How #SALTLENDING "silently" scammed those that bought in the Crowdsale!

I am new to Steemit.com but I have been in the Cryptocurrency space for a while and I want to share with you a personal experience I had with SALTLending ICO.    

I do not have a large pocket but I do invest in ICOs from time to time, those that I believe have a lot of potential ahead. And so recently came across a very promising ICO in which I saw potential. 

That ICO is called SALTLending.   

You could read more about their business model here https://saltlending.com, but the main idea in a nutshell is that it is the first utility token which would allow people in the cryptocurrency space to borrow fiat money in US Dollars using SALT tokens as long as Bitcoin or other Cryptos are blocked as a collateral.   

Pay your loan entirely and you have your collateral back.   

A lot of folks would find this concept sound, specially those that HODL to their Bitcoins, etc. and do not wish to use on day to day basis as they continue to appreciate.   

These are the different plans which are accessible on their interface.  

However though, the plans are not available at the moment as I guess SALTLending is still working to get more partnerships with banks. 

Now after this brief introduction, let the story begin:

I have participated to the ICO a little after the crowdsale kicked-in. 

There were 4 different tiers: 

• Tier 1. SALT was at $2.5 
• Tier 2. SALT was at $5 
• Tier 3. SALT was at $7.5 
• Tier 4. SALT was $10 

Later on, SALTLending added other tiers. At $12.5 then $22.5 and finally $25 (by now). 

I was a buyer at $7.5 mark. 

Now anyone would think: this is all good news, you just tripled your initial investment! Moreover, the tokens are not even on the exchanges!

Well hold your horses until you see what's next! 

A little before SALT tokens hit the exchanges, I decided to join their telegram chatbot. The first thing that strike me is their strict policy with regards to topics related to exchanges, token prices and so on. Bring one of these topics up and you are banned for good from the chat. 

The tokens hit the market and there you go, a massive sell-off on day 1 followed by a continuous depreciation. It was down along the way and it seemed odd. Now here is the thing, 

• At that point of time I wasn't able to withdraw my SALTs nor anybody else. 
• There was a "bug" in the interface that couldn't allow people to withdraw their tokens. 

• Also, once that got solved. It took 48 hours to get your tokens to the exchanges. 

Meanwhile, SALT was bleeding! 

So how was this even possible? 

I investigated the case for days and then found out that the truth lies in the presale phase. A massive amount of SALT tokens were mainly sold in the presale phase. 

That's not the only issue, but what surprised me the most is the price! 

There was a huge disparity in the price which was unjust to the majority of people (like me) who bought during the crowd sale. Here is the breakdown which was leaked on the internet. 

64% of the tokens were sold for $0.25!! 

This explains everything, the drop and the downside which continues to happen as you read this post! 

Those that have bought SALT have hit the jackpot! 

30x times their initial investment in a matter of weeks. I mean who wouldn't sell! 

By the time I write this post, only few people have known what really happened. There were asks on the chat but SALT team refused to disclose any information that would lead to a shit storm by simply asking people to refer to the SALT abstract. Which does not say much! 

After a lot of pressure, they finally admitted that the $0.25 ever existed!

But they still refuse to share the date on which this occurred (stating it was early this year) and the percentage associated it with it. 

I am not sure whether this manipulation was intentional or whether the SALT Team is the one behind this but I do believe people got cheated or scammed to a certain extent regardless of whether the project will do well in the near future! 

SALTLending must be investigated! 

Be careful everyone and remember that in the Cryptospace you are on your own! Please share this post with everyone you know, let the truth expose those who think can fool us.

Most importantly do let me know your thoughts by commenting below.

PS: Only if you think this has helped you in any way or you simply liked it.

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