A reader brought my attention to Etherconnect. I knew about a coin named Bitconnect and how it ended being a multi-level marketing fraud that got clamped down in 2018. So, you can imagine my shock when I heard about another token named Etherconnect.
In this article, we are going to be reviewing Etherconnect. The objective is to find out if Etherconnect is the same fraud coin as Bitconnect or not.
Before I begin, you need to know that
“I’m not a banker or financial expert or a private detective. I will not be held responsible for your financial decisions. This review is just for educational purposes, consider it a form of entertainment. I’m not here to promote or disparage any coin or token. I consider my analysis to be objective. You are encouraged to do your research whether you agree with me or not.”
With that’s said. Let’s go.
When I am reviewing coins like Etherconnect (that gives off bad vibes), to confirm their actual nature (Legit or Scam), the below are the things I look out for.
Bitconnect (The fraud project, I think it is emulating)
Developers behind the Etherconnect
What investors are saying about Etherconnect.
Bitconnect a “bitcoin investment and lending platform” was established in late December of 2016. In 2017, the coin was the best performing currencies on CoinMarketCap. In fact, at its peak, BitConnect had a massive market cap of over $2.6 billion and a value exceeding the $400 mark. Even with the growth of Bitconnect, many critics were sounding the fraud alarm that Bitconnect was. Labeling it a Ponzi scheme. This is because, Bitconnect guaranteed investors 40% earning per month, following a 4 tier investment plan. The more money you invest, the more money you are guaranteed to make and faster too.
Even without staking, investors were promised a 1% return on investment daily. Bitconnect also had an affiliate program. These affiliates went ahead to shill Bitconnect and its token BCC in various platforms across social media. Producing screenshots of their affiliate commissions, misleading investors to think it is the result of their investment.
Bitconnect became so big, it attracted the interest of government authorities. Who started investigating their doings. Bitconnect eventually collapsed, due to it illegality. Many fraud coins have used its template to launch other coins.
Etherconnect was listed on CoinMarketCap on the 14th of November 2021. It however says, the Etherconnect was launched on the 14th of February 2021 by a team based in the United Kingdom. Etherconnect is a platform that will facilitate cross-chain staking for ASA, ERC-20, BEP-20, and other protocols.
Etherconnect is a Binance smart chain (BEP20). The means that setting this token up was easy peasy.
Etherconnect has an unverified market cap of $4,472,420 and a fully diluted market cap of 14,908,066.87.
Etherconnect’s links on Coinmarketcap
I noticed Etherconnect did not connect its website to coinmarketcap, it rather connected a coinmarketcap page in the column for website link. This is strange because standard procedure demands a website connection to coinmarketcap. This is a red flag. Etherconnect gives you the impression it has a Reddit community, but when you click on the link that ought to direct you to the said community. You realize there isn’t an Etherconnect community on Reddit. The community is only available on Twitter and telegram.
While checking Etherconnect, I noticed the coin has two websites. Etherconnect.site and Etherconnect.io. This is a red flag for me. Why should one token have two different websites? And to think none of the two websites were listed on coinmarketcap is suspicious.
Let’s talk about the first website, Etherconnect.site
Etherconnect.site is ordinary and boring. I almost fell asleep looking at it. The most interesting thing about the website is the fact it is SSL secure. The description begins with loads and loads of ‘cryptospeak’.
Many investors will find the above use of language difficult to understand. I think it is deliberate, designed to confuse and impress. I’ll try to simplify the jargon.
Etherconnect like the fraud Bitconnect claims to be a staking platform that rewards investors 8% monthly interest. Etherconnect claims to have a Web Wallet, Multi-chain blockchain system, Swap platform, IDO, and NFT Market place in its ecosystem.
I found this part of the Etherconnect’s website interesting
The similarity Etherconnect has with the fraud Bitconnect is striking. It claims it is designed to profit users daily. That’s a scam promise.
Etherconnect further claims its price increases daily from $0.10 to over $0.40. Etherconnecr compares itself with the fraud Bitconnect in 2017/2018. Etherconnect believes investors are queuing to buy the coin. These guys are surely deluded.
They came out unashamedly, to finally reveal that they are a continuation of the scam Bitconnect. A continuation of a scam is a scam, ladies and gentlemen.
Etherconnect presented a certificate of incorporation of a private limited company to prove its legitimacy.
Etherconnect also provided a link that they claim is a legitimate link to a UK government business registry agency.
The above link takes you to a fake UK government website. Yes, bit connect limitedr is a registered company in the UK. It is however not registered as a crypto firm. It was registered as a “retail sale via mail order houses or via the internet (business)”. This where you get all the legit info about Bitconnect limited.
Developers of Etherconnect
Etherconnect’s team is ‘confusingly’ doxxed. It becomes complex as the faces on the website are assigned business-related roles. For example, Mr. Jeff B Shephard is a business entrepreneur, Darryl Gould is the senior business head, Natasha is a key business associate. The name of the founder of Etherconnect is elusive. I believe the confusion is deliberate. Nobody is claiming to ‘own’ Etherconnect to avoid the legal implications of owning such obvious scam coin.
What investors are saying about Etherconnect
On Twitter, Etherconnect blocked investors from commenting on their handles. This is not good, as it suggests they are hiding and are insecure about their dealings. They did the same on their YouTube account. This is what the Squid token did too. However, I was able to get the opinions through a review of a video on youtube. The feeling I get is that people are still confused about the token
On telegram, this is what I saw.
This token is a barefaced scam like its predecessor, Bitconnect. Those behind Etherconnect employ YouTubers to shill their shitcoin and use cryptospeak to confuse investors into buying. Avoid Etherconnect by all means necessary.
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