Controversial cryptocurrency influencer Richard Heart is back in the news, this time connected to popular leveraged trading platform Rollbit. Rollbit’s native token, RLB, has surged over 7x in recent months thanks partly to revamped tokenomics. But a closer look at the on-chain activity of Rollbit’s developers reveals wallet connections to Richard Heart, according to online sleuths.
Richard Heart is well-known in the crypto community for founding the cryptocurrency Hex, which many consider to be a scam. Heart has a history of promoting products of questionable legitimacy, so his potential connection to Rollbit is raising red flags.
Rollbit has recently ramped up promotions by influencers to drive user signups for its high-leverage trading platform. Meanwhile, rivals like Bybit are doing the same. These exchanges generate revenue from liquidations when overly-leveraged trades are forced to close.
Some believe the influencer promotions and token price pumps are simply games to attract new users as livestock to be harvested for liquidations. Caution is warranted with any platform promising big riches from ultra-high risk leveraged trading.
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Show more +But why is Rollbit attracting so much attention and new users? The platform offers leverage up to 100x, allowing traders to magnify both gains and losses substantially. For some gambler-types, the rush of ultra-high leverage is exhilarating.
RLB’s price surge is also driven partly by recently revamped tokenomics. Rollbit conducts token buybacks and burns, reducing circulating supply. New staking rewards have also been added to encourage holding the token.
Of course, reduced token supply and staking rewards mean nothing if the underlying platform lacks ethics or integrity. The connection to a controversial figure like Richard Heart raises doubts. Wise investors will think twice before apeing into RLB or depositing funds on Rollbit without strict risk management.
As usual in crypto, investors should do their own research before jumping in. Exchanges advertising get-rich-quick schemes should always be treated with skepticism. While big wins may happen for a few lucky traders, sustainable gains come from discipline, risk management, and time in the market.
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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com
