11-17-2021, 11:10 AM
Street artist turned "crypto millionaire" conned by immensely dubious project?
<!-- SC_OFF --><div class="md"><p>The following <a href="https://netherlandsnewslive.com/street-artist-judith-de-leeuw-did-her-best-to-stay-poor-but-suddenly-became-a-crypto-millionaire-i-give-the-money-to-non-profits/284536/">news post [1]</a> just came to my attention, which is an English translated repost of an original Dutch article posted today <a href="https://www.ad.nl/geld/streetartist-deed-haar-best-om-arm-te-blijven-maar-werd-plotseling-cryptomiljonair%7Ea2c8d385/">[2]</a>. The article describes a Dutch street artist (<a href="https://www.instagram.com/jdlstreetart">Judith de Leeuw [3]</a>) receiving "3 million IDON tokens worth 2.5 million EUR", making the person an instant crypto millionaire. Well honestly, with the latest NFT hype - such amounts aren't really surprising anymore and frankly believable. Or is it? Looking into this project (Idoneus) I was instantly taken aback by the numerous obvious red flags.</p> <p>After checking the <a href="https://etherscan.io/token/0x12c5E73Ddb44cD70225669B9F6f0d9DE5455Bc31">IDON token address [4]</a>, I found that IDON only has 162 holders. Suspicious.. even more so when 98.7% of tokens (987MM out of 1 billion) are held by the top 10 addresses. <em>Yes, you read that right!</em></p> <p>Now, <a href="https://idoneus.io/idon-token/">Idoneus' site [5]</a> mentions a price of $10.33 with a valuation (market cap) of just over 10(!!!) billion USD. <em>Yes, you read that right again. A mind boggling TEN BILLION dollar valuation for a token that isn't even listed on any coin index pages like CMC or GC.</em></p> <p>How is the IDON token price and insane 10 billion dollar valuation established? Here's the kicker: The price feed is seemingly static HTML or there just simply isn't any market! Just take a look at the following <a href="http://web.archive.org/web/20211109010130/https://idoneus.io/idon-token/">archive.org source [6]</a> and you will find the exact same price of $10.33 listed on the 9th of November. How does a token have the exact same price (on the cent) for over a week?</p> <p>Furthermore, to no one's surprise: no CEX lists Idoneus except for some obscure platform named coinlock. IDON has been traded a couple of times on Uniswap according to the ETH blockchain, however - there is literally 0 liquidity. You would receive 0.0087 ETH (~37$) when you sell a 100K IDON; that should be worth at least a million USD if you would believe their insane 10 billion valuation.</p> <p>Talking about red flags: the street artist in question even mentions in the article (paraphrased) <em>she has to buy a house or yacht with the IDON tokens and then sell those assets to retrieve fiat EUR</em>. This statement further emphasizes the fact there frankly is no market and the aforementioned tokens are absolutely worthless - else why wouldn't she be able to just sell the 3 million IDON on an exchange or OTC? She basically gave her works of art away for free... and I am assuming there are many more victims to be uncovered.</p> <p>Should we dig even deeper? Maybe we should. There are many more red flags to mention - however I am out of time for now. The unfortunate street artist won't be able to cash out, and even if she could - <em>it would be over the backs of other victims receiving a worthless token.</em> Who will be the eventual bag holders of these worthless tokens? This is clearly a sickening game of hot potato that is at a mind boggling level , as with the game hot potato at least you end up with a... potato. In this case? Well I don't need to overstate the obvious. </p> <p>What kind of next level Ponzi is this? Is it a project to trap boomers into investing into the latest blockchain hype without having a clue how any of it really works? Many questions, however - it is clear there is something extremely fishy going on. I'll update the post if additional information comes to light.</p> <p>NOTE: Repost. Had to buy premium just to be able to post due to too little comment karma.</p> <p>EDIT: Formatting</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/genuin3"> /u/genuin3 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qvk2iz/street_artist_turned_crypto_millionaire_conned_by/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qvk2iz/street_artist_turned_crypto_millionaire_conned_by/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>The following <a href="https://netherlandsnewslive.com/street-artist-judith-de-leeuw-did-her-best-to-stay-poor-but-suddenly-became-a-crypto-millionaire-i-give-the-money-to-non-profits/284536/">news post [1]</a> just came to my attention, which is an English translated repost of an original Dutch article posted today <a href="https://www.ad.nl/geld/streetartist-deed-haar-best-om-arm-te-blijven-maar-werd-plotseling-cryptomiljonair%7Ea2c8d385/">[2]</a>. The article describes a Dutch street artist (<a href="https://www.instagram.com/jdlstreetart">Judith de Leeuw [3]</a>) receiving "3 million IDON tokens worth 2.5 million EUR", making the person an instant crypto millionaire. Well honestly, with the latest NFT hype - such amounts aren't really surprising anymore and frankly believable. Or is it? Looking into this project (Idoneus) I was instantly taken aback by the numerous obvious red flags.</p> <p>After checking the <a href="https://etherscan.io/token/0x12c5E73Ddb44cD70225669B9F6f0d9DE5455Bc31">IDON token address [4]</a>, I found that IDON only has 162 holders. Suspicious.. even more so when 98.7% of tokens (987MM out of 1 billion) are held by the top 10 addresses. <em>Yes, you read that right!</em></p> <p>Now, <a href="https://idoneus.io/idon-token/">Idoneus' site [5]</a> mentions a price of $10.33 with a valuation (market cap) of just over 10(!!!) billion USD. <em>Yes, you read that right again. A mind boggling TEN BILLION dollar valuation for a token that isn't even listed on any coin index pages like CMC or GC.</em></p> <p>How is the IDON token price and insane 10 billion dollar valuation established? Here's the kicker: The price feed is seemingly static HTML or there just simply isn't any market! Just take a look at the following <a href="http://web.archive.org/web/20211109010130/https://idoneus.io/idon-token/">archive.org source [6]</a> and you will find the exact same price of $10.33 listed on the 9th of November. How does a token have the exact same price (on the cent) for over a week?</p> <p>Furthermore, to no one's surprise: no CEX lists Idoneus except for some obscure platform named coinlock. IDON has been traded a couple of times on Uniswap according to the ETH blockchain, however - there is literally 0 liquidity. You would receive 0.0087 ETH (~37$) when you sell a 100K IDON; that should be worth at least a million USD if you would believe their insane 10 billion valuation.</p> <p>Talking about red flags: the street artist in question even mentions in the article (paraphrased) <em>she has to buy a house or yacht with the IDON tokens and then sell those assets to retrieve fiat EUR</em>. This statement further emphasizes the fact there frankly is no market and the aforementioned tokens are absolutely worthless - else why wouldn't she be able to just sell the 3 million IDON on an exchange or OTC? She basically gave her works of art away for free... and I am assuming there are many more victims to be uncovered.</p> <p>Should we dig even deeper? Maybe we should. There are many more red flags to mention - however I am out of time for now. The unfortunate street artist won't be able to cash out, and even if she could - <em>it would be over the backs of other victims receiving a worthless token.</em> Who will be the eventual bag holders of these worthless tokens? This is clearly a sickening game of hot potato that is at a mind boggling level , as with the game hot potato at least you end up with a... potato. In this case? Well I don't need to overstate the obvious. </p> <p>What kind of next level Ponzi is this? Is it a project to trap boomers into investing into the latest blockchain hype without having a clue how any of it really works? Many questions, however - it is clear there is something extremely fishy going on. I'll update the post if additional information comes to light.</p> <p>NOTE: Repost. Had to buy premium just to be able to post due to too little comment karma.</p> <p>EDIT: Formatting</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/genuin3"> /u/genuin3 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qvk2iz/street_artist_turned_crypto_millionaire_conned_by/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qvk2iz/street_artist_turned_crypto_millionaire_conned_by/">[comments]</a></span>Kind Regards R