I believe it is not only IDAX that is faking IEO sales, I have a feeling that there are lots more out there but sadly there is none spoken about it. If we look at the trend, its been all data manipulation, even before this IEO had been a craze. Aside from this IEO, there are also some fraudulent activites of some exchanges when it comes to its listing process. Binance had been accused of such action by DGB and https://bitcoinexchangeguide.com/digibyte-dgb-coin-vs-binance-exchange-is-now-a-thing-the-truth-versus-a-troll-bot-army/ I can't remember another token that were voted on the top in Binance coin listing but did not get listed because they refuse to pay a listing fee charged by Binance. Isn't it a free listing since they won the community vote ? And why is Binance charging them with listing fees? It is to get more money of course.
Topic: Multiple Projects Accuse Exchange of Being "Coordinated, Chinese Criminal Group" (Read 169 times)
July 02, 2019, 01:17:47 PM
July 02, 2019, 12:31:11 PM
It came to me as a surprise! I initially thought IEOs are little more safer than direct ICO route because an exchange is involved in the whole process eeds no matter it is an ICO or an exchange!
the only difference between ICO and IEO is in the order things happen.
in an ICO they first create the shitty token and scam people with it and then attempt at getting it listed on an exchange by paying them so that they could dump it and get the money they scammed out.
but in an IEO they first pay the exchange to list the shitty token then create it and scam people with it while it is being advertised by the exchange. and then they dump it easily and faster since it is already listed on the exchange.
July 02, 2019, 12:20:10 PM
Seems to be a serious allegation, though a probable one for that matter. I remember the days where you only need to pay 1-5 btc for your coin to be listed on an exchange, and this was in 2015-2016. I never had the chance to know the pricing in 2017 but I'm pretty sure it's somewhere close. The thing with IEOs is that it needs a reputable exchange to begin with, and of course, the only way to do it is to pay them for the launch. Now, exchanges capitalize on this and ask to get paid a premium in getting the IEO a possibility, which makes it hard for genuine and legitimate projects to thrive in the ecosystem. Exchanges have always been profitable, even when ICOs are not a thing and just coins manually listing themselves in order to get traded. They can still get millions out of the fees and just getting coins listed, but now the opportunity has presented itself due to regulatory chokes and they're here to capitalize it.
July 02, 2019, 12:12:20 PM
Token sales in it's different forms has been getting more unpopular among investors due to the high rate of scams and fake projects. IEOs came at a time when alternative currencies was at it's lowest and has not quite taking off among investors. Developers with a real product and applicable utility would look for other means of introducing their product to the blockchain technology.
July 02, 2019, 12:05:37 PM
It came to me as a surprise! I initially thought IEOs are little more safer than direct ICO route because an exchange is involved in the whole process who might have done some sort of due diligence before adding any token to their exchange. It seems like I got it all wrong!
I've already read some discussions before about the possibility of these exchanges scamming start up projects conducting a token sale in their platform. It only took a few months before an exchange was exposed of their shady IEO activities. I mean there's no point in paying up bitcoins all for fake volumes/purchases just to make it look like an IEO was successful.
July 02, 2019, 11:37:01 AM
Exchanges has been one of the most profitable business as they thrive in any market trend. The current competition among exchanges for being a all round service and being the best of all have caused many unhealthy competition and malpractices. IDAX is just an example. There are many of such issues and false statistics being presented that are still unknown to investors.
July 02, 2019, 11:28:48 AM
Back when the days ICO is very popular I am getting worth coins that have good profit and scammers didn't see anything like this would be so popular, Then years have past and not a single one of the bounty campaign that I have come across now is decent anymore, And coordinated crime in the crypto world is pretty normal now, to the point where good ICO will definitely gonna get lump to the bad one, That is why there is no one that would like to invest right now,
Well, If regulating cryptocurrency would be for the better then I am all support for that, And to make a change for the future of the community.
Well, If regulating cryptocurrency would be for the better then I am all support for that, And to make a change for the future of the community.
July 02, 2019, 11:12:55 AM
It came to me as a surprise! I initially thought IEOs are little more safer than direct ICO route because an exchange is involved in the whole process who might have done some sort of due diligence before adding any token to their exchange. It seems like I got it all wrong! It seems like big money games are being played while the end users like us struggling to get some profit. I was initially very active on the ICO market 2 years back but left it due to the lack of transparency and continuous scam attempts by new companies! This article just added a whole new perspective to the story!
It seems like the lack of transparency is still there and the facts are disguised very cleverly to create a win-win situation to the common mass! That's why I am a supporter of regulation in the crypto market! At least the scammers would not get away with their misdeeds no matter it is an ICO or an exchange!
It seems like the lack of transparency is still there and the facts are disguised very cleverly to create a win-win situation to the common mass! That's why I am a supporter of regulation in the crypto market! At least the scammers would not get away with their misdeeds no matter it is an ICO or an exchange!
July 02, 2019, 07:51:07 AM
Quote
Exchange Accused of Stealing Millions From Crypto Projects - Calling Them a "Coordinated, Chinese Criminal Group"...
IDAX had become, or at least appeared to be, one of the hot spots for projects to conduct an Initial Exchange Offering. Now, multiple projects describe a process where they insist on limiting sale time to an hour, greatly limiting the amount of real people who can participate, then using bots of their own to 'simulate' people buying.
Basically it looks like projects would pay 10 to 30 BTC, and IDAX would do about 10% of that in bots. Then become hard to reach.
Full story here: https://www.globalcryptopress.com/2019/07/idax-exchange-accused-of-stealing.html
IDAX had become, or at least appeared to be, one of the hot spots for projects to conduct an Initial Exchange Offering. Now, multiple projects describe a process where they insist on limiting sale time to an hour, greatly limiting the amount of real people who can participate, then using bots of their own to 'simulate' people buying.
Basically it looks like projects would pay 10 to 30 BTC, and IDAX would do about 10% of that in bots. Then become hard to reach.
Full story here: https://www.globalcryptopress.com/2019/07/idax-exchange-accused-of-stealing.html
Thoughts?
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