It is so easy to put up a project site these days with the purpose of stealing from people. The reality is that unless an investor is knowledgeable and circumspect, the possibility of incurring losses is very easy as we shall see with Limusk.
What is Limusk?
This is a startup that claims they’re going to build an exchange that would have the capacity of handling a million transactions per second.
According to the website, the trading software that has been developed by the team will enable traders benefit from the volatile coin market. The site claims that it is a one-stop solution to all trading needs and that the platform is designed to support more than 600 cryptocurrencies and 16 fiat in a short time.
There’s also an international remittance platform attached to the project in which users would send and receive payments without the need of any other supporting platform.
Limusk Unverified Team
The Limusk team comprises 8 persons. The CEO is Seungmin Gu who like the other team members was not linked to any social profile. This raises suspicion since a genuine project should naturally show a level of transparency where the team is concerned.
The other members are Jinjin Su, Sam Spinka, Baylee Cozey, Jeong Young-chul, Son Heumsoo and Gwon Sulan. Interestingly, none of them is verified in any site they’ve been reviewed which is a sure red sign.
Let’s face the fact that with a few thousand dollars, a team could be set up that presents a project that may seem feasible, effectively market and build a community that end up helping generate fund for the entities behind the project. This is the point at which such project manifests its real intention as an exit scam.
A Fake Profile
A BTT post shows that one of the profile photos exhibited by the website of a team member was pulled from the internet and belongs to another individual.
John Hoon who was listed as the projects’ blockchain application expert is Yawenzheng from a reverse image search.
This is a clear case of identity theft and the reason why the site manager removed Hoon’s image from the website.
Most blockchain projects express their ideas through whitepapers. It shows the blueprint and detailed ideas behind the project.
The Limusk whitepaper was mostly plagiarized from another project, Nauticus, which is an indication that this is a scam project despite the claim that there will be no token sale to raise funds for the project.
A scam exchange will become an exit scam or randomly lock people’s account under flimsy pretexts to steal the funds in it.
We have already reviewed a few exchanges that have such histories and it would bad for the cryptosphere to be burdened by more like Limusk.
A number of investigators such as Lovesmayfamilis and Qwertyup23 of BTT followed up on the Limusk project and it was found that this is a definite scam.
A Smokescreen to Steal from Investors
Copying a whitepaper that belongs to another project, Nauticus shows that there is no project called Limusk but just a smokescreen to defraud investors.
With a fake team and fake whitepaper, there is no doubt that this is one of those scams that would soon shut down contributing in the bad publicity already associated with crypto projects.
This is why it is necessary that whenever you’re thinking of making any investments, you should be sure that adequate research has been made and that your funds won’t be lost.
The first rule of crypto investment is conducting background research on the project, its team and their antecedence. People who have no reputation to protect and those that hide their identities are just not reliable.
According to the site,
“The initial tokens for use on the Limusk Exchange will be created using the Ethereum network ERC20 guidelines but Limusk will research, develop and implement a new ledger system that supports greater transaction volumes using the most efficient and scalable blockchain technology available. Any holding of Limusk Coin will be mirrored by the new medium of exchange.”
It is certain from the statement that Limusk has not done any work on any project because the project is nonexistent. With the idea stolen from another site, you can bet there never would be a credible exchange associated with Limusk.
This is one site and exchange that every investor should keep away from. There are good investment sites that you should consider to help you grow your crypto portfolio.
Please share your thoughts on Limusk in the comment box below.