Remember early Q4 of 2017? Nothing could stop Bitcoin from reaching new heavens. The word cryptocurrency was on everybody's lips. And soon the world would discorver a new opporunity: emCash.
Introduced by a massive international press campaign (print, tv, internet), the first government backed digital currency held many promises. Come on now! We were talking about Dubai’s official cryptocurrency. Duuu-baii! For sure it will be huge.
At first, everything seemed alright. A government affiliated spokeperson Ali Ibrahim, Deputy Director General of Dubai Economy. The token was linked to a legit company EmCredit. No red flag.
No red flag, ok. But also no anything, for months following the late September - early October press campaign. Not even an official Telegram group, twitter account or website. Wala shai!
You could pick a few names here and there in the news articles. Write them down. Look them up. Tweet them. Email them. Nobody would even care to get back.
Was the project drop? Who knew? Those who were not talking? 4 months is a very long a time in the crypto wolrd.
Can I call it negligence? Because at the end, the situation was too perfect for scammers not to jump in.
They surely did open a fake emCash ICO website: http://emcash.global. It looked pretty good, pretty legit. It was the first result of a Google search for ''emcash''. And still ranks number 2 today.
Nevertheless, suspicious people like myself kept tweeting and emailing Emcredit and names that could be found in news articles. I was directly tweeting the ICO link and calling it out as a possible scam. Still for weeks, nobody cared to answer. For weeks the scammers could keep collecting funds. Actually, I did get one answer, from a ''high profile excutive'' allegedly working with the team. Guess what? He straight away insulted me while I was simply asking if the ICO website was legit or a scam! He later deleted his tweet.
I gave up trying to get people aware of what was going on. It was too late anyway.
A couple of weeks later, scrowling down my feed on twitter, I see that Emcredit eventually decided to react. They announced that emcash.global was indeed the fraud I had been denouncing for so long.
Now, would they deny that people have been stolen partly because of the lack of official information on the project? Because of their silence? One thing they still refuse to do today, is to offer some sort of time line for any website or any kind of official channel.
Personally I call this negligence and bad business. It might become a very successful project someday. I don't know. I just don't like what I've witnessed.
