Scam

Nimiq

Coin NameNimiq
Coin CodeNIM
Summery Description

Being an ICO investor and holding my coins for over a year and a half I decided to do some analyzes behind the mimic. After reading some of the other users’ complains and some of their findings of NIMIQ project, I decided today to spend a couple of hours to create a comprehensive list of information that indicates that NIMIQ is doing a scam operation that sounds legit to some.1. Nimiq was not registered as a legal entity during the entire period of the Initial Token Offer (ITO). So, Nimiq Team was NOT registered during the fundraising with the Initial Coin Offering (although they were selling tokens). Moreover, during the entire ICO period, they didn’t have any KYC. Only after the ICO ended, they created a foundation and hired a company to be in charge of the process of KYC to convert the NET (Nimiq Exchange Token) to NIM the coin. They have registered the foundation in a special place in Switzerland to allow them to move the funds without publishing any information about the foundation and in which ways they were incorporated. By this time, nobody except them doesn’t know the board of the Nimiq Foundation. Information like who is in the foundation, who administrates the foundation, how many people are in the foundation, who is in charge, how much funds did they declare, who is paying who. Is the Costa Rican villa administrated by the Swiss Nimiq Foundation? All these questions were never answered by them. Everything is total shady about their foundation being registered in Switzerland. [u]I repeat again that the foundation was created a half a year after the ICO was ended and the 12.8 million dollars were collected[/u]Because the Foundation was registered after many months of the ICO period, and the KYC was started in January 2018, an ICO refunding can be done on Nimiq and SEC can commit Class actions against them individually. Basically, they ICO smart contract was developed by some individuals and the entire process was directly handled by these people: Robin Linus, Elion Chin (their investor), Philipp von Styp-Rekowsky, Pascal Berrang, Marvin Wissfeld, and Ricardo Barquero. Moreover the domain nimiq.com was a Real Estate company owned by Elion Chin and some users on telegram posted web archive proofs about this claim. They never explained how they got the[url]https://web.archive.org/web/20101001032656/http://www.nimiq.com:80/[/url]
2. Besides the ICO, they even pre-mined about 7.5% of the entire network vesting it into 3 addresses.A) FoundationB) ImpactX CharityC) Early contributors.3. The biggest issue I see in the project is that they declare that 2.5% of the premise goes to ImpactX Charity Foundation. Nobody and they never published what is ImpatX Charity Foundation. We don’t know if the ImpactX charity exists, who decided that the funds should go to ImpactX and not to OUR KIDS FOUNDATION. Is ImpactX Charity Foundation registered? Who administrated it? I believe the 2.5% charity foundation was just another “nice” lie to hide the fact they will keep another 2.5% of the funds to themselves that this “ImpactX Foundation” doesn’t exist and it will never exist. Moreover, they never explained who the Foundation, ImpactX and Early contributors own the vesting about? Is it a single owner or is it a multi-signature wallet? Is the private key owned by whom? Robin, Richy, Elion or by who? 4. Another scam point is that they declared in their transparency report that they invested 1.1 million dollars into “real estate”. They never explained this. It looks like the Foundation paid 1.1 million dollars from the ICO directly to Elion Chin (who owned the Costa Rican villa and also had a Real Estate company called mimic and the domain nimiq.com was owned by him). So, probably they paid Elion Chin over a million dollars for a 2 store mansion in Costa Rica. This is definitely not a wise direction, but they never explained what the 1.1 million dollar investment from the ICO money means.5. Another major lie was back in Jully when people started to question that Robin has left the project. After some time, Richy started to create a lie that Robin was “starting to work on research about scalability”. Absolutely no news and no information was given by Robin for over 6 months. Robin Linus’s last medium post and last video appearance are in May 2018. For over 7 months, they continued to lie and Robin was never seen in the project. A lot of concerns started to appear last week when people decided to question Richy lie that Robin Linus was indeed working on the project. They started to say that Robin was not the founder of the project and that his involvement was not that much as Nimiq was a team project. By using this message, their community admins and Richy was trying to remove Robin from the project forever.Last night Robin decided to write a message on telegram regarding his involvement in the project. It definitely shows that Nimiq has an internal “fight” over the leadership of the project and probably who is in charge of the project ICO money. Moreover, they also knew and acknowledged that the ICO investors lost more than 95% of the money. It looks that Robin decided after 7 months to whistleblow that the project is a total failure and they need to tell the truth to the ICO investors about their huge failure.[quote]Happy New Year everyone!First of all: we want to be more responsible in 2019.So let’s face the truth: There have been lots of rumors around Nimiq and we understand the dissatisfaction. Since the ICO our investors have lost almost all their money. Even in comparison to BTC, we are down 95%. According to the ranking on the coin market cap, we fell from ~250th to ~600th place in one year. Long story short: we failed to fulfill our potential.Now the best way forward is, to be honest with ourselves and in particular with you.We are working hard on resolving internal disputes regarding necessary changes and our way forward. It has been quite a grind so far because lots of different opinions and emotions are involved. Now to terminate our process we commit to making an official statement by Sunday night.Let’s work together to unfold Nimiq’s full potential and let’s make 2019 the year of Nimiq![/quote]6. Another major problem of the team is that according to their team reports’ without taking into consideration their 1.1 million dollar mansion in Costa Rica in July’18 they had about 10 million dollars. Their burning rate was only $250,000 per month in July’17. Probably the burning rate at the moment is higher than $350,000 and they would have only 5 million USD. It means the project would have funds to survive just for another 12 months. When the project will become broke most (if not all) of the leave the project and probably the entire network will shut down and be closed. They argue it is a decentralized project. This is not true. If it would be a decentralized network it means they would not require to have a full-time network guy to watch the network and maintain it. When the seed nodes were offline the nimiq.com network was also down for many hours. Transactions couldn’t be processed and synchronization couldn’t be done. If they run out of money, the NIM will be worthless of value 0 and the website nimiq.com will get closed. It will be closed exactly like the previous Real Estate website nimiq.com6. Nimiq raised over 12 million dollars during the ICO period in the summer back then. During the ICO they were presenting Nimiq as a “ready to go” blockchain, but in fact, everything presented in their demo during the ICO period was totally broken. Their demo was not even a blockchain in the real sense and this is the reason why it took them another year to create a completely new blockchain from scratch. After the demo, initially, they were trying to clone kryptonite blockchain with Mini Blockchain, but after some time they discovered another paper called Non-Interactive Proofs of work and they decided to stick with a complete model that was not developed or built by them.7. Nimiq never published any official white paper. Their only “white paper” is a medium article that described “how cool would be a Browser-based blockchain”, but intentionally forgetting about describing any kind of technology advantages or breakthrough. As explained in 2. they solutions of cloning the code of kryptonite was later discovered and then switched to NIPOPOW, although the entire team didn’t have any kind of clue about the direction of the project or its technology. There is fundamentally no innovation in this project. Nim is just some good story marketing convinced a bunch of people to believe it is a ground-breaking technology while simply it is isn’t.8. At the moment over 70% of the mining is centralized in a Chinese Mining Pool named SkyPool. The vulnerability of 50%+1 is real from the day of launch. Since day 1 of the Nimiq Blockchain SkyPool anytime can attack the network with 50%+1 attacks.
9. ICO Investors lost over 95% of the investment. This lose is not to fiat, but even to Bitcoin parity. Interesting is that the entire Blockchain market is worth ~2 million dollars, while the project still has 8 million dollars from the ICO funds. Why are they not interested in their ecosystem while they have 4 times more money than their entire project and community.10. Pool miners closed their pools. Multiple pools including Pikachu, Philpool, Beepool, and other pools were closed due to the unprofitability of this coin.11. Most of the community is gone and they never look back. There are just barely 50 people involved in their project channel groups namely Telegram and Discord. Most of these are miners who are interesting in make some activity in their channels in order to dump the NIM coin on the market.12. Censorship is at its high. You get an instant ban if you post a simple question about their foundation structure or about their funding. Immediately, like in seconds an “admin” on their telegram or discord will gonna ban you and remove all your messages. They call this a fight against FUD. They accuse users to be others and ban innocent people.

Linkhttp://www.nimiq.com/
CategoryScam
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Is Nimiq a Scam?

Disclaimer: Nimiq Cryptocurrency | Nimiq ICO
Nimiq is a cryptocurrency project that issued Nimiq tokens to its community. Scams in the cryptocurrency space take form in many ways, including exit scams or undedicated project developments.

Is Nimiq a Scam ICO?

Data on whether Nimiq conducted a scam ICO, a scam mining operation, or a scam masternode project is cited above from external sources and CoinCurb does not take responsibility for claims against Nimiq or in support of Nimiq. The data is only an aggregation of claims cited against Nimiq.
The above claims about Nimiq (ICO), Nimiq’s token, or Nimiq’s team are externally sourced. They may claim that:
– Nimiq did an ICO and then exit scammed
– Nimiq has an undedicated project development after the Nimiq ICO
– Nimiq token got pumped and dumped by the Nimiq team
– Nimiq is a dead project with a worthless Nimiq token

However, external claims about Nimiq project, Nimiq token, Nimiq team, or even Nimiq advisors may not be supported by accusers of Nimiq ecosystem and thus individuals seeking to learn more Nimiq team or about the Nimiq cryptocurrency are recommended to directly contact Nimiq team members or Nimiq token investors.
CoinCurb does not itself decide if a project is a scam and thus does not claim Nimiq is an exit scam or that Nimiq is any other type of scam, nor does CoinCurb insinuate that Nimiq (or Nimiq token) team are scammers or that Nimiq (or Nimiq token) advisors are scammers. CoinCurb allows viewers to reference sources related to Nimiq development, Nimiq token trading, and/or Nimiq team as an uncertain reference when deciding if Nimiq is a scam or Nimiq is not a scam.