Topic: beware of IEO SCAM - page 5. (Read 752 times)
This is not the first case of fraud with IEO. Admittedly, participation in a non-Binance IEO can be dangerous for both investors and project founders. As a result, we get a monopoly business, which is formed by industry conditions? But this is the wrong way of the cryptocurrency.
According to Mario Nawfal,
Did Coineal Exchange Scam an IEO or are they just incompetent?
Founder of Cybr, Shawn Key, was recently "scammed" of roughly $80K by the 16th biggest exchange as per CMC's (skewed) stated volume, Coineal.
Coineal originally listed Cybr for a "mere" listing fee of 11 BTC. It then artificially inflated Cybr token's sales volume up to a point of where it seemed (only seemed...) as if 56.56% of the total supply was sold. Everything was going well until token sales hit a halt and the IEO failed. When Shawn turned around and questioned the 56.56% Coineal sent him an excel sheet indicating that only $3,000 worth of tokens were sold.
This all resulted in the delisting of Cybr and a full refund for all IEO participants, with the founder getting $0 in return and a loss amounting to approx $80K.
Two questions come to my mind after reading:
1. What happened to that initial 80k?
2. Is Coineal also amongst the exchanges faking their trading volumes?
3. Did Coineal intentionally scam Cybr?
Source https://www.linkedin.com/posts/mario-nawfal_ieo-crypto-activity-6562286564657942528-7LJe
Don’t let others take advantage of you in this unregulated space...
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