When tokens become well-known and start to do well, they may become a target for one of the biggest crypto scams. This is where a fake token is created to take advantage of all the unsuspecting investors and siphon them away from real crypto projects.
Crypto Marketing Company Coin, also known as CMC Coin, with its ticker CMCC, was listed on CoinMarketCap on Dec. 19, 2021, during a record-breaking launch. $CMCC gained back-to-back listings on popular token tracking websites, CoinMarketCap and Coin Gecko. Receiving instant approval from both platforms in under two hours of applying.
Yet several weeks ago, due to a fraudulent company hoping to steal the success of CMCC, CoinMarketCap removed CMCC's listing. Mistaking the real company for that of the scam coin using CMCC's ticker symbol.
Since then, CMCC (Crypto Marketing Company) has worked with Coin Market Cap representatives to get $CMCC relisted. Being removed from a site held in such prestigious acclaim may be harmful to any project, so it was a priority. And yet they’ve faced nothing but incompetence and extortion.
A supposed official representative of CoinMarketCap off the record elicited a bribe of 20,000 dollars from one the CMCC founders to get CMCC immediately relisted on the CoinMarketCap site. We’re sure this tactic may work on some but not us!
CoinMarketCap has refused to recognize its own error in removing a reputable company from listing and will not fix the problem, without financial inducement. They have not researched properly to differentiate the real coins to the scam ones, which is a fundamental mistake.
Instead, they’ve decided to take the easy option of just manually removing any CMCC token that they could find. With no regard for the effect, it could have on the project, or valuable investors who have supported the company.
The Coin Market Cap rep who instigated the bribe was clearly unaware that this act could be considered a criminal offence, much less a civil one.
An internal source at Coin Market Cap has now supplied CMCC with a list of names in senior management positions that not only accept but actively encourage the payment of bribes.
One source informed us that these payments are often made initially by 3rd party agents from anything between $30,000 and $70,000 dollars’ worth of Monero, for a bulk acceptance of what can be large numbers of fast listings. Monero makes the payments much harder to track. These agents then add their share of the profits and resell the fast listing process to individual crypto projects.
On their website, CoinMarketCap states that they do not accept payments for fast listings. They say: “its mission is to make crypto discoverable and efficient globally by empowering retail users with unbiased, high quality and accurate information for drawing their own informed conclusions.”
We can safely assume that based on the current CMCC issues, this statement is completely incorrect. If their staff and management team accept these payments as a representative or employee, the company is equally at fault by not ensuring there are correct processes in place to stop this from happening.
The action of staff accepting bribes shows clearly how many scam projects ultimately can get listed to the detriment of investors who trust the CoinMarketCap brand. This has a negative effect on the investments of people who are looking to invest in genuine companies.
Fraudulent coins are more likely to accept these bribe offers from officials of CoinMarketCap, because the business running costs are not a concern to them. But genuine businesses need to budget effectively to ensure long-term viability. Is it right that their staff's lack of competence can affect genuine projects with real growth potential?
What have Crypto Marketing Company done to try and resolve the issue?
Both the CEO and holders of Crypto Marketing Company made several comments on the Coin Market Cap website to advise people that the scam token was indeed nothing to do with the real CMCC Coin. The Crypto Marketing Company team decided to check the fake project's website that was being mentioned under their comments section and soon realized that it was most certainly fraudsters. They have also reached out to the team at BitBoy Crypto (a trusted and well-known crypto influencer on YouTube and Twitter). They posted on their news channel (@bitboynews) to advise their followers to be wary of the fraudulent project.
The Crypto Marketing Company (CMC) now owns and publishes the largest globally distributed cryptocurrency magazine in the world, available in stores such as Walmart, W.H. Smith's, Barnes and Noble, Woolworths and Tescos. The intention behind the magazine is to educate the world about the crypto industry but also to hold certain websites and media outlets accountable for their actions. CMCC are a fully doxed team and consider it their duty to the public to protect their crypto investments where possible.
The CMCC team say “Even though we recognize and respect CoinMarketCap’s right to remove projects for any reason, it becomes a very grey area when you add financial gain for their staff members into the mix.”
CoinMarketCap was purchased by Binance in April 2020. Binance is one of the most trusted companies and a leading crypto exchange globally, we would therefore imagine they would be very concerned to know that one of their sister companies is operating in this way.
We would ask that Coin Market Cap act in a responsible manner as per their mission statement and relist CMCC, contract address 0xfa134985a4d9D10DBf2d7d Cf811055aA25d0807C (BSC) with immediate effect. If you or your project has been negatively affected by the actions of CoinMarketCap. Please inbox us with the details on twitter @cryptomagz