What is WoToken and is WoToken a scam?
Wo Token (WOR) is a recent profitable coin storage project that is buzzing in the cryptocurrency community. WoToken is similar to Cloud Token or Plus Token. However, it seems that many investors still do not know. Therefore, today, AZCoin News will join you to find out what WoToken is? Is WoToken a scam?
What is the WoToken Wallet?
According to the introduction of the project and some promotional leaders, WoToken is described as a smart electronic wallet that supports storing cryptocurrencies such as Bitcoin, Ethereum, etc. Also, this is a dApp application based on Blockchain technology; it is possible to manage cryptocurrency and link with bank cards to create a seamless connection between digital assets and the real world.
In short, WoToken can be considered as a digital wallet similar to Blockchain, Imtoken, or Trust Wallet. Even if compared, it is still a bit “lame” about the platform, technology, and many other things. However, not only can WoToken store coins, but users can buy investment packages to receive daily interest with a maximum profit of up to 20% / month, the interest cannot be more attractive to investors. WoToken is no different from profitable coin wallet projects such as Cloud Token, SCF Token, Plus Token, or, most recently, S Block.
Edward Wu, WoToken CEO
What is WOR Token?
Although the project currently does not provide much information about the WOR token. However, WOR is described as an ERC20 token based on the Ethereum Blockchain. Users who purchase WoToken investment packages will be required to use coins such as BTC, ETH, etc. to buy WOR tokens and then use WOR to invest, then receive interest equal to WOR. Accordingly, WOR coins can be converted to BTC, ETH, etc. and the coins that WoToken wallets are supporting at any time.
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WoToken investment and interest packages
Currently, the WoToken project has only two unique investment packages:
- Investment package 1: Minimum investment of $ 1,000 or more, you will receive daily interest of 0.25% – 0.5%; Monthly interest is 6% – 15%.
- Investment Package 2: Minimum investment of $ 5,000 or more, you will receive daily interest of 0.3% – 0.65%; Monthly interest is 10% – 20%.
All interest from WoToken will be paid in WOR currency. After that, users can convert WOR to BTC, ETH, and withdraw money. According to some sources of information, WoToken allows investors to withdraw capital at any time.
WoToken pays referral commissions via a unilevel compensation structure
They have the following policy:
- Withdrawal of principal up to 45 days in advance, you will be deducted 5% of the fee/total investment amount.
- Withdrawal of principal after 45 days, you will be deducted 1% of the fee/total investment amount.
WoToken Wallet uses AI technology to trade the differences between exchanges to make a profit. From there, the project will have money to pay interest to investors. This is the form that all interest-based coin storage wallets are currently using, which is also the only explanation for the question ‘where do they get the money to pay interest to investors?’
Evaluation of WoToken project
First, with any project, whether it’s a cryptocurrency or a digital wallet, you should check out its official website. It has the official website name wotoken.pro. This is a relatively simple website, also known as unprofessional.
The site is quite simple, and the domain name does not have an SSL security certificate (this certificate can be done for free). Moreover, the site is continuously broken by all the interface errors and extremely little information. It has only a few introductory lines, an application download report, and … that’s it.
- There is no whitepaper
The “Ecological Links” section means partners in the ecosystem. There are many notable names such as ImToken, BTC.com, CCN, My Token, etc. Even Ethereum. However, all links only to the homepage; there is no information about cooperation with this project.
There is no smart contract. WOR is an ERC20 token but does not have a smart contract.
There are no social media channels. Any project needs to have social media channels to support users, update news such as Facebook, Telegram, Twitter, etc. However, it has no channels.
There is no information about the company or the development team behind the project.
- Partner of Neraex trading platform
It is reported that WoToken technology was acquired by the Japanese exchange Neraex. Neraex indeed has a statement about this issue. However, Neraex is just a tiny trading platform. Therefore, the reliability is not high.
- Leading 1WorldBlockchain development team
WoToken was introduced as a project of 1Worldblockchain. This is a company that provides financial services solutions. However, the official websites of WoToken and 1WorldBockchain are not linked.
Is WoToken a scam?
In AZCoin News’s opinion, they don’t provide the necessary aspects to comply.
Here are our primary concerns:
- No retail products offered.
- ROI commissions are not registered with the SEC.
- There are too many question points mentioned above.
Just the above information is enough to put WoToken into the list of Ponzi projects next to Cloud Token.
With the above concerns, AZCoin News does not encourage you to invest in this project. And the reason is simply because it’s too sketchy. Not to mention that the British Columbia Securities Commission is investigating it for not registering for a securities supply license in Canada.
Some Chinese investors said that these are the same people behind PlusToken, Wotoken, and some other Ponzi schemes. Considering that some key members behind the PlusToken scam have been under arrest while other scammers at large are still dumping its crypto, there’s little chance for investors of such projects to get their money back.
On the same day, police in Baotou, a city of Inner Mongolia in northern China, warned the public of this project to exit scam as many investors reported that withdrawals were stopped and soon the Wotoken wallet app ceased operation.