Crypto Tim, a crypto YouTuber, recently highlighted what he claimed to be a ‘100 percent’ scam, in one of his YouTube videos. The YouTuber, known for covering stories pertaining to scam projects, shed light on MonerEOS, a ‘Monero and EOS fork,’ which seemed authentic, before evidence suggested otherwise.

MonerEOS does not stand by the actual definition of a hard fork, which is a compulsory update of a network. Instead, the team on the official website states, “This case is somewhat unique, whereby XMR and EOS were co-forked into MonerEOS [XME].

The “hard fork” occurred on 5 April 2019 at 20:00 UTC, on XMR block #1806599 and EOS block # 51419304. The website further stated that the mainnet manner would launch on 8 April 2019 at 19:30 UTC.

MonerEOS chain | Source: MonerEOS

The official website stated,

“When the hard fork took place, a snapshot of all existing XMR and EOS holdings occurred. Anyone holding XMR or EOS in a wallet or supported exchange has been credited MonerEOS (XME) at a 1:1 ratio for Monero (XMR) and  20:1 ratio for EOS.”

Source: MonerEOS

The project claims to provide users the same privacy provided by Monero [XMR], with the speed provided by EOS. One of the major red flags pointed out by the YouTuber was the lack of GitHub activity, with the project only displaying five readme files. Additionally, the GitHub handle had only one contributor, MoneroEOS.

On this, the YouTuber said,

“[…] the most notable thing on any cryptoproject, if they show you their GitHub, they’re basically saying ‘we’re an open-source cryptocurrency project’. If you’re not an open-source then, what are you? You’re nothing because we can’t audit your code […] taking somebody’s word for cryptocurrency project to give them your money is like giving a suitcase full of money to a stranger in a dark alley”

Source: MonerEOS GitHub

Further, Crypto Tim spoke about MonerEOS’ paper wallet as it was one of the few clickable links that actually worked, stating that ‘it does not prove anything.’ The YouTuber also reached out to the team with questions pertaining to the project and its authenticity.

Some of the questions addressed the team’s scalability solutions, considering Dan Larimer and Vitalik Buterin failed to find scalability solutions for a PoW chain. Some questions on the whitepaper were also put forth as it contained only technical content.

Source: Crypto Tim YouTube

As a reply to these questions, the team directed him to reach out to the technical Telegram channel, following which he was blocked out of the main Telegram channel.

Further investigations conducted by AMBCrypto found few more alarming discrepancies,

Source: Telegram

Source: MonerEOS whitepaper

rbrunner7, an XMR contributor on Reddit said,

“That must be the most elaborate scam that I ever saw, at least as far as the infrastructure that got built for it is concerned […] – you could really come to the conclusion that something is running there […] It can make you sad that their telegram group has already over 2000 members – if those are real members of course and not a robot that just joined 2000 times”

YogaDream, another Redditor said,

“What a joke, what a fraud. Obviously they are trying to scam people, which is crime, period. Last I checked, their Telegram has over 2000 participants, and they ban people that ask questions. See recent YouTube video from Crypto Tim as an example. I hope they catch them and they sit in jail for 3 years minimum.”

Another concerning issue is the absence of any information pertaining to the developers on the official website, or the whitepaper. This raises some serious concerns about the project’s credibility and reliability.

The post MonerEOS: Monero [XMR] and EOS ‘co-fork’ scam or just a copy of Dan Larimer’s idea? appeared first on AMBCrypto.

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