CYBEX: An All FAKE crypto Exchange!
Can You FAKE an entire Exchange? Cybex did. Do not trade at Cybex.io. This exchange is fake. I believe it to be a scam, con, and lie. A copy of the open source Bitshares Exchange it went from zero volume to $3.5 million dollars of daily volume instantly. While the exchange has beautiful charts, and continuous trading. It is all fake. Do not send your money there!
So these are some pretty big accusations. Let me back up a bit. I have been trading and an active participant in the BitShares blockchain for a while. Bitshares is an open source exchange. I heard, some Chinese investors were going to improve BitShares. Initially, my interest was piqued. If I like BitShares, and this exchange is better, I might like it better than BitShares.
So I began to periodically, -check up one the project. Randomly, once a week I went over to see what was happened. The exchange had very little volume, and then suddenly, it had lots of volume.
So I dug in, the volume started instantly. All at once like someone booted up some bots. That is weird. And then I looked deeper. Basically, they copied the open source exchange and then created 25,000 fake accounts, 1,000 of these are bots which are actively trading back and forth.
Frankly, I was impressed. There is a saying “Fake it till you make it”. This exchange is doing that.
Certainly, this exchange is not the only exchange with wash trading or artificial volume. Accusations, have been made –of which I have seen evidence support- that 80% of all crypto trading is fake. Yes, Bots make up significant trading, and that is ok, -if it is for a purpose. However, trading back and forth just to create volume, is called wash trading. That is wrong, deceitful and should not occur.
Therefore, as a public service announcement I would like to warn everyone. Do not trade at Cybex.
If an exchange cannot be honest about the basics like the number of customers or the amount of trading, do you really want to trust it with your money? That would be foolish. It is an insult to all exchanges –like Bitshares- that have worked hard to build a reputation or get customers. Yes, this is hard. But you know what? That is good it is supposed to be.
Cybex is a scam. FAKE. LIE. WASH TRADING.
Do not open an account at Cybex!
Here are some more screen shots...
While naming the committee is very creative. Notice how they all have the exact same number of votes. Think the election was rigged? Those are the people who are watching you money. You send it here and you might was well have to go to Jupiter to get it back.
I like the pop up menus showing volume. They have some nice User Interface ideas. The bars are sort of cool.
You can notice how trading just sort of suddenly starts...
Potential Exit Scam
Potential FRAUD SCAM.
FAKE VOLUME.
I should probably also mention. When the initiative for this got started they had Dan Larimer's picture on the website. This was used without his permission. It was removed. This alone showed a total lack of morals. (For any new person, Dan is one of the founders of Steemit, Bitshares and EOS. It is like using Bill Gates or some other celebrities picture without permission.)
So there is a right way to do things and a wrong way to do things. Disclosure is the correct thing to do. I feel bad for any team trying to start and exchange. You need customers, yet the customers will only come if there are other customers there. And wash trading happens elsewhere. But that is not an excuse. This was trading is still happening with the intent to deceive. They have been caught in a lie. In multiple lies. They now need to live with the consequences. I don't enjoy exposing fraud, but I am sick and tired of all the scams in crypto. Enough already. Stop the scams. Stop the lies. Let's build a better world honestly. It is is scams and lies that have caused many nations to be third world nations. Almost any nation, not full of problems (wars, corrupt police, corrupt politicians, murders, drugs, theft, ect) has risen to a second world nation. They are "developing" nation now. This scam and lies is hurting all of crypto. Just like lies and corruption hurts nations it hurts crypto. Lets end it. Then crypto will get more widespread acceptance.
@cryptick is this @eos.cybex?
Yes. I believe so.
So it is interesting to follow up on this like a year later. I have no reason to believe that anything is suddenly real at this exchange. The user interface of the site has been updated and it is now harder to see some of the things I found previously.