MYVEE Crypto Token - Part 2
Continuing with the last newsletter let us go deeper into the on-chain data..
Ebulls Token:
The team behind MYV launched their own exchange where they can control the price of MYV, called the Ebulls exchange. The exchange is now rebranded as myvee exchange (will be covered later). Ebulls was going to have its own token, the plan seems canceled for now, but the tokens are already minted so who knows?
Where is the Decentralization?
The biggest red flag with MYV token is that it can’t be traded in the free market outside of 2 centralized exchanges both of which have a bad reputation. The project that, in its own white paper, boasts about decentralization has a token that is:Heavily centralized with 2 wallets holding 97% of the supply.
Has no free market liquidity, and cannot be traded outside of centralized exchanges which are possibly controlling the price.
4. The MyVee “Website”
MyVee website after you have signed up is its own box of obvious red flags.
At the time of writing the MyVee website (myvee.io) went down but their dashboard (https://myvee.io/dashboard) was working fine.
Here is what you will find in the dashboard, a way to track all your referred and their referred in a section caller Income Report → Tree
and this is how a ponzi scheme looks:
5. The MyVee “Exchange”
The MyVee exchange is a clever idea for the project as it gives holders little hope that yes the project is legit as it has an exchange and gives token creators an option to control the market for the token, they now hold 97% of the token supply and the exchange where the token is traded, its books etc as there was no proof of myvee exchange being audited.
Price Manipulation?
Is the price being controlled by the operators of the exchange? Let us look at some data given on their own exchange.
If we scroll down and go to their API page we find few APIs that can be used to fetch data on the exchange, most exchanges make this available.
We can change the symbol on these links to get data for specific pairs.
Let us see what happens when we get exchange data for Myvee Token
We get an error, and no the symbol is not wrong as you can clearly see here.
So we have no open market data for MYV token on its own exchange and that sounds totally not like a SCAM.
What about the United exchange? You can literally fill a form to list your token there, it has all kind of shady activities going on too, but that’s topic for another newsletter.
6. The MyVee “MLM”
MyVEE token is promoted as an MLM, with events like Vestige happening all around, you get people to sign up and pay 100$ and then ask them to get more people in, there is no use of blockchain anywhere and you are just sold a dream. Here are some videos from their events you can rewatch them and try to notice how they only use buzz words and have almost substance.
7. The MyVee “Conclusion”
What can you do about MyVee and is it a scam? Form your own conclusion.
If you invested in MyVee maybe this will help:
Ebulls Ventures Private Limited
The Man Behind Ebulls and MYVEE
This series took alot of research, more than 12h went into research and 3h into writing, please share this with everyone around you so people can be made aware and subscribe to our newsletter it is totally FREE :)