Filecoin Biggest Company Accused of Running Pyramid Scheme

Shenzhen Shikongyun Technology, one of the biggest and most renowned Filecoin companies globally, has been charged by authorities for engaging in a pyramid scheme. When the company launched in 2020, its primary purpose was to provide decentralized file-sharing and storage services.

 

#CryptoNews: A Chinese court is presently overseeing a case involving a Chinese #Filecoin mining company and its four executives who are accused of orchestrating an $83.3 million pyramid scheme. 🧐https://t.co/DoXxB4uTno

— CoinMarketCap (@CoinMarketCap) August 16, 2023

Check out this CoinMarketCap post for more info.

 

The company is facing charges from Chinese authorities for tricking customers into mining Bitcoin on the platform. Before the accusation, an ex-employer stated that the company was fully aware of Chinese rules and regulations as it pursued international expansion. The price of the FIL coin is currently dropping, as is its market capitalization. Even once the matter is resolved, this price impact on the token is likely to last for a while.

 

Watch this to learn more. Read on to find out the market impact.

 

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Key Filecoin Levels to Watch: August 20

FIL/USD has been declining alongside the falling trendline since February 2023. As the market declines in fractals, the price approaches the oversold state. According to the Stochastic Oscillator, a retracement will likely happen as the price leaves the oversold state.

The retracement from the oversold state might extend toward the falling trendline. However, owing to the overall market trend, which is bearish, the bullish expansion is only expected to last for a short time.

Key Levels For FIL

Resistance Levels: $4.940, $6.440, $7.600

Support Levels: $3.300, $2.680, $2.000

 

Total Market Capitalization: $1.06T

Filecoin Market Capitalization: $1.58B

Filecoin Volume: $61M

Market Rank: #30

 

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