Project Pinocchio——Phase 4 List

Abstract : This program will establish an integrity index as a reference standard for the industry using multi-dimensional measurements.


Sep 01

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 4 - List of Suspicious Projects on August 31st 2020 (Regardless of Ranking):

1. Estonia - Bitsonar: hundreds of victims, $2.5 millions involved

BitSonar is a European cryptocurrency fund established in 2016. The company claims to use algorithmic trading and complete transactions based on data from large crypto exchanges. Since May 2020, investors have been unable to withdraw cash from their accounts. A former employee of the company reported that the fund was actually a Ponzi scheme and was kidnapped after the report filing. The current whereabouts are unknown.

2. Nigeria - Pinkoin: more than 10,000 victims, $1.2 millions involved

Pinkcoin describes itself as a PoS/PoW hybrid with emphasized staking features allowing developers to build donation based platforms on PINK’s network. Nigeria’s self-regulatory blockchain association, SiBAN and SEC Nigeria have labelled the project a scam because it has a Ponzi scheme model.

3. Philippine - The Billion Coin: unknown number of victims, unknown amount involved

The Billion Coin scheme is based on the idea that it is an “abundance coin,” with value driven by the total number of tokens bought. Marketed as a decentralized currency, The Billion Coin “aims to revolutionize the global financial system in order to eradicate world poverty.” The Philippines SEC has filed the project as a fund scam.

4. United States - Banana.Fund: more than 400 victims, $6.5 millions involved

Banana.Fund’s white paper describes a crowdfunded business development company that shepherds fledgling startups through their earliest stages while offering operational transparency to their seed investors. U.S. prosecutors are seeking to return $6.5 million in allegedly scammed bitcoin to victims of the “Banana.Fund” crowdfunding project, which the government described in court papers as a Ponzi scheme.

5. South Africa - VaultAge Solutions:more than 2000 victims,$17 millions involved

VaultAge Solutions crypto company was launched in 2018 by Willie Breedt, and in its two years of existence, the startup had raised millions of dollars. Most of the investors in the crypto startup were pensioners. From December last year until April this year, investors received payments on the growth of their investment. Since then, they did not get any money from the company.

Members of Project Pinocchio (continuously updated, regardless of ranking):

KuCoin Global, Cointelegraph CN,, ChainDD, DeepChain, ChainNews, BTCmanager, Cryptodiffer, DASH, Decenter, Digital Renaissance Foundation, J.M Consultancy Services, Newsbtc, PANews,, TokenInsight, Blockbeats,,, Huoxing24,,, 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:

Click here to report bad projects:

To contact us, please send an email to

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