The exchange and the coin share a few team members.
South Korean cryptocurrency exchange Bithumb has cancelled its listing of a dodgy-looking coin after several parties identified discrepancies in its code and manner of distribution, according to South Korean news sources.
Bithumb is one of the biggest cryptocurrency exchanges in the world, processing more than $700 million in trades daily. The coin in question is called Popchain.
The website and white paper of Popchain were launched in March of this year, and April saw the release of 2 billion Popchain Cash coins. The first suspicious thing is that the company did not raise money with an initial coin offering, as is usually the case.
More worrying however was that 90 percent of all the coins were held by two wallets, and the rest by a further 16 only:
The coins were rapidly spread around after negative publicity was attracted, but the vast majority of the 200 accounts now involved hold only a tiny fraction of a percentage point:
What is Popchain?
The company's a white paper is entitled "Popchain, Pan Entertainment Ecosystem". It begins with the sentence: "Entertainment is an eternal topic of humankind seeking a better life."
It describes a system which uses Blockchain technology to process transactions involving digital entertainment: "POPCHAIN is a ‘live-streamable’ digital contents distribution service platform based on block chain technology which aims to create a new type of contents sharing economic system while protecting copyrights."
However, according to local news source Cafe Nave, Popchain code as published in Github is copied wholesale from other Cryptocurrencies. When users pointed out that the first line of the code was exactly the same as that of Monero, that line was removed.
Users also claim that fake accounts were invited to the Popchain Telegram group to create buzz, and that the market capitalisation of the company behind the coin (E&M) is considerably lower than the coin's claimed market capitalisation.
Most damning of all though is evidence that Bithumb and Popchain share engineers:
After the story made its way into the news, Bithumb released a statement (translated): "We are aware of the fact that many false facts that have not been confirmed have been circulated on the market and the anxiety about the Popchain transaction has been widespread. In this situation, proceeding with the listing on schedule will cause unnecessary controversy in the market. We will start trading after the listing of other exchanges is decided."
South Korean cryptocurrency exchange Bithumb has cancelled its listing of a dodgy-looking coin after several parties identified discrepancies in its code and manner of distribution, according to South Korean news sources.
Bithumb is one of the biggest cryptocurrency exchanges in the world, processing more than $700 million in trades daily. The coin in question is called Popchain.
The website and white paper of Popchain were launched in March of this year, and April saw the release of 2 billion Popchain Cash coins. The first suspicious thing is that the company did not raise money with an initial coin offering, as is usually the case.
More worrying however was that 90 percent of all the coins were held by two wallets, and the rest by a further 16 only:
The coins were rapidly spread around after negative publicity was attracted, but the vast majority of the 200 accounts now involved hold only a tiny fraction of a percentage point:
What is Popchain?
The company's a white paper is entitled "Popchain, Pan Entertainment Ecosystem". It begins with the sentence: "Entertainment is an eternal topic of humankind seeking a better life."
It describes a system which uses Blockchain technology to process transactions involving digital entertainment: "POPCHAIN is a ‘live-streamable’ digital contents distribution service platform based on block chain technology which aims to create a new type of contents sharing economic system while protecting copyrights."
However, according to local news source Cafe Nave, Popchain code as published in Github is copied wholesale from other Cryptocurrencies. When users pointed out that the first line of the code was exactly the same as that of Monero, that line was removed.
Users also claim that fake accounts were invited to the Popchain Telegram group to create buzz, and that the market capitalisation of the company behind the coin (E&M) is considerably lower than the coin's claimed market capitalisation.
Most damning of all though is evidence that Bithumb and Popchain share engineers:
After the story made its way into the news, Bithumb released a statement (translated): "We are aware of the fact that many false facts that have not been confirmed have been circulated on the market and the anxiety about the Popchain transaction has been widespread. In this situation, proceeding with the listing on schedule will cause unnecessary controversy in the market. We will start trading after the listing of other exchanges is decided."
‘Bitcoin Jesus’ Arrested in Spain for Evading $48 Million in US Taxes
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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