Abstract : KuCoin released phase 2 list of suspicious projects, including: Blockchain Terminal (United States), M-Coin (Korea), Dunamiscoins (Uganda), ACA (China), and Money Trade Coin (India).
KuCoin Global partners with authoritative institutions and media in the industry is going to launch "Project Pinocchio", also known as “Pinocchio Integrity Plan”, aiming to establish a credible project review platform to promote self-discipline and integrity in the industry.
This program will establish an integrity index as a reference standard for the industry using multi-dimensional measurements, including moral hazard assessment, data analysis, public opinion monitoring, transaction history, project development, etc. The ultimate goal is to develop a non-profit credit review DAPP that can maintain integrity through technology, based on robust blockchain technology and strict regulatory compliance.
Phase 2 List of Suspicious Projects on Apr 29th 2020 (Regardless of Ranking):
1. United States - BCT: more than 5,000 victims, $30 millions involved
The Securities and Exchange Commission charged Pardo and Manor, the founders of Blockchain Terminal, with fraud for raising over $30 million from hundreds of investors in a fraudulent ICO that promised a cryptocurrency version of the Bloomberg Terminal. The scam was organized by their two firms CG Blockchain Inc. and BCT Inc.
2. Korea - M-Coin: more than 56,000 victims, $18.5 millions involved
The project launches a membership-based shopping website and an unlisted cryptocurrency M-Coin. M-Coin uses recruitment bonuses and free bonus to lure seniors, housewives and retirees to invest in digital currencies.
3. Uganda - Dunamiscoins: more than 10,000 victims, $2.7 millions involved
Dunamiscoins promised investors and employees large returns in a short space of time. However, after a month, the company shut down its offices, leaving investors in the lurch and employees out of work — many of whom were yet to even start their job.
4. China - ACA: more than 100,000 victims, $100s millions involved
“Vbaohui” the e-commerce platform has attracted members to join the group by promising a profit sharing plan, and issuing "Xiangyun coins" that claim to be appreciable and payable. It claims its business is to help Chinese enterprises to develop. "Vbaohui" has developed more than 100,000 members in more than 20 provinces and cities, including Inner Mongolia, Sichuan, Guangdong, Shanxi, Hebei, Gansu, and Qinghai, and involved hundreds of millions of yuan.
5. India - Money Trade Coin：more than 30,000 victims，$70 millions involved
The Flintstone Group launched Money Trade Coin in July 2017. The project claims to substitute traditional financial investments with crypto assets and promises to achieve 10% to 20% in 6 months. Founder Amit Lakhanpal claimed that the project was supported by members of the UAE royal family and invited many celebrities around the world to help promote it.
Members of Project Pinocchio (continuously updated, regardless of ranking): KuCoin Global, Cointelegraph CN, Jinse.com, ChainDD, DeepChain, ChainNews, BTCmanager, Cryptodiffer, DASH, Decenter, Digital Renaissance Foundation, J.M Consultancy Services, Newsbtc, PANews, Republic.co, TokenInsight, Blockbeats, Qianba.com, ODaily.com, Huoxing24, CCValue.com, Fenchao666.com, AMBCrypt, BEINews
Since the launch of "Project Pinocchio", KuCoin Global has successively received multiple joining and reporting emails. Thanks to all participants in the industry for their support on this program. KuCoin will adhere to a fair, impartial and authoritative review mechanism to review all email content.
Click here to join the program: http://projectpinocchio.jp.mikecrm.com/3ruZhMb
Click here to report bad projects: http://projectpinocchio.jp.mikecrm.com/RxUoOCt
To contact us, please send an email to email@example.com