Is BitClout a scam? What is known about the project
Most recently, we talked about the concept of NFT tokens. This is a completely new and truly breakthrough technology, the potential of which you can read in a separate article. However, like any other highly profitable tool, NFT attracts more than just respectable users. Some see NFT as just a way to get dishonest funds by taking advantage of the trust of their own audience. Such fraudulent projects most likely include the BitClout platform. Next, we will tell you why this site is suspected of dishonest work. So let’s get started.
To discuss the activities of the enterprise, first of all, it is necessary to get acquainted with the very concept of the organization. That is why you should first discuss what and how BitClout does. In fact, it is a large shopping complex located on the Web and specializing in interacting with NFT tokens. This platform provides the widest range of services to help you productively use such advanced functionality. In addition, the project has recently started to grow actively.
The developers were inspired by the concept of creating a digital social network built on the use of tokens. However, ordinary users were not happy with the recent actions of the organization. Moreover, the audience of the project accuses the company of stealing $ 170 million. This is a huge, loud statement that needs to be backed up by facts. And, unfortunately for BitClout, prosecutors can provide specifics. Which we will discuss in the next section.
What is BitClout accused of?
In fact, there are no specific precedents yet. Users cannot say that the purchased NFT tokens have not been credited to the account. However, most likely, similar problems will begin in the near future. The fact is that third-party specialists tracked how the project works. After purchasing NFT, your funds are transferred to one large vault. The wallet is built on Bitcoin, obviously for the convenience of subsequent transactions. It is from here that the money is distributed to several sources. Including, and on the forbidden trading platform Hydra. Also, the diagram below shows that a certain part of the funds is deposited into third-party wallets and exchanges.
That is, in simple terms, BitClout is simply laundering funds. Why would an honest project need such complex translations? Why can’t you make a direct transaction from a wallet to a legal address? And how can a serious business partner with Hydra? The question is obviously rhetorical. Some services that assess the security of cryptocurrency transfers call BitClout an ordinary scam. Which will collect more client money, and then disappear along with all the savings.
A similar statement was made by representatives of Coinfirm, which argue that the BitClout methodology is very similar to the infamous Bitconnect platform. Should you end your partnership with BitClout? The question is controversial. Still, there are no victims yet, which means that the accusation should be built with extreme caution. However, we strongly recommend that you be careful with this project. It is highly likely that representatives of the relevant structures will soon begin to expose him.
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