Is the Monero/EOS Mix Of MonerEOS A Scam Or Just A Poor Copy Of Dan Larimer’s Idea?
Is MonerEOS A Scam Or Just A Poor Copy Of Dan Larimer’s Idea?
In a video posted by independent Youtuber/altcoin analyst ‘CryptoTim’ recently, he claimed in no uncertain terms that the MonerEOS token was a scam in “more ways than one”.
For those of our readers who may not know, Tim is well-known for exposing fraudulent cryptocurrencies by analyzing their whitepapers and then providing his followers with a detailed breakdown as to why he thinks a particular project is authentic or not (in his opinion)
In the case of MonerEOS, he pointed out that first and foremost, the asset did not even fit the definition of a hard fork — which is one of the absolute basic needs for initializing a network update. Instead, the project’s official website states the following:
“This case is somewhat unique, whereby XMR and EOS were co-forked into MonerEOS [XME].
It is also worth noting that MonerEOS’ dev team claims that the alleged “hard fork” occurred on the 5th of April 2019 — on XMR block #1806599 and EOS block # 51419304.
“When the hard fork took place, a snapshot of all existing XMR and EOS holdings occurred. Anyone holding XMR or EOS in a wallet or supported exchange has been credited MonerEOS (XME) at a 1:1 ratio for Monero (XMR) and 20:1 ratio for EOS.”
What’s The Point Of This Project?
MonerEOS is designed to provide its holders with the same level of privacy as XMR with the ‘amazing speed and overall transactability’ of EOS. However, one of the biggest issues with the project is that, since its inception, it has seen little to no activity on its GitHub page.
To be even more specific, we can see that the project currently displays only five readme files in its repository — all of whom have been authored by the same individual.
Snapshot obtained from MonerEOS GitHub
Other Key Aspects Regarding MonerEOS That Are Quite Alarming
- The only working product that the project has to offer is the ‘MonerEOS’ paper wallet. However, that does not prove that the project is real at all.
- Many people who asked MonerEOS’ dev team highly technical questions on their official Telegram ID were either blacklisted or blocked out from the main discussion channel almost immediately.
- A massive chunk of the project’s whitepaper has been lifted from Monero Research Lab’s paper on ‘Dual linkable ring signatures’ and Monero’s CryptoNote V 2.0 Wisepaper.
- While the project claims to be closely associated with Dan Larimer, there seems to be no evidence that suggests he has anything to do with this offering.
- All of the Twitter activity in relation to the project seems to have started just a few months ago.
- The icing on the cake that proves without a shadow of a doubt that MonerEOS is a scam is that the project does not provide any details associated with its core dev team on its official website (or even whitepaper).
As soon as Reddit’s crypto community got word that the MonerEOS project might be fake, many of them started to investigate the project for themselves. In this regard, a Redditor by the name of Yoga Dream was quoted as saying:
“What a joke, what a fraud. Obviously, they are trying to scam people, which is a crime, period. Last I checked, their Telegram has over 2000 participants, and they ban people that ask questions. See recent YouTube video from Crypto Tim as an example. I hope they catch them and they sit in jail for 3 years minimum.”
In closing out this piece, it should be made clear that MonerEOS has all of the makings of a massive scam. As mentioned earlier, the project fails to “tick off” many of the essentials that are often used to authenticate the veracity of a project. Thus, for anyone looking to invest in a new crypto offering, it is suggested that they stay as far away from MonerEOS as possible.