"Alternative Swap for NOAH on 29 Aug from Yobit! (we don't trust current devs, probably they dumped their coin from 10 to 2 sat) - New Coin Ticker: NAX - 1 NAX = 10 Old Noah - Bonus for Yo Holders - Erc20 Token - InvestBox: 1% daily. Deposits for NOAH enabled (limit: 1 mln)".
Well, of course, YoBit exchange is indeed a more reliable developer for the NOAH ecosystem than NOAH developers themselves and it must be trusted more. But as a first step, let’s dig further and see how YoBit has been doing this for years. We perceive this as a personal attack because NOAH is a company that owns BTCNEXT, which operates under its CEZA license. Also, the token was developed by Platinum Q DAO Engineering, one of the largest exchange listing providers and successful developers. Attacking NOAH and calling its developers untrustworthy means also attacking BTCNEXT, which is currently the only legal NOAH token swapper so far. So, let’s start the investigation process.
Living in a “gangsta” paradise.
YoBit is a Russian exchange, which was launched in 2015 and since then it has a long tail of scam accusations. Its founder is unknown, some sources say his name is Pavel Krymov, and he was arrested in 2018 for financial fraud. The exchange had problems with law before that too - in 2017 it was under investigation by Russian authorities for its shady activity. Nevertheless, it still operates and its owners are unknown.
So what can be said about YoBit? If you start searching info, you will instantly bump on the “YoBit is a scam” threads on Bitcointalk. Many users tell their stories how their money got stolen by the exchange itself, and they never got it back.
- Man sent 0.18284859 ETH and it didn’t arrive. He got no response from YoBit ever.
- Another man sent 15.20780976 ETH. They were never deposited. No response from support.
- 2370 SYS sent - they weren’t deposited.
- A whopping amount of 1000+ ETH was sent but didn’t arrive. Multiple tickets were left unanswered.
- An account with 1 BTC was frozen. Its owner still didn’t get it back.
- 2 ETH withdrawal pending for half a year. 500 XVG pending for 2 months. Also unanswered.
That could be enough to make conclusions based on this list, but there’s even more. Meet the ticker scam.
YoBit scams its users with fake tickers.
NOAH isn’t the first token that got used to scam YoBit users. This practice has been going for a pretty long time. Everyone knows the OmiseGo project, a scaling Plasma solution for Ethereum. It has an OMG ticker. YoBit also has OMG listed. But instead of OmiseGo, traders buy a scam token, created by YoBit itself, entitled OMGame. They keep an artificially high volume, using wash trades, to create an impression that it’s the reliable OMG token that you can find on all other exchanges.
The same story with Binance Coin BNB. The fake BNB token got listed on YoBit, and very soon users found out that it wasn’t the Binance-related token, but some shady in-house token “Boats n’ Boobs”. They tried to make money on the popularity of another exchange, and they probably made some money on this scam. Then it was Phore’s turn. Its ticker PHR was used as the ticker for fake token Phreak. There’s nothing to comment, honestly.
Now YoBit has turned its attention to NOAH. They simply want to collect as much NOAH as possible to sell it on HitBTC or other exchanges later and pay nothing for it, giving away a worthless token in exchange.
What’s the purpose of this? Of course, making more money on growing tokens. Traders are like tokens with potential, and by selling fake tokens of established projects, or swapping genuine tokens for fake ones, scammers can raise some money to continue scamming. That’s what they do. They never hesitate to do something illegal - we can also remember the pump practice that was going on for a very long time - the exchange was pumping its listed tokens to attract traders, and wasn’t hiding it, on the other hand, the announcements about the incoming pumps were posted on its Twitter.
It’s important to remember that among good reputable projects there’s always someone trying to fool you and steal your money. Be cautious and don’t fall for that. Again, the only exchange that supports NOAH token swap is BTCNEXT, and YoBit doesn’t have any relation to this project, so don’t send them any tokens. Moreover, taking everything written above into account, we warn you to evade dealing with YoBit at all costs. Stay safe.
CEO of Platinum