BlockChain News

AltOne CEO Implicated in Possible Data Transaction Token Exit Scam

Data Transaction Token ($XD), a cryptocurrency previously known as Scroll Token ($SCRL) appears to have exit scammed after losing more than 97% of its value since June. $SCRL launched following a $1 million ICO that ended in June 2018.

The cryptocurrency has also seen its trade volume drop off a cliff since $XD reached $0.128 in early June this year. In the last six months, trade volume has crashed from a peak of over $2 million down to well under $100,000 throughout October.

Data Transaction Token Early Warning Signs

It appears that the early fears surrounding Scroll have finally become a reality, as the company behind the project, SoluTech Inc, has officially ceased operating. In a recent tweet, Scroll notes that “further questions should be directed to (508) 549-5797, or via email to [email protected]” The official website has also been taken down and displays the same message when visited.

Curiously, just hours before Scroll announced it had ceased operations, the cryptocurrency witnessed a shocking dump of almost 75% after falling from $0.0117 to just $0.0033 in the span of two hours. This has led investors to suspect that any remaining Scroll team members likely dumped their bags on unsuspecting traders.

Various Twitter cryptocurrency traders have been calling out Data Transaction Token since 2018, with many highlighting the cryptocurrency as one of the most obvious pump-and-dump schemes in recent times. In one Dec 2018 Twitter thread, Crypto Ed, founder of cryptocurrency trading group crypto-ta.nl, noted how the $SCRL hype-brigade was calling for $SCRL to reach $1.00 by the end of 2018.

King Shill for $SCRL

Among those most under fire for supposedly shilling SCRL is the CEO and Co-Founder AltOne Group — John Nguyen. Shortly after the ICO concluded in June 2018, Nguyen could be found promoting the altcoin to his over 50,000 Twitter followers, calling for people to “Get on board cause we (Scroll Token) mooning this year.” Nguyen also noted that $SCRL opened on exchanges at 600% of its ICO price, but kept silent when it fell below its ICO price point in the two weeks following.

This isn’t the only time the AltOne CEO was seen banging the drums for $SCRL either. A month after the previously mentioned tweet, Nguyen could again be found promoting $SCRL. These are two just examples of numerous tweets where Nguyen referred to or directly promoted the advantages of the now failed token.

Other Twitter users also allege that Nguyen was also repeatedly calling for $SCRL to hit $1 by the end of 2018, though we could not find evidence of this ourselves. Keep in mind, this is the same individual behind a platform that offers ICO analyses, investment strategies, and market signals.

With that in mind, we at BeInCrypto encourage those looking to invest in cryptocurrencies to do your own research. The industry is rife with paid shills, market manipulation, and outright scams — when in doubt, don’t invest.

Which cryptocurrency do you think will be next to pull a fast one over on unsuspecting investors? Let us know your thoughts in the comments below.


Images courtesy of Twitter.

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