Ecoin Official: From Legitimacy to Scam – A Cautionary Tale
On the 18th of September 2020, I posted about Ecoin Official being legit. However, to be honest, Ecoin has stopped paying since 2021.
No one knows what has happened to Ecoin. All that the admins in the Ecoin group on Telegram keep saying is to wait for management.
For real, guys, how long should we wait? Today in my post, I’m declaring Ecoin as a scam project. Once Ecoin starts paying again, I will update this post immediately for you guys.
Is Ecoin Scam Or Legit?
Status: Scam.
When Ecoin started back in 2020, a user named Ikechukwu Nwakpu on Quora said Ecoin is a Ponzi scheme, but I never believed it because Ecoin was really paying.
Analysis of Ecoin as a Ponzi Scheme
Ecoin is a highly fabricated Ponzi scheme that surpasses the Sergey Mavrodi Ponzi scheme known as MMM. It may not last more than nine months starting from 1st April 2020.
However, the Ecoin concept was designed to first share some percentage of their mined coins with the public on a handful of exchange window platforms as a way of gaining both trust and global public adoption by enticing the public into staking their hard-earned money into the Ecoin investment portfolio after the free airdrop.
ALSO READ: Ecurrency4u: Navigating the Digital Finance Landscape with Confidence
Initial Success and “Hit and Run” Strategy
The good news about Ecoin is that the first set of people to participate will succeed (only) on a “hit and run” approach.
Never consider reinvestment after the first investment. If you must invest, consider using (only) your airdrop-free earned coins to be safe.
Concerns and Suspicious Activities
However, we are observing “EcoinOfficial” since it’s a new program. They promised to start payouts on the 1st of April 2020. Who knows if this is going to be a global April fool geared towards deceit and teasing?
One major red flag is Ecoin’s policy, which implies having access to every participating email account.
This grants Ecoin access to import all your contacts from every participant’s email addresses associated with them during registration, which is highly suspicious.
What Others Say About Ecoin
Krishna Sarthak Tiwari also raised concerns about Ecoin, stating:
- It collects data from the email IDs used to sign up. By referring, you are just sharing the contacts of your email ID so that they can give you directed ads.
- They are not registered and don’t have a registered office anywhere in the world.
- Ecoin is based on a model similar to Initiative Q.
- You will need to verify using your phone number before getting an airdrop, allowing them to collect your number as well.
Conclusion
For now, I will advise everyone to stop wasting their precious time on Ecoin since it’s no longer paying. I no longer believe in Ecoin. Once it starts paying again, I will update this article.
