Offering (IEO) has made it attractive for teams with good ideas. We should not discountenance the fact that bad players are taking advantage of public funding opportunities presented by these concepts.
Let us look at Neuronet Exchange which recently announced its Pre-ICO to ascertain the benefits or hazards that are associated with this crypto project.
What is Neuronet Exchange?
According to the information available from the announcement threat, Neuronet Exchange is a decentralized exchange (DEX) that reduces the technical and business challenges involved in using such platforms. The team stated that they have laid emphasis on security and ease of use to ensure that the users actually enjoy using the platform’s services.
Some of the revolutionary implementations that the user should expect from this exchange are:
⦁ A mining pool
⦁ Token issuing platform
⦁ An advanced decentralized exchange (DEX)
⦁ An official wallet for the Neuronet platform
⦁ A payment platform known as Neuronet Pay that integrates the platform’s wallet with banking institutions. This will also facilitate the issuance of plastic bank cards for ease of access of users’ funds.
⦁ A regular security audit powered by artificial intelligence (AI)
Who is The Exchange For?
The announcement thread seen in one of the cryptocurrency forms shows that the team behind the exchange claims that they are building a project that enables expert traders as well as novices to conveniently trade and invest in digital assets.
They stated that it would be one of the exchanges that users would have no limitations in using fiat-cryptocurrency swapping feature. According to the release, the number of countries supported through this feature is increasing with Europe and Asia effectively covered.
We work throughout Europe, USA, Russia, China (the list of reception points is constantly growing). Withdrawing fiat funds to Visa, MasterCard cards / accounts.
Another feature of note is the low commission of 0.1% on trades. This means that they’re projected to be among the cheapest exchanges for cryptocurrencies.
It also claims that commissions paid its miners are 10x cheaper than what may be obtainable with other exchanges.
It is interesting to note that the announcement claims that the platform is already helping many exchanges to make money. The site also stated that there are several integration options available for users to ensure seamless service experience.
Another ICO Platform
The team made it clear that this is not just a crypto exchange that lists coins and tokens. They emphasized that Neuronet has created a platform that enables new projects to launch on the platform.
To conduct an ICO on our exchange, you just need to send us your token information and whitepaper. The NEURONET system will analyze the proposed listing token. And within 72 hours you will receive an answer about the decision. If the decision is positive, it will be necessary to transfer the new tokens to the exchange account and launch the ICO.
Who is Behind Neuronet?
Direct purchase of NCH coins for cryptocurrency is also possible at the Pre-ICO rate of $ 0.2.
Details on the link: https://t.co/yOIcBcRkwP
— Neuronet Exchange (@NeuronetExchang) November 1, 2021
You may be excited about this platform and what they have promised in terms of services. What may cast some doubts on your enthusiasm is the fact that the team may not be people you can vouch for within the blockchain and crypto circles.
Despite showing no proofs, Neuronet Exchange claims that its team has been involved in a number of projects since 2009 when they developed “a number of unique automated trading systems in the securities and futures market”
According to a project time-line posted on Bitcointalk, the team has done a series of jobs as seen below:
“2012-2016 Analytics, analysis, creation of experimental developments, passion for artificial intelligence.
2016-2020 Provision of services in the field of protection against cyber attacks. Development of NEURONET artificial intelligence. Development of new blockchain technology.
2021 Beginning of testing version 1 of the NEURONET protocol.”
A background check shows that the owner of this site may be operating from Moscow. Although it is not certain that this is their true location, the Twitter account associated with the project points to that possibility.
Why Neuronet May Be Another Scam ICO
If you have been following the cryptocurrency market and coin community, you would be aware that irrespective of how simple a project is, that it is also easy to lose your funds in them if you fail to conduct due diligence. This is what we have observed with Neuronet Exchange ICO.
Despite its claim of building an advanced DEX, we have seen that this team has hired a shilling service to hype its ICO. This is a red flag that any investor should be wary of. Also, we noticed that there is no genuine team backing the project. Also, in a bid to avoid scrutiny, the photos of the so-called team members have no links to their social profiles.
Nevertheless, a reverse image search of the photos of the team shows that they are random images pulled from the internet. This means that there is actually no team, but that Neuronet Exchange is another fraudulent exchange ICO that would be abandoned down the line because its purpose is to steal the funds of the investors.
Lovesmayfamilis of BTT did a great job at identifying this scam and it is a good idea that all investors are wary about it. What you have is a scam that is using stock photos and images from Pinterest to deceive people.
This is why it is creating fake airdrops and bounties knowing that there are many within the community who are eager to earn digital assets from new projects.
There are more than 5000 listed crypto and blockchain projects already launched. However, it is instructive to know that many of these projects have no real use cases and are conduits to enrich the people behind them.
According to SEC’s Investor Alert directory on cryptocurrency assets:
Fraudsters continue to exploit the rising popularity of digital assets to lure retail investors into scams, often leading to devastating losses. “Digital assets” include crypto-currencies, coins, and tokens such as those offered in so called initial coin offerings (ICOs). Investors may be less skeptical of investment opportunities that involve something new or “cutting-edge,” or may get caught up in the fear of missing out (FOMO).