Exterior of the Firstcoin Club
May we have your attention please; here’s a scam alert to all the unfortunate crypto investors who can call themselves Firstcoin holders. An altcoin that was labelled as a mix between a multi-level marketing scam and a Ponzi scheme before, in this compelling and red flag waving review. The scheme revolves around the Firstcoin Club — entrance here, Bukowski lookalikes at the bar — where ‘affiliates’ can earn bonuses by recruiting.. new affiliates. Where have we seen that before? Who’s actually the owner of this dodgy club dive bar is unknown, as the founders are extremely secretive about their identity and whereabouts. What we know though is that Yasi Mirza is manning the bar and promoting the coin all around the world, like here in Dubai. A guy who we remember as the ecstatic salesman of another sketchy currency. Yes, a Ponzi scheme called Onecoin. Should ring some alarm bells right?
Here’s the bad news about a coin that has been nosediving with a speed that defies gravity, but in the wrong direction: cryptocurrency exchange Livecoin announced it will delist Firstcoin from its exchange. And they don’t mince words to let their users know why:
Dear clients, please withdraw your FRST coins til 26/02/2018. FRST will be delisted on that date. The reason for delisting is requests from police authorities from at least 2 countries at this moment and 1 open case. We’re not authorized to disclose any details of requests or case, please don’t ask us, we can’t do that.”
So the Firstcoin Club is up in flames, there’s no water left to put out the fire and regulars are jumping out of the windows (the so called pump ‘n jump). And it starts to look even worse, for a coin that’s currently selling around one dollar, after reaching an ATH of 19,98 dollars (!) in October 2017. According to Livecoin a second reason for the permaban is that Firstcoin allows for reversed (declined) transactions. In other words: transactions could be removed from the blockchain, which opens the back entrance to doubling money. The power to multiply comes in super handy when you’re a certain religieus leader and fiddling with loaves of bread an fishes. Then again, it’s not exactly what you need from your altcoin. The scam — that’s in great company — allegedly went on for a while, according to proof that’s published on the Livecoin website.
“This is what happened with FRST network not once, but constantly. We don’t know who is responsible for this fraud, malefactor or legal owner, but outcome is the same in both cases.”
It’s going to be a slow night in the Firstcoin Club
Currently Firstcoin is still tradable on the YoBit exchange and no announcements are made about an upcoming delisting. So if you’ve got some MLM-coins left, our suggestion would be; take to YoBit or Livecoin and follow your intuition. The next time you feel like hitting up your (least) favourite club, you might find it boarded up.
Disclaimer: This article doesn’t trading advice and is just for entertainment purposes. Drink responsibly.
Originally published at www.cryptonewsbulls.com on February 18, 2018.
