SkyCoin CEO Synth Says Insider Trading Spreading, Coin Drops 25% Overnight

On June 17, 2018, a Twitter user, Jared Dunn released an audio clipping that suggests that the CEO of Skycoin, Synth, knew all along that there was some insider trading involved. Many are now calling the entire project a scam, with Synth’s exact words as follows:

“There was a whole channel full of special insider trading information where everyone was getting rich, basically trading on Skycoin.”

Skycoin is a crypto platform that is believed to be alternative to the internet. According to the Skycoin team, the entirety of this project was built on bandwidth, storage and computational power that allegedly supports Satoshi’s visions. Their Skyminer was highly spoken of, which is a necessary mining kit for the Sky network. While its legitimacy was not questioned, the audio file available now has many doubting the project.

Dear community, a lot has happened in a short time span and a lot of misinformation is being spread everywhere. Below is the official team status update:https://t.co/ZqQBeqyp7T$Sky #Skycoin #TheNewInternet #NetNeutrality $Eth $Btc

— Skycoin (@Skycoinproject) June 18, 2018

In addition, screenshots of the Telegram conversation were also released, which appears to be an ongoing argument between Synth and SudoTCPdump, who is the Head of Community of Management for Skycoin.

Here’s what Synth had to say:

“We knew who’s dumping, what’s going on, buy the dip and buy this and buy that … everyone was doing the opposite of what the public was doing. There was a whole insider information channel on the thing, and it used to be open. Sudo came and made the room private.”

He also added that

“[…] He’s [Sudo’s] going to start a pump group, and he’s going to start charging people 10BTC to get into the room.”

The news has not only been going around in Twitter, as a subreddit user also made a post suggesting that unusual activities were taking place in the Skycoin Telegram. The user described it to be messy and compared it to a circus, emphasizing that:

“Members on the team are having arguments on telegram and even throwing words calling each other autistic… lol. Also threatening to “expose” each other for what? I don’t know…”

The moment Skycoin was listed on Binance, its price went up by $10 to a staggering $34 within just a day, however, it currently only sits at around $13.

Despite all the evidence presented on different social media platforms, it appears that some of the Skycoin followers do not believe it to be true – suggesting that they are “joking around”, as Twitter user, Martin put it.