Kataryna Kovtun June 5, 2020
During this turmoil, craftsmen created a cryptocurrency called the George Floyd token or FLYD, it is intended to finance rallies against lawlessness. However, it has all the signs of fraud.
Protests over the death of George Floyd in the United States went beyond the borders of the country. Now people around the world express their sympathy. However, peaceful appeals to punish police officers who exceeded their authority, and the struggle for the observance of human rights grew into outright riots. Street Protestants set fire to cars, and looters regularly raid stores across the country.
Is George Floyd Token a Scam?
FLYD is an ERC-20 token. In the future, its founders plan to distribute it using airdrop. The project has many similarities with the ICO wave, which are rarely associated with the actual development of blockchain projects. The organizers trying to make money on the anger part of American society, which resulted in riots and the introduction of curfews in major cities of the country.
Like many other fraudulent ICOs in 2017–2018, the document does not explain why protesters need a stream of payments in an illiquid, just launched token or why they need specialized payment solutions.
According to Etherscan, FLYD is stored at 242 addresses, and the total emission is 612 million FLYD. Besides, a website has been created on the Internet that says that the token should be used as a means of financing protesters and “those who face injustice from the police and governments.”
One cannot but admit that the decision to use the name of George Floyd is rather cynical. If the creators want to sincerely help activist movements and create a decentralized platform to finance various protests, it would be more correct to come up with a more neutral name. Now everything indicates a desire to cash in on this topic.
The official “technical document” occupies only one page and almost does not contain information about the token, but has various contradictions.
The White Paper says that the project’s goal is “to help protesters and activists get help through various channels.” The next sentence says that the options for using the token “will be available to everyone, including … small businesses that want to diversify their payment instruments.”
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