Folgory: A Crypto Exchange That Lure Investors Through Ann Bumping

Folgory

Buying and selling cryptocurrencies is not for everyone. Doing so randomly, especially with an exchange such as Folgory could result in massive losses. This is because the operators of this exchange exhibit some shady behaviors that an inexperienced trader may not easily notice.

What is Folgory?

This is a cryptocurrency exchange that encourages traders and investors to create their own portfolios and manage the same through its services. Its basic features are wallet services that enable the storage of digital assets and buying and selling of these assets via its website or mobile app.

Folgory

Not Just An Exchange

Apart from its exchange service, the platform also offers the users the opportunity to create their own token and also stake coins. This makes it easy for the visitor to the site to find something of interest that encourages them to use the exchange.

However, what is obvious is that most of the prominent pairs that are listed on Folgory are little-known cryptocurrencies. There should no reason why a reputable exchange should lay a lot of emphasis in the listing of unpopular coins that may not support substantial volume that ensures that orders are met.

Suspicious Investment Program

Perhaps one of the red flags that an investor should notice on this site is the investment section where they promise an assured ROI of 72%. you should know that there are no guarantees in investments, even when such investments are cryptocurrency assets. This is a 6% monthly profit.

Several scam allegations are flying around against Folgory exchange. This could be the reason why they recently reduced the ROI to 60%. This is still a dubious proposition at best and an indication that this site is a front for a ponzi scheme.

Folgory

Low Volume Activity

We are suspicious of the volumes displayed at the exchange. This is especially so when compared with the level of activity seen on their social platforms such as Discord, Twitter and Telegram.

According to Coinmarketcap.com, the exchange’s 24h trading volume is $127,270,741.59 on November 1, 2021. This doesn’t seem very realistic considering that most of the coins listed in it are obscure. It is certainly likely that the exchange is cooking up their volume to attract traders.

Paying Shills On Social Media

If you’re a member of any cryptocurrency forum such as Reddit subreddit on altcoins, you would have noticed that dubious crypto or blockchain projects usually use paid shills to promote their announcement. This is a dishonest way of attracting users through hype for projects that may not deliver what they promise. Sometimes, such projects may even be fraudulent.

The owners of Folgory have severally been sanctioned for hiring paid shills on their ANN thread at BTT. This should tell you a lot about the reputation of this exchange.

User Experience

According to a user who posted their experience at Folgory exchange:

I sent from HitBTC July 1, 3268 XRC to Folgory when deposits are open and after 7 days close the deposits and the coins are lost and then never answer my tickets and I lost all my coins.

SCAM FRAUD FOLGORY

Bear in mind that there are many cryptocurrency traders and investors who believe that an exchange is legitimate just because they have been listed on CMC. This is a deceptive idea, as the platform would routinely list any exchange that has any reasonable volume.

Liberty 159 Project

In March 2020, Folgory launched an Initial Exchange Offering (IEO) for its masternode community coin.

You may have come across the Liberty 159 Project. This is the exact project that the exchange launched with which it lured investors with a guarantee of 100% ROI in 200 days. There is no evidence to prove that the project even developed a wallet down the line. Rather, the management of the exchange focused on shilling it to deceive investors.

Folgory

We are convinced that Liberty 159 Project is fraudulent because the IEO has:

⦁    No Team, so how would the investors know who they’re dealing with and their competence?

⦁    No Whitepaper, so there was practically no project description.

⦁    No Content, just hype on cryptocurrency forums and paid press releases.

⦁    No Direction

Listing Obscure Altcoins

In fact, we noticed that Folgory seems to specialize in listing low volume obscure coins. This nis the reason why there are several scam allegations against the exchange. Folks who buy such sh-t coins end up at dubious exchanges such as Folgory in the bid to sell them and may end up losing their money.

According to Rikafip, one of those that raised a scam accusation against Folgory, the exchange has questions to answer if they would prove that they have nothing to hide and are operating based on best practices. These questions are:

  1. If Folgory and Liberty159 are completely legit, why are you using a bunch of newbie accounts to shill those 2 announcement threads, faking interest and pretending to be interested? Since the creation of those 2 threads 8 days ago,  I have reported more than 70 shilling posts that were deleted by moderators. You were doing the same thing in your previous announcement thread that you abandoned, and accounts doing that were tagged. Haven’t you learned anything from before?
  2. How can you promise 72% passive yearly income? What do you know that other top exchanges like Binance don’t know, since they offer significantly lower interest? Your  promised profit is comparable  only to ponzi schemes.
  3. You had Liberty159 IEO going on, while that project had no whitepaper, team, working product, social media channels, basically nothing.  Only thing that was there was a promise of  100% profit, and yet you are surprised that people looked at it as a scam?

Conclusion

The summary of what we are saying is that Folgory exchange is a likely scam. So it makes sense to avoid trading or investing with this company. The risks are just too high. It makes sense to stick with known and reputable exchanges.

 

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.