VinDAX SCAM: The Manipulation Of Trading Volumes Of The Exchange
VinDAX SCAM: The manipulation of trading volumes of the exchange
The exchange of cryptocurrencies VinDAX has been scamming its customers, according to reports of several virtual currency projects that have negotiated with the platform the launch of their Initial Exchange Offering (IEO).
According to the sources, which asked the CryptocurrencyEICO drafting to remain in anonymity, the exchange promises minimum earnings of 3-5 BTC (about 50 thousand dollars, with the current price of bitcoin), but the final result barely touches the $ 10 . Some have even had earnings of just $ 5 in their IEO.
The problem is that many customers have noticed the supposed volume of operations handled by VinDAX, which, according to CoinGecko data , has become more than US $ 600 million.
However, the mass of transactions on this platform rises significantly overnight.
The statistics graphs of this exchange house show that on May 2 VinDAX handled a maximum of eight million dollars, while on the 3rd of the same month it moved up to US $ 65 million. That is, an increase of more than 87% in its volume of operations, in just 24 hours .
The trend of increase in the volume of operations of the mentioned exchange house continued moving between 60 and 70 million dollars until May 13, while by day 14 its mass of operations had risen to 457 million and to the 15 reached a maximum of 666 million dollars. This is summarized in an increase of more than 850% of its volume of operations, in just 48 hours .
These sudden changes, coupled with the complaints that came to the writing of CriptomonedasEICO, suggest that it is a scam, while VinDAX could be manipulating the volumes of operations it claims to have.
The winless airdrop
This would not be the first time the exchange lies to attract customers. Last April, the platform announced an airdrop in which it offered up to 100 dollars (50 for affiliation and 50 for referrals), in its native VDX cryptocurrency in exchange for performing certain tasks, including affiliation on the platform and passing the process of “Know your customer” (KYC).
The truth is that at the end of the launch the exchange house surprised those who made the whole process, announcing that the points awarded, which represented the digital currency in a 1: 1 ratio, could not be exchanged for VDX, unless they had a total of 1,000 points accumulated .
In this way, those who barely got the 100 points, could only redeem the prize for the native cryptocurrency of VinDAX to be used as commissions in future transactions that will be made in the exchange.
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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of Cryptocurrency , and should not be attributed to Cryptocurrency .