Another Scam Hits the Cryptocurrency World

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Another Scam Hits Cryptocurrency World

ForexMinute.com – After the Moolah mishap, here comes another event that has a great potential to tarnish the entire cryptocurrency sector. If sources are to be believed, it seems that EquinoxCoin, an altcoin recently distributed via multiple ICOs, is a scam after all.

Announced on August 19th this year, EquinoxCoin was launched as an economic project whose distribution took place in multiple phases, which contains two ICOs that sold 1.3m and 8m units and a free distribution of 1.1m units as well. The first ICO batch was sold for 185 satoshi each through an escrow, while the second one was recently sold for around 800 satoshi per unit through Bittrex, a US-based cryptocurrency exchange. In the meantime, over 13.5m units were destroyed in absence of buyers.

The cryptocurrency was propagated as a fast and decentralized medium to send money to family and friends, or to pay for goods or services anywhere in the world. Upon the launch of their website, EquinoxCoin developers promised that their product will make an impression in the cryptocurrency market. They further added: “After the long-term analysis of the market we identified the main factors that facilitate progress and regress of the economic structure for such projects. Based on the information obtained our design team has established a new organization called Equinox Management.”

At this point of time, the Equinox Management developers seem to be missing with investors’ money. Their last public interaction is amusingly a couple of fancy images, in which they are holding champagne at some strip-joint.

The most shocking fact however is related to cryptocurrency reviewing website CoinSource that awarded EquinoxCoin a 6/7 Trust Index Rating. We cannot imagine how many investors considered this rating before investing their money on this scam coin. This whole incident really has jeopardized CoinSource’s reputation by a notable extent.

Moral of the story: Don’t invest in just any coin with a fancy name and speculative features.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com