A fraud allegation has been raised against Dan Larimer’s EOS blockchain project. Known as CHEN Weixing, the crypto tycoon who is an investor of Binance said a number of crypto fraudsters are making the blockchain industry tough for investors.
According to Coinness, Weixing made the declaration on his Weibo handle while expressing dismay at the way some of his friends fell victim of the economic disaster introduced by the fraudsters.
Also the CEO of Fun City, an app-development firm, and an ex-founder of Chinese ride-hailing App Kuaidi Dache, Chen said the train of fraudulence in the blockchain industry needs to be checked and some people should always take moral responsibility for misappropriations, else ‘shell games’ like EOS and VDS will put the industry in disarray.
The capitalist, in his explanation, said even though EOS is a very innovative project, it is full of deceitful claims like “millions of TPS” and “next-generation operation system,” price manipulation, obscured fund raising schemes, among others.
Chen added that EOS is a pure fraud, they moved from being nothing in America to become a king in china.
“What an example of a successful crypto scam! They were once nobody in America, yet they turned Gods in China thanks to another bunch of swindlers, who cheated investors out of billions of dollars to buy planes and villas,” Chen stated.
While disclosing his stand on VDS, the veteran entrepreneur who also invested in Tron and Qtum said it is a fraudulent investment designed with transparent and fair rules.
“A Ponzi Scheme designed by some clever men. That is what VSD is. It integrates multiple blockchain technologies and adopts transparent and fair rules, making it more acceptable than EOS,” he continued.
Chen proclaimed that his expectation for the crypto world is not being met, as he gets disappointed often.
“If money is God in this world, all those who embezzle the funds raised from the public by telling endless lies would be pardoned. Followers and believers lose their wealth regardless of whether or not it is a bull market – Les Miserables. I have expected too much from the crypto world, and the more I expect, the more disappointed I am,” Chen asserted.
