The XQR project's 5bill Token turned out to be a scam: who are its creators and what awaits the scammers
Cryptocurrencies are without a doubt the money of the future. In light of their rise in popularity in the world, new cryptocurrency projects regularly appear, promising either exorbitant profits or a solution to “all of your problems”. However, most of these projects are nothing but scams.
The world of cryptocurrencies is constantly changing, some trends replace others: bitcoin faucets,
ICO, cloud mining, IEO, NFT… the list goes on. But one thing remains unchanged in this market - fraud.
The telltale sign of fraudulent
cryptocurrency projects is the promise of big profits in a short amount of time. In such cases, the startup collects a certain amount of money from investors and disappears with it.
More often than not, these "businessmen" go abroad and start a new luxurious life: yachts, expensive cars, and high-end real estate. And all of this, is at the expense of thousands of deceived people, many of whom believed in the project and invested all their money in it.
Let's take as an example the project of Roman Prototsky from Dnepropetrovsk -
XQR, which positioned itself as a social network with extended functionalities. It was meant to contain all the features one would look for in the modern cryptocurrency world: mining, a referral program, its native 5bill token, and various tools for earning.
But in fact, the project and the coin associated with it turned out to be fraudulent. The founders fled with their clients' money and cut all means of communication. And now, the token is being urgently delisted from all the exchanges that it managed to get to, due to a wave of complaints from deceived buyers.
trading platforms on which the coin appeared also published the data of the project's founder, who turned out to be Roman Prototsky, a Dnipro native. All information about him has already been handed over to law enforcement officers, who initiated a criminal case against the fraudster and his accomplices. As testimony is being collected from the victims and an evidence base is formed, the criminals are to face an impressive prison term.
Perhaps before, this type of scammers could easily escape justice, because their personal data wasn't disclosed as they limited themselves to nicknames and one-time contacts.
But now, the international community is increasingly identifying such scammers, as it already has the necessary tools to catch them. It's only a matter of time for when the industry will finally be clear of such "projects".
In any case, before investing in any startup, carefully check its team and product. And do not forget that cryptocurrencies are a high-risk asset.