INTERNATIONAL PRECIOUS METALS BULLION LTD
In the wake of the FTX fiasco, with the misappropriation and embezzling of billions of dollars, it is imperative that we pay close attention to any new cryptos that make grandiose claims. IPMB known as International Precious Metals Bullion ltd, boasts itself as the first "gold backed' cryptocurrency. Upon taking a closer look, the claim of Gold backing is merely their own narrative to instill a false sense of security. Several investors, including a member of my own team, have already put money into this startup thinking the money was secured by Gold only to find out that the company does not hold any gold assets to backup their coin at this time.
In fact, their trade volume, with an average of only $1500 daily, is solely derived from internal trading done by the developers themselves to manipulate the pricing. Their purported objective is to sell enough coins to purchase the gold they claim to the public they already possess.
Using off site gold sources in regions of Africa such as Uganda, Ghana, etc, they are trying to show the investment firms that they have a strong supply of Gold, when in fact the companies entire exchange to date has not even arrived at $80k.
A few members of the team running this operation, under the direction of CEO John Vakis, carry an obscure and at times dark past involving money laundering charges in his hometown of Cyprus. The Gold backed token, while a great concept, in this case is yet another attempt for a crypto company to manipulate the system; a chilling reminder of Sam Bankman-Fried's recent FTX fiasco.
Before getting lured into any more crypto scams, its important to do your due diligence on each and every coin you are considering purchasing. This one in particular made it to the top of our watch list as they've already duped investors out of cold hard cash using a combination of false claims of gold ownership, price manipulation and a very questionable team, some of whom are currently involved in major legal disputes from past dealings. Please advise.