Promises Left Unkept: How Explora Chain Unveiled Itself as a Scam Token
The prevalence of scams in the digital currency ecosystem is alarming and while fraudsters have promised to be unrelenting in their efforts, the onus lies on current and prospective investors to do their own research in other not to fall victim to these scams.
There is no doubt that there is a long list of scam tokens, but Explora Chain is currently on the radar as it mimics a lot of other flagged scam projects that had been reviewed earlier.
A Background Check on Scam Projects: Explora Chain as Case Study
There are many developers in the world who are constantly embracing blockchain technology for a lot of reasons, the chief of which is its potential to shield the identities of those behind a particular project. To float a crypto project requires a lot of resources that transcend intellectual manpower and monetary resources.
Because of this, entities like Explora Chain find an easier way to birth their projects, and that includes cloning other projects in relation to platform design, Whitepaper, and tokenomics amongst others.
As profiled earlier by TheCoinRise, a look into Caprice Finance shows the project has a lot of similarities with Explora Chain, one that may suggest that it is a closed group of individuals that are involved with these chains of scam protocols. While this assumption may be tagged as prejudice, a keen look at key details in the Explora Chain protocol will reveal that it promises to give investors an extra source of income through staking its native token, the EXPL coin.
A major marker that significantly shows a link between Caprice Finance and Explora Chain can be seen on the home page. Here, a Live Order tab was arguably powered by BoostX Launchpad Technology, the same feature is present on Caprice Finance.
As mentioned earlier, developing a working protocol and not just a mere cash grab requires a massive amount of capital, most of which is sourced from investors at various stages. Explora Chain has no single investor or backer, a trend that is characteristic of projects that are out for their own pockets.
The Unkept Promises
Projects gain their integrity by adhering strictly to the promises made in their project timeline. One such promise was that the project will be audited by the end of March this year, and at best, the Explora Chain team only added a link that led to the CertiK page, to hide the camouflage that it has completed its audit.
This is not only scandalous, but a massive breach of trust of the prospective investors it hopes to gather in its ecosystem. While Explora Chain has a Twitter account, unlike Caprice Finance which closed its social media handle, its presence on social media platforms is outrightly not worthy of a project that is out there to revolutionize the world of finance.
Typically, new projects struggle to find their balance, especially at a time like this when the industry is experiencing a very massive price correction. However, transparency, accountability, and a show of a sense of responsibility are what distinguishes good projects from the likes of Explora Chain.
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