Recently, the cryptocurrency user community on Reddit continued to talk enthusiastically about a project called EXW Wallet. This project emerged as a phenomenon after Brock Pierce, a former EOS rep and self-proclaimed crypto activist, mentioned it on a tweet. Immediately, the entire Reddit, r/cryptocurrency, community criticized this project and discredited the company. However, no one has provided clear information as well as evidence that EXW Wallet (Exchange Wallet) is involved in a scam or Ponzi. Let’s learn about this project with AZCoin News!
This space is so fucked up. Mr. EOS, Brock Pierce, supports the most obvious scam “EXW Wallet” by being a guest speaker. This ponzi scheme promises 0,33% on your investment per day – generated by a trading bot. 2020 and people are still falling for shit like this. from r/CryptoCurrency
What is EXW Wallet?
EXW GLOBAL Financial Group was established on September 24, 2019, in Europe (Liechtenstein), with its headquarters located in the city of Klagenfurt, Austria. With the idea of creating a conversion platform between cryptocurrencies and Euros in Europe, creating a stable source of profits for investors from diversifying 40% of capital into trading (trading on Binance, Bimex), 38% on exchange platforms, 22% on real estate, linking car rental companies, hotel booking, airline tickets, etc. they have established EXW Wallet (Exchange Wallet) and put EXW Token into practical applications, to promote Fintech 4.0 economy in Europe as well as globally.
What EXW Wallet introduces about itself
The characteristic feature of MLM or scam or Ponzi projects is that they cannot provide the most accurate and transparent information on the site. Moreover, EXW Wallet seems to offer a virtual address in Slovenia on its website. CEO Christian Kurt Singer heads the project. However, Christian Kurt Singer’s name appears only on the Internet on the Exchange Wallet website. Singer doesn’t have a digital footprint, meaning his corporate and business background are unknown. This suggests that he probably does not exist or maybe using a pseudonym.
EXW Wallet development team | Source: Exwallet
It is worth noting that the default Exchange Wallet website is in German. The Exchange Wallet website domain name has also been registered with an incomplete address in Carinthia, Austria. This indicates that Exchange Wallet is being used in Austria.
And the information we find from EXW Wallet is only:
- EXW Wallet can be installed on computers, phones.
- EXW can deposit Euros from European Union state banks on Exchange (EXW’s ecosystem like Remitano) to buy CRYPTO and can transfer directly to EXW Wallet to invest.
- EXW allows withdrawals via Bank Transfer or BTC, ETH.
- EXW has a real-time business – a car rental service in Europe, using the EXW coin to pay your travel car rental bill.
- EXW complies with strict European laws, with a clear and transparent legal corridor.
Promotion information on EXW Wallet website | Source: Exwallet
A few things to alarm about EXW Wallet
- So promising
They are promising about many features like:
- Cryptocurrency trading pairs.
- Many offices around the globe.
- Insurance and protection for investors.
- Debit cards charge a fee for easy conversion.
- Integrated POS system for retailers
If you’ve ever invested in a project in the industry, you’ll know how difficult it is to find a partner or supplier of credit or debit cards that will offer support for fiat to crypto transactions. On top of that, this means the company has a significant banking partner or backer who will support them and provide crypto/fiat accounts while supporting the conversion.
Another major issue with pitch and the site is the potential return of 0.33% per day from exchange fees and investment transaction returns. Somehow even the minimum daily profit is 1%, but this may have been deleted because it doesn’t seem to be advertised anymore.
- Products
Exchange Wallet has no products or services available, with affiliates who can only market affiliate members of Exchange Wallet.
- Crypto Trust Consulting
EXW Wallet’s partner was introduced as Crypto Trust Consulting. And it is essential that they lied about their registration, and the Austrian Financial Market Authority (FMA) warned the public against the activity with the broker. Crypto Trust Consulting was founded in 2018 and provided crypto and Forex trading services. The company claims to have established regulations in the United Kingdom. However, there is no evidence of its management from the UK’s Financial Regulatory Authority. In fact, according to the terms and conditions found on the site, the company is registered in Vanuatu.
If the partner of the EXW Wallet is not reliable, it means that investors will not receive any protection from their reserves.
Conclude
EXW Wallet is a Ponzi scam. This model is no different from the traditional lending platform scam that came out in 2017. The topology set up as a reward system is no different from the pyramid scheme that combines high fees for currency conversion that will be financed short-term through gullible investors.
In addition to the incredibly high daily returns, EXW Wallet also has developers and leaders with virtually no social or digital footprints representing active cases where they are not real people, and The company did not send their passive investment token financial management agencies. This, at a minimum, means that they are guilty of security fraud.
Exchange Wallet shows they generate external revenue through cryptocurrency price differences. There is no evidence that this is happening, or that any funds derived from the arbitration or any other external sources of income are being used to pay affiliates.
Additionally, by only allowing people to withdraw money via an internal exchange, EXW Wallet can control the price of their token, which will keep it looking legitimate and valid. Although, over time, the price of the token will decrease as the number of investors increases until the token becomes worthless.
When withdrawals exceed the new investment rate, Exchange Wallet will collapse.
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Read more:
- Ethereum Was Sent To Exchanges To Provide Liquidity For Ponzi HEX Traders
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