Monero Gold (XMRG) Turns out to Be a Scam Orchestrated by Its Developers....

in scam •  7 years ago  (edited)

It came to light on this 2nd February that the Monero Gold developers likely scammed all involved out of their money. Monero Gold is an ERC20 token which should have alarmed those considering buying these tokens as Monero is a fork of Bytecoin which is an independent blockchain and not related to Ethereum or Monero Gold, even so Monero Gold managed to reach a total market cap of more than $4,000,000 making each token worth around $0.17.

|Source|

What is most alarming is that the developers used a kind of exploit in the ERC20 protocol that allowed the creation of additional tokens which were then sold on several exchanges, one such exchange was CoinExchange.io who put out this statement, this means it could and probably will happen again and will surely damage the image of all ERC20 tokens.

It is not unusual for new crypto's or ICO's to ride on the coattails of an already successful cryptocurrency and there seem to be several ERC20 tokens that do this, one being NEO GOLD (NEOG) which looks dangerously like Monero Gold.

It seems that the developers are also trolling their victims as their website displays the below picture with the address of the account that created all the Monero Gold tokens (see below).

Screen Shot 2018-02-05 at 02.46.35.png

Screen Shot 2018-02-05 at 03.11.56.png

The following article explains the situation thoroughly, you can see it HERE.

Thanks for reading and if you found this interesting consider upvoting, following and resteeming.

P.S. If you are interested in buying or selling Steem why not check out Binance.

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7 years ago by

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      ·  7 years ago 

    Minting new tokens to immediately sell off to the market? Usually turns out to be a scam. (Monero Gold has no relation with monerocurrency xmr ) Spread the word! I'll be giving warnings whenever its possible or transparent.

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      ·  7 years ago 

    Hopefully this was a one off but i have a feeling it won't be.

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      ·  7 years ago 

    nice post...thanks for share

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