EXIT SCAM ALERT - South Korean EOS Block Producer KEOS

digital-assets (35)in #eos • 6 years ago (edited)

KEOS DEV TEAM GET READY FOR EXIT SCAM

I wanted to start off 2019 with the third instalment of our popular series, NEW EOS GOLDRUSH EOSIO AIRDROP TOKENS, but unfortunately I am forced to start with an exclusive SCAM accusation regarding KEOS. Who the hell are KEOS you might ask?

KEOS

KEOS is a team of dapp developers from South Korea, according to their website EOS holders are members and stakeholders of a decentralized autonomous community and KEOS role is to facilitate and grow this ecosystem. KEOS also claim to be the most capable BP candidates for South Korea but at the time of writing they only have 2843076.84 votes or a miserly 0.05%.

KEOS originally showed some promise because of their initial link to MEET.ONE, another more prominent BP candidate, whose working dapp (MEET.ONE) helped users to migrate their KEOS ERC20 token to EOS mainnet. Here is a quick run down of the KEOS token taken from the whitepaper:

TOKEN

Symbol	Name	Total Supply	Community Holding %	DEV Holding %	52 week range
KEOS	KoreaEOS	1,500,000,000	40%	60%	0.00004 - 0.00038

EXIT SCAM

On 2019-01-09 KEOS made a sudden announcement using medium which stated the team were giving up on the KEOS project.

It explained they would be focusing instead on their more profitable venture, NEWS PUBLISHING. But don’t worry, NEWS PUBLISHING will be launching an ICO soon! The proposal stated that there should be a token swap of KEOS for their new token called PUBLISH. The KEOS to PUBLISH ratio would be 10:1 and the NEWS PUBLISHING total token supply would be 10,000,000,000... This means if that if you original had 1000 KEOS, you would be given 100 PUBLISH.

PUBLISH Token

Under this proposal, the total KEOS airdrop tokens swapped would only account for 0.6% of total supply. Effectively destroying the voting power of the KEOS community and giving the KEOS developers a monopoly with 99% of total token supply. The proposed new token would look like this:

Symbol	Name	Total Supply	Community Holding %	Dev Holding %
NEWS	PUBLISH	10,000,000,000	0.6%	99.4%

This an ultra skewed and unfair distribution but sadly something quite common in the crypto world.

Reaction

The reaction from the KEOS community was fierce with both English and Korean Telegram channel being bombarded with replies from angry holders. For a photo drop of all that madness check here. This continued until a member of the KEOS team and Chief Security Officer, Chris Sung, made an appearance to try calm investors.

Chris, argued and even sometimes banned users who pointed out the token swap would reduce KEOS airdrop holdings to 0.6% of max supply. He also began deleting posts while denying any deleting was occurring before finally admitting to deleting (it was all quite hilarious).

KEOS show total disregard for the community that they are supposedly here to help facilitate and grow. Community members are demanding a 1:1 at the very least. Six months ago KEOS promised they would have their own dapp focused on being an EOS news portal, however to date this is still just vapourware.

Their actions with the token swap stinks of an exit scam in the making. They do not care about KEOS anymore and especially do not care for those pesky speculators who have been trading it on the free market for over 18 months. The funny thing is that the KEOS "community" recently voted in favour of giving 444,683,018 KEOS (all the unmigrated KEOS tokens), approx 120,000 usd at the time, to the developers to create a KEOS marketing fund. The market has shown their distaste for this kind of blatant manipulation and the price has since plummeted to 0.0000400 EOS.