A common deception of scam sites is using brands to achieve their objectives. This they do because brands are powerful incentive for associating with a project on the web and for physical businesses.
Taking Advantage of the Stellar Brand
Stellar is one of the most successful blockchain projects and in recent months, the network has been in the news for the right reasons including an airdrop meant to improve the adoption of the digital currency.
This is why scam sites have been springing up all over the internet with sound-alike names to confuse investors into buying fake tokens or lose their funds through phishing attacks.
In the past few months, projects like Stellar Lightning, Stellar Dolphin and Stella Activity have taken advantage of the Stellar brand in the quest to steal from investors.
The most recent Stellar brand Stellarpay.org is selling tokens (XLB) that could be another phantom token meant to take funds from investors leaving them with worthless token or worse.
What is Stellarpay.org?
According to the website,
“StellarPay is a digital token native to the Stellar Blockchain. This means you have complete control over your coins can send, receive, store, and trade SteallarPay. StellarPay is a platform that connects banks, payments systems, and people. Integrate to move money quickly, reliably, and at almost no cost.”
The project has all the features of one backed by a serious team – whitepaper and an explanation of how the team plans to execute its road-map. However, there are negative indications that investors should be wary of.
A Multi-Coin Wallet
Stellarpay plans to develop the Stellarpay wallet that integrates the storage and transmission of all digital currencies from a central wallet. The team claims that this is a unique wallet that differs from the routine stating that:
“XLB Wallet was built on the foundation of simplicity and usability. Our main goal is to change the way people use crypto wallet which is hard to use and slow for now.”
It also claims that its wallet would be human centered because people would send and receive the XLB using usernames instead of the usual long string of characters that are near impossible to memorize.
Exit Scam Potentials
With all the features, our investigation shows that the Stellarpay team are comprised of unidentifiable people because there was no social links to them.
The crypto industry has had experiences of projects that seemed legitimate that ended up scams to which people lost millions of dollars to. this is why it is increasingly becoming essential that all ICO projects demanding that people make investments be scrutinized before they sell their tokens.
Even though the Stellarpay ICO is live, a Cryptoinfowatch investigation of the team behind the project shows that this may be a wrong project to buy its token for the following reasons.
An Unverifiable Team
Due to the need to assure investors that the project is legitimate and the token safe to buy, projects as a necessity link team profiles to their bio to prove to people that these are real people behind the project.
When project teams hide or are unwilling to show their teams, it is usually an indication that such projects have something to hide as seen with Stellarpay.
None of the team members could be traced to a social media account and the project made no attempt at linking them to any. This is the first indication that this is a dodgy project.
Stolen Advisor ID
Hellmouth42, reported at Bitcointalk that he contacted some of the advisors of the project who were speakers at Singapore blockchain Summit 2019. These ‘advisors’ confirmed that they were not involved in the project even though the website listed them as angel investors and advisors.
This proves that the Stellarpay team stole IDs of the advisors without their permission. It is likely that the team have been pulled from the internet or just random people that have been listed as team members.
ICO projects that conceal the IDs of their teams or their social profile usually turn exit scams. When they intentionally steal IDs, their intention is confirmed scam.
None of the advisors mentioned the Stellarpay projects on their LinkedIn profiles. Edwin Bautista, the president and CEO at Union Bank of Philippines replied a LinkedIn request stating that he wasn’t associated with Stellarpay.
Stellarpay ICO is an obvious scam. Investors that are involved in the ICO should be wary because they’ll likely lose their funds.
Before investing in any token, investors are advised to conduct proper due diligence to avoid losses.
If you’re interested in a more reliable investment, check our recommendation to grow you assets though a copy trading platform even if you have no investment experience.
Just bear in mind that all investments bear some risks. What is your opinion about Stellarpay? Please send in your comments below.