Summary

The article asserts that WCEX (also known as WCX), an ICO which claimed to offer a global digital currency exchange, is likely a scam due to lack of transparency, false claims about team credentials, and questionable business practices.

Abstract

The author of the article expresses deep skepticism about WCEX from the outset, noting the absence of a team, a technical white paper, and the reliance on hype to attract investors. Having raised $16 million USD in pre-ICO, WCEX introduced two team members, Anthony Burns and Tomas Vega, whose LinkedIn profiles have since been removed after the author's inquiries to their alleged alma mater, MINES ParisTech, revealed they did not hold degrees from there. The article also points out that the Tomás Vega linked to the project is not the same person who worked on Siri and has a patent, and that the exchange's technology may not be legitimate. Furthermore, the article raises concerns about the project's USD Stablecoin, the lack of real volume on the exchange, and the intention to sell unsold tokens post-ICO, which could negatively impact token value. The author concludes that the evidence, particularly the false educational credentials, is sufficient to label WCEX as a fraud.

Opinions

The author believes that WCEX is a scam, primarily evidenced by the false claims of team members' educational backgrounds.
The author is critical of the lack of transparency and legitimate documentation surrounding the ICO, including the absence of a technical white paper.
The article suggests that the removal of LinkedIn profiles and the lack of verification from MINES ParisTech indicate deception on the part of WCEX.
There is skepticism about the legitimacy of the exchange's technology and the authenticity of the USD Stablecoin offered by WCEX.
The author expresses concern that WCEX's plan to sell unsold ICO tokens could harm investors by driving down the token's market value.
The author emphasizes that the deliberate misrepresentation of educational credentials is a legal offense and a clear indicator of fraudulent intent.
The article predicts that the value of the XT token will likely drop below the ICO price shortly after the exchange launch, leading to financial loss for ICO participants.

WCX / WCEX , “Trade the World”— Scam warning

WCEX IS LIKELY TO BE A SCAM.

(Update: XT (Wcex token) has started trading losing investors more than 90% from pre (!) ICO prices. More than 60m USD scammed away)

I have been suspicious of this ICO from day 1 given that they did not provide a team, no technical white paper and it was very much all hype.

Now that WCEX have passed the stage of pre-ICO during which they raked in 16m USD and have moved on to the ICO, they have actually “revealed” two team members (Anthony Burns and Tomas Vega). I have screen shot the LinkedIns here at the end so we do not lose them (good thing I did: after my call to apple legal the two profiles are gone. Surprise surprise). They are using the medium account @wcxofficial.

Here are the issues:

MINES ParisTech, where both of them claim a Master’s degree, one in Computer Science and one in Financial Mathematics does not have such a master listed on their website. I called them and the only info I got was “we do not have such a program”
I sent MINES ParisTech alumni an email as well trying to confirm if the two had studied there. Their answer was clear (see screenshot below):

For those of you who do not speak French it says: Regarding our phone call just now, I can confirm those two individuals do not hold a diploma at our school and they are not in our records of former students.

Update: the linkedin profiles have been removed both from their own blog (!) as well as the below links. If you cannot see that these guys never worked at apple and are master scammers then you are simply too greedy to see.

Good thing Goolge does not forget either. The blog entry previously showing the linkedin links is here:

Meet the Founders. - WCX - Medium

Summary Software engineer with a financial engineering background. Experienced in building and scaling technology…

webcache.googleusercontent.com

And the screenshots with linkedin links preserved above. Now they disappeared. See below:

Update 2: Now their corporate LinkedIn profile is gone too. This time I believe as a result of LinkedIn investigating and coming to the same conclusions as I did…

The rest below here is much less relevant. I am not claiming those points to be fully evidenced. Just remember, the above is fully enough to show these are scammers. They made up CVs or stole identities to get your money. Remember that when you look at the rest and maybe find one or two points on the list below you find questionable or not so bad.

Rest of the list:

3. The Tomás Vega that worked on SIRI and has a patent on it works at MIT.

4. As per the below article, the “exchange” they showed earlier (during the pre ico) is an API call to tradingview; not sure if the current one has an engine. Some further interesting points in the article. Note: this is not my article. I am not claiming their exchange won’t work today.

WCX Exchange Scam Alert | Crypto Briefing

WCX ICO - The Global Digital Currency Exchange is a straight-up scam. There is no proof whatsoever of a product, no…

cryptobriefing.com

5. During the Pre ICO they listed an escrow service and said they would not disclose identities due to security and that the received funds were in escrow. Here is what the guy who allegedly escrowed the funds had to say:

6. They have a USD Stablecoin, which apparently just like tether needs no audits and I am sure the government in the US is fully bought in with that coin right? On the other hand they are excluding US investors (via checkbox I might add, which won’t stand up I do not think if ever challenged)

7. Finally just as a throw in: they actually plan to SELL all UNSOLD token from the ICO at market prices after the ICO. Translation: after ripping off people for millions of US Dollars, we will then dump the unsold token on our ICO holders day one.

8. Google searches and backwards searches using their linkedin pictures do not yield anything useful (aside from people who are clearly not these two). That is extremely unlikely if they worked where they say they did.

Just to be clear: the fact that both list an institution on their Linked In CV that confirms officially that they have never studied there is enough to tell you that this is a fraud. That action alone is a legal offense.

You do not need any of the other points. I do hope that the crypto community starts helping authorities to uncover such frauds.

Here is how this will play out in my opinion: token will be awarded, the exchange will be full of bots, actual volume will be de minimis (if at all) and the price of XT token will drop below the ICO price within the first 48 hours. Everyone buying in the ICO will lose money; pre ICO buyers might make a little. Enjoy everyone.

LinkedIn screen shots:

Anthony Burns (https://www.linkedin.com/in/anthony-burns-3823a915a/):

Tomas Vega (https://www.linkedin.com/in/tom%C3%A1s-vega-aa679a159/):

A short disclaimer: The above is merely opinion, never financial advice. I have not got the time to dig very deeply into this issue, but I believe that the conclusion this project is a scam is valid based on what myself and others have uncovered and is linked here. If I should be wrong then I apologize, but the facts speak for themselves. If you have a university on your CV that confirms you were not a student there then there is hardly a different conclusion to draw.