Recently, a project called Pexcoin (PEX) – Project X was introduced by an Iranian activist in the field of digital currencies.
Based on the evidence we have, we have come to the conclusion that this currency is a scam project, so join us in discussing the reasons why this project is a scam project.
Why do we think PEX is a scam?
All scam projects have signs according to which it can be concluded that this project can be a scam project, the more of these signs it can be concluded that this project is a scam project. The PEX project is one of those projects that we noticed in the very first investigations that it was scam! Because there are many signs that make this project suspicious, we will continue to look at the points that caught our attention, join us.
The 97% of project tokens are in the possession of 9 wallets, If you look at the number of “Tokens amount” in the this table you will notice that the numbers are rand, it seems that the team members of this project are 9 to 10 people and the tokens are divided by the number between them.
If you take a look at the whitepaper of this project, you will notice that there is practically nothing useful in it and they have only explained that what is NFT and etc.
Of course, there are references to the role of the project in these basins, but it is not clear and they have postponed further explanations to the future.
Lack of sufficient transparency
Most reputable projects in the blockchain world have a repository in the Github, that you can see the entire project sorce code, but PEX has no repositories on the Github.
Team members information of all reputable projects are available on their website and you can easily see who is working on the project, but this is not the case with Pax and they do not have any information from the coders and administrators.
The promise of a guaranteed one dollar price and the insistence of suspicious people to buy this currency is also one of the reasons why we believe this currency is scam.
These people inform their followers to buy this currency at a certain hour.
We believe that these people will make huge profits from this currency many times by using pumps and dumps.
After the introduction of this digital currency, many professional traders, digital currency activists and experienced investors introduced this digital currency as a Shitcoin and announced that investing in this coin not only has no benefit for It does not have investors, but it causes them to lose their capital.
Based on the evidence we reviewed, we came to the conclusion that this project has the potential reasons of a scam project. Unfortunately, due to the lack of sufficient control over such currencies, the number of worthless and fraudulent projects is increasing every day, it was our duty to provide the necessary information about this project, but it is up to you to decide.
Be with Cryptoleda 💚