MetaverseNFTCoins.com
  • NFT News
  • Crypto News
  • Blockchain
  • Regulations
  • Scams
No Result
View All Result
MetaverseNFTCoins.com
No Result
View All Result

Stench Of A Scam? Statement Supposedly By Cheems Inu Raises Red Flags For Crypto Investors

December 13, 2021
in Scams
Reading Time: 3 mins read
A A
Stench Of A Scam? Statement Supposedly By Cheems Inu Raises Red Flags For Crypto Investors
ShareShareShareShareShare

KEY POINTS

  • Cheems Inu (CINU) wallet analysis shows that a single wallet holds 100% supply
  • A press release claims that the CINU token has been listed on Binance
  • A search does not show CINU listed on the Binance dashboard

The skyrocketing popularity and growth of meme coins like Shiba Inu and Dogecoin have led to a number of wannabe dog-themed coins hitting the market, like Floki Inu (FLOKI), Cheems Inu (CINU), Cheems (CHEEMS) and Baby Doge Coin (BabyDoge).

None, of course, are as popular as SHIB, which commands a loyal following among Gen Z and Millennials who invest in cryptocurrency.

The problem, for the investor is, how to spot any bad actors in the crowd.  For instance, Cheems Inu supposedly released a press statement Saturday, which was later picked up by Yahoo Finance, claiming that the CINU token has launched on Binance, the world’s biggest cryptocurrency exchange by volume. Problem is a search reveals that the token is available only on Pancakeswap, a decentralized cryptocurrency exchange, but not on Binance. Then why the press release?

As per the press release, the total supply of the token is a whopping 6,000,000,000,000,000,000,000 with a circulating supply of 4,860,000,000,000,000,000,000! A single wallet can own as much as 3% of the total circulating supply. The release claims that “top tier influencers including the legendary @1Goonrich from Twitter have already jumped on board the Cheems train.”

1goonrich is Twitter handle that is known to plug the so-called sh*tcoins that are currently in circulation, like Poodle Token, Cheemscoin and of course, Cheems Inu. There is no way to credibly identify this “influencer” or make sure they are neutral, do-gooders dishing out advice.

It is a major problem with the cryptocurrency market — a lack of credible analysts and research houses, and a lack of regulatory oversight on them.  

A little more digging threw up this: data from BitTimes.com shows that a single wallet with the address “0x26C87d31C14E2AE7fe3e8f8aB7F01DdFF01BDF4B” owns the entire supply of the token, who is possibly the creator of the token. 

Interestingly, the media contact in the release has a generic gmail address.

So is this a pump-and-dump scheme? Someone playing a prank? The problem is there is no way to know. It  would be difficult for a token with so many red flags to get listed on a respectable exchange like Binance, and readers are best advised to do the due diligence before investing in such tokens.

International Business Times has emailed Binance seeking comment and this article will be updated when one is received. 

Japanese Shiba Inu dog, the official mascot of the internet meme-centric cryptocurrency Dogecoin. Photo: Matt Cardy/Getty


Credit: Source link

ShareSendTweetPinShare
Previous Post

Vulcan Forged lost 20% today: should you buy PYR?

Next Post

PlayNFT plug-in to enable streamers to offer NFTs on Twitch

Next Post
PlayNFT plug-in to enable streamers to offer NFTs on Twitch

PlayNFT plug-in to enable streamers to offer NFTs on Twitch

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Weekly Updates

First NFT Trademark Trial Pits Hermès Against MetaBirkin Artist

First NFT Trademark Trial Pits Hermès Against MetaBirkin Artist

January 27, 2023
Lebanese People Turn to Crypto Amid the Country’s Financial Collapse: Report

Lebanon Devalues its Currency by 90%, Snowden Believes Bitcoin Fixes This

February 1, 2023
DOGE Rises On Musk Effect, BTC, ETH Slide Ahead Of Fed Meet

DOGE Rises On Musk Effect, BTC, ETH Slide Ahead Of Fed Meet

January 31, 2023
Yida Gao and Shima Capital Celebrate Portfolio Company’s Successful NFT Sellout

Yida Gao and Shima Capital Celebrate Portfolio Company’s Successful NFT Sellout

February 1, 2023
Biden administration urges U.S. congress to pursue crypto regulation

Biden administration urges U.S. congress to pursue crypto regulation

January 30, 2023
MetaverseNFTCoins.com

This is an online news portal that aims to provide the latest NFT news, crypto news, blockchain, regulations, scams, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch.

What’s New Here!

  • The January figures are 92.7% lower than the $121.4 million
  • Beware cryptocurrency scams: Attorney general
  • Britain Announces Plans for ‘Robust’ Crypto Rules, Launches Consultation – Regulation Bitcoin News

Subscribe Now

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2021 - metaversenftcoins.com - All rights reserved!

No Result
View All Result
  • NFT News
  • Crypto News
  • Blockchain
  • Regulations
  • Scams

© 2021 - metaversenftcoins.com - All rights reserved!

  • bitcoinBitcoin (BTC) $ 24,112.00 4.34%
  • ethereumEthereum (ETH) $ 1,684.88 6.23%
  • tetherTether (USDT) $ 0.998747 0.16%
  • bnbBNB (BNB) $ 320.79 2.37%
  • usd-coinUSD Coin (USDC) $ 1.00 0.06%
  • xrpXRP (XRP) $ 0.415279 2.73%
  • binance-usdBinance USD (BUSD) $ 0.998935 0.2%
  • cardanoCardano (ADA) $ 0.402126 3.59%
  • dogecoinDogecoin (DOGE) $ 0.095528 0.61%
  • matic-networkPolygon (MATIC) $ 1.23 11.15%
  • okbOKB (OKB) $ 39.87 5.71%
  • solanaSolana (SOL) $ 25.46 6.82%
  • staked-etherLido Staked Ether (STETH) $ 1,680.47 6.38%
  • polkadotPolkadot (DOT) $ 6.54 4.61%
  • litecoinLitecoin (LTC) $ 101.41 5.49%
  • shiba-inuShiba Inu (SHIB) $ 0.000012 2.82%
  • avalanche-2Avalanche (AVAX) $ 21.48 9.26%
  • tronTRON (TRX) $ 0.063661 1.89%
  • uniswapUniswap (UNI) $ 6.93 5.29%
  • daiDai (DAI) $ 0.999468 0.13%
  • cosmosCosmos Hub (ATOM) $ 14.99 12.24%
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 24,108.00 4.43%
  • chainlinkChainlink (LINK) $ 7.27 4.53%
  • the-open-networkToncoin (TON) $ 2.42 4.31%
  • moneroMonero (XMR) $ 179.33 0.87%
  • ethereum-classicEthereum Classic (ETC) $ 22.60 4.52%
  • leo-tokenLEO Token (LEO) $ 3.36 5.36%
  • aptosAptos (APT) $ 18.31 10.31%
  • bitcoin-cashBitcoin Cash (BCH) $ 137.47 2.38%
  • stellarStellar (XLM) $ 0.093006 2.85%
  • apecoinApeCoin (APE) $ 6.11 3.67%
  • quant-networkQuant (QNT) $ 149.59 4.39%
  • filecoinFilecoin (FIL) $ 5.70 9.29%
  • nearNEAR Protocol (NEAR) $ 2.47 6.48%
  • crypto-com-chainCronos (CRO) $ 0.082113 3.76%
  • lido-daoLido DAO (LDO) $ 2.33 8.02%
  • algorandAlgorand (ALGO) $ 0.256422 6.15%
  • vechainVeChain (VET) $ 0.024984 7.68%
  • hedera-hashgraphHedera (HBAR) $ 0.069767 7.56%
  • internet-computerInternet Computer (ICP) $ 6.09 1.31%
  • fantomFantom (FTM) $ 0.587802 9.8%
  • decentralandDecentraland (MANA) $ 0.804974 5.99%
  • axie-infinityAxie Infinity (AXS) $ 11.46 4.9%
  • aaveAave (AAVE) $ 91.47 10.09%
  • the-sandboxThe Sandbox (SAND) $ 0.776176 5.31%
  • eosEOS (EOS) $ 1.09 2.14%
  • flowFlow (FLOW) $ 1.14 6.12%
  • elrond-erd-2MultiversX (EGLD) $ 44.49 4.24%
  • theta-tokenTheta Network (THETA) $ 1.10 6.34%
  • terra-lunaTerra Luna Classic (LUNC) $ 0.000173 0.93%