ALERT: Electroneum | Unethical Practices & Problems ahead

in #cryptocurrency6 years ago

electroneumlogo.png

Electroneum has previously come under scrutiny by many in the crypto world due to their unethical practices underneath their facade of positive announcements, which you can read more about, here, by @danile666 who wrote a fantastic in-depth article about the issue at hand. However, as a quick summary, Electroneum literally copied and pasted the Monero blockchain, but used an older version than the current Monero blockchain, which contained a bug in it that would cause the network to cease at block 202612 ETN. A user by the name @kop2 (KnifeOfPi2 on reddit) discovered this major bug in the Electroneum blockchain, and reported it to the Electroneum team. Unfortunately, instead of acknowledging the problem and fixing it at hand. Electroneum began denying the problem ever existed at first, then minimized the problem, only then to finally give credit where credit was due by sending out an email on March 3rd, 2018 which contained the following quote. Unfortunately, the problems haven't stopped there.

We need any users running an Electroneum Node to urgently update to fix a bug that appeared today. This update reverses our node version with the bug but fixes the block 202612 issue, thanks to community member KnifeOfPi who spotted that issue first and provided a fix.

Problems with Exchanges Lisitings


Electroneum has made a slew of announcements regarding it being listed on more exchanges. For instance, on Feb. 6th, 2018, Richard Ells sent out an email stating the following, "HitBTC (a top 6 global exchange) has agreed to list Electroneum," then on Feb. 12, 2018 Electroneum announced that they would be listed on QRYPTOS exchange and will be working with QUOINE to be accepted onto QUOINEX, which you can read more about here.

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Although, they have since been added to QRYPTOS, they still have yet to be added to either HitBTC or QUOINE, which you can see by examining the exchange listings of ETN on coinmarketcap.

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Problems with Cryptopia


As you can see from the above exchange listings, Cryptopia makes up the largest trading volume compared to any other exchange which list ETN. Unfortunately, as I eluded to previously at the beginning of this article, Electroneum has run into some major issues concerning their blockchain as a result of this bug. However, judging by their Facebook post and updates you'd be under the impression that all is well and has since been resolved.

ETN Announcement.png

That is of course unless you actually try to transfer your ETN from your wallet to Cryptopia as I did below. As you can see, according to the electroneum transaction, all is well and the ETN should be sitting in my Cryptopia wallet.

ETN Confirmation.png

However, upon examination of my cryptopia wallet as you can see this simply is just not the case. Of note, this is far from my first time transferring crypto and can assure you the problem is not related to user error. Hence, this is also why I always transfer a small amount of crypto first, prior to moving any larger portions of a holding.

Cryptonia - ETN Balance.png

Nonetheless, upon further investigation I did happen to come across this notice on the Cryptopia website.

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So despite electroneum's recent Facebook postings about the blockchain problems being fixed. They ultimately still have not been fully resolved.

In Conclusion


Beware of the facade of positive postings surrounding the developments of Electroneum. As you can see from the evidence provided in this article, Electroneum has been far from upfront about the obstacles they've encountered. Instead they appear to be mitigating any problems and egregiously over emphasizing their accomplishments. All in all this can help to explain the steady decline in the price per share of electroneum over the past 3 months despite the litany of "positive" developments from the ETN team.

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The current downtrend is due to the overall market. If you compare the price fall of ETN, they’re still above average of all Cryptocurrency combined.

I agree that they have issues that needs to be address but this is common for any startup companies especially when you set the bar of expectation too high.

And by the way, they were just listed in KuCoin.

They’ve had price declines for the past 3 months alone. So yea although the overall markets are down, the overall price of ETN has depreciated > 5x from previous all time highs. This can’t be said for the majority of alt coins in the top 40 although they have decreased in price too.

The KuCoin listing just got listed after I made the post but from the time of their announcement to the listing was over a month difference. Most ICOs get listed far earlier than that n ETN has been around since November. There’s a reason exchanges aren’t listing them. Just look at all he problems cryptopia is having with them

I own a few coins on cryptoia and cryptopia has problems with all the coins I own on there so its not just ETN. That is something to do with the exchange itself.

Thats good to know, thank you. I've used cryptopia previously for a couple other coins but have personally only had problems with ETN thus far.

I was one of the few early birds of Electronuem and got a lot of bonuses and referrals and even with all the delays, the attacks and the non admitance of the issues I have somewhat feel that this might not have been a good coin to have referred a lot of my friends.

from Kryptonia with the same username

I agree with you @maverickinvictus I was also apart of the ICO and early supporter of etn. Just hoping they start becoming more transparent n delivering on their announcements or stop making their announcements until the deals are more finalized then they have been lately

Thanks for your analysis on this, I also noticed they are running outdated code. Upvoted from [email protected]

Is this still the case currently or have they updated it? I haven't looked into it yet myself personally

Most cryptocurrencies projects are like that they always mitigate problem when it arises and over emphasize accomplishments even though they are just trivial. Let us see in the future what happens as generally almost all coins are experiencing bearish markets. - krptonia user ankarlie

Can't believe I'm diving into this world that I understand so little of. Steemit works for me and it would even if they took away the whole monetary aspect. Although we may have fewer participants without that motivation...

Coming to you from Kryptonia: @reonlouw

Upvoted by @jason21 of kryptonia

Thanks for sharing. very informative. keep it up. Here is my kryptonia ID. Remiel Bertes @remieltbertes

thank you, from Kryptonia- @reatimtim

Good to know this. nice post.
Krytonia ID: Dhaneshpk

I wish I had more time and resources to follow the crypto world.... @damiana

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