 | Sh#tcoin of the Week, Edition 1, Feb 19th 2023: *disclaimer* - DO NOT interact with the token noted below, and DO NOT invest money into it. It is rumored to be a scam, that WILL drain your funds when you try to sell it. This post is purely for entertainment/awareness purposes: I have decided to write a new segment here on /cc, mostly to have a little fun, and bring awareness to different scams in the crypto space, hopefully it will be allowed. Let’s call it “Sh#tcoin of the Week” for our work firewall/filtering sake. In this first edition of SCOTW, we will be looking at Xoloitzcuintli, a blatant scam, and self-proclaimed “anti-dog extinction” coin with some very peculiar price activity. I suspect the token is designed to lure in novice traders in the hopes of lucrative returns - but stealing their funds instead, leaving them down in doo-doo ville. Xoloitzcui.. Xolotitti.. f##k it.. XOLO is most surely a scam, and I would strongly advise that nobody dares to invest, or interact with the token. This post is purely for entertainment/awareness purposes: XOLO is an ERC scam token existing on the Ethereum chain. It has a reported market cap of $2.2M currently. The price fluctuates heavily and predictably, up a thigh-slapping 357% from only $488,000 less than 12 hours ago, and no - that does not mean you should go and buy it. There are reported to be 75,000,000,000 XOLO Existing. Upon a quick google search, we can find that the XOLO is actually a rare breed of hairless dog, pretty damn cute if you ask me. You learn something new every day.. okay - so we've cracked the first piece of the code: Upon reading the description of the token, my brain immediately starts to throb. I’m not sure if possible, but I think it has given me mild Dyslexia, and my IQ has dropped ~13 points by reaching the end -as you can read below, they are avid dog lovers and clearly wholesome people. /s : (“historical type of dogs that has been noticed like 3500 years ago”, bullish on Ancient Inu.) I’m curious what type of dog they mean, perhaps a Tasmanian tiger? What is more interesting about this token though, is the particularly scammy price movement. As you can see from the chart below, it has repeated the same cryptic pump and dump pattern for the past year + , having massive swings in the 100s or 1000s of % over a couple days, then dumping just as quickly.. With the pumps diminishing slowly as time goes on. At this point, it is predictable down to the day/hour: Strangely enough, the CMC comments are also active, albeit clearly bots.. The organizers of this scam are taking the time to maintain it somewhat, masking the many negative comments in the past. The biggest red flag of this coin however, is that the scammers seem to have manipulative smart-contracts, or another mechanism such as a tax in place, that deceive unsuspecting n00bs out of their funds when trading. I suspect this is designed in a way to lure traders in with the hopes of huge predictable price swings, only to extract 50%+ of their investment when selling. Below are one of several posts from users who seem to have been lured in: Scams like these seem to be pretty common in the De-Fi world. If anyone would know how the mechanics of this type of scam work from a development/backend perspective, I would be interested to know. XOLO token has also accrued a surprising 80,000 + followers on coin market cap, surely these are all bots as well: Please help report this scam coin on CMC or other sites to have it removed. The bottom line is, XOLO is an absolute sh#t coin scam, and the creators of it should burn in crypto hell. It continues to surprise me that coin ranking sites allow these projects to operate freely. If this post isn't nuked instantly, stay tuned for the next episode where I will further inspect, and go buy some XOLO tokens, to see if I get scammed. If you or a loved one were scammed by XOLO or another fraud crypto-currency, contact CoinMarketCap or CoinGecko to have it removed, or call our help-line @ 1-800-GOT-SCAMMED, we’re here to talk about it. (not a real phone number). [link] [comments] |
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments