“Deadcoin” AurumCoin (AU) Revived by Inflated Trading on Crypto Hub Online
AurumCoin (AU) has been notorious for its low trading volume, but a recent surge has investors taking another look. The coin experienced a boost of $5,749%, according to CoinMarketCap. This surge seemed to coincide with AU’s inflated trading on Crypto Hub Online, a trading exchange. With the increase in activity, AU’s new price rose up to $1,780, as opposed to the $30-$40 range that was recorded on other websites.
For that entire day, the trading volume was about $6,000, causing many investors to wonder if this change was the result of a mistake. After all, the last price of purchase was only 0.5 BTC, which is still viewable on the Crypto Hub website. To add to the theory of a user error, the CoinMarketCap records show that the trading volume of the coin exclusively came from one exchange.
Many users of the exchange decided to take to social media to voice their concerns, primarily zeroing in on the fact that this asset has primarily been a dead coin until now. One user on the Bitcointalk forms, Crazy8Ball, said,
“it’s not real, high spread, no volume it looks like someone fat fingered and not even a full BTC worth, it’s more of a deadcoin than anything lol.”
He added to the concept, saying,
“Infact i cant even sell this without crashing the price on cryptopia which is an even more liquid exc. and not even 0.2 worth of Aurumcoin on cryptobridge, it’s not real besides, the creator/developer abandoned this coin a year ago.”
Last August, the AU community experienced a 1500 AU theft, which were deposited into another exchange called Cryptopia. Then, the coins were converted to BTC and sent to another wallet to withdraw. Most of the wallets associated with AU have not even been synchronizing for up-to-date information, because there have been no blocks created, which is what makes the coin dead. In order for a coin to remain active, mining has to continue to bring in new coins to circulate, which one user brought to light by saying,
“In any case you can’t mine, you can’t transfer, you can’t sync and a large portion of the supply has been stolen for this coin, this won’t end well, but it’s both funny and sad…oh well.”
To further prove that point, there is not even a possibility for coin holders to even send tokens between Cryptopia and Crypto Hub. They are at a standstill, despite their $532 million market cap and their ranking as 23rd on CoinMarketCap.