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