April Fools Prank Gone Wrong: Blackcoin (BLK) Drops 9% In 2-Hours After Announcing Shut Down


Blackcoin (BLK) Tries to be Funny, Drops a Bomb; Market Reactions Aren't Nearly as Funny

It’s April’s Fool today and everyone wants to get in on the action. However, we have seen numerous times earlier these jokes can have a hard real-world consequence too. Today, BlackCoin (BLK) made a distasteful prank which managed to backfire.

They sent a Tweet about laying off all their developers and hating the blockchain by the end f the day.

https://twitter.com/BlackcoinOrg/status/1112592006042140672

If you can’t see any Tweet right now, it is because their official account deleted the Tweet. Luckily we managed to grab a screenshot before that happened.

BlackCoin founders created this sustainable and green cryptocurrency called ‘BlackCoin‘, also known as BLK. BlackCoin cryptocurrency works on PoS (Proof of Stake) algorithm, which does not require a high processing power or has a high demand for electricity. Where a typical Bitcoin transaction takes around 10 minutes to process, BlackCoin takes hardly a few seconds, only because of the algorithm difference.

The first and foremost feature of BlackCoin is its anonymity. It is an open-source project having support from powerful investors. Being open source, it invites users from across the globe to come and participate in the network. Another thing that makes this network and community different from all other cryptocurrencies out there is its guarantee of reward. Other currencies heavily depend upon a lot of factors.

Blackcoin (BLK) Live Price

1 BLK/USD =$0.1402 change ~ -2.19%

Coin Market Cap

$8.5 Million

24 Hour Volume

$156.36 K

24 Hour VWAP

$0

24 Hour Change

$0.00

The market did not react to the news too well as the value of the coin fell about 9% in the 2 hours following the announcement. Since then it has fallen over 12.6%.

BLK is the 424th biggest cryptocurrency according to market size. However, their market cap is dropping very fast after the news. They even had to take up to Twitter to clarify the incident.

The company even had to spell it out to their followers.

They added:

“All developers, the teams, and everyone that has worked on Blackcoin since it's conception has been purely out of their own goodwill for the community. We believe this is better for the longevity for the project as there is no single company or team.”

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