Akoin Profile (AKN)
Project Safety Score
Thu, Jun 8, 2023 6:29 AM
Akoin
coin
Akoin is a cryptocurrency, powered by a marketplace of tools and services to fuel the dreams of entrepreneurs, business owners, and social activists. Akoin helps them connect and engage across the rising economies of Africa and beyond; created by visionary global artist, change-maker, innovator, and humanitarian, Akon.
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If we do not know for sure if Akoin token itself is a scam, but it is definitely managed by people that are potential scammers.
Like any projects Akoin relied on early donors and investors to launch the Akoin project. This early capital are crutial in the development, launch and success of any product.
Back in 2019, Akoin made a call to generous donors to help launching Akoin. It has been clearly advertise on their website that every donator will receive TOA (Token of Appreciations) that would worth 3 times the value of the donations. 1TOA = 1$. For example if you donated 1000$ your TOA (Token of Appreciation) would worth 3000$ (since 1TOA = 1$) you will receive 3000TOA for 1000$ donation. Those TOA would at that time hold no market value (since the coin was not available and they could not be echange or sold prior to the coin being available) but would later be converted into live Akoin tokens (has confirmed by Akoin team itself by emails they sent to donors). In other world, they will hold no market value until Akoin token went live. Few months after the donations Akoin provided logins to the donors where you could log in with their username and email and see the value of their TOA (Token of appreciation). As promise the amount display represent in USD, 3 times the amount donated. But so far this is just for display since Akoin has not been launch yet. After many delays Akoin is finally listed on Bittrex at the end of 2020. 1 Akoin token = 0.14USD. Akoin then remove access to the TOA login that was available at www.akointoa.org and start stating that: "TOAs were commemorative gifts for donations to our Token of Appreciation campaign. They hold no tradable or market value". Which is in contradiction with information shared by the Akoin team to their donators back in 2019 stating that: "Akoin plans to go live later this year, at which point TOAs would convert to live Akoin tokens". Meaning that TOA should have been converted to real Akoin token value as soon as Akoin token went live.
Also If TOA hold no value, why advertise that donors will receive TOAs worthing 3 times the value of their donations? Many donors were scamed in the idea that any dollars given then will reprsent 3$ in the future. But we know now based on Akoin perspective that they already have no intention to honor that.
Akoin is now saying that those TOA worth absolutely nothing regardless of how much you donated and how many of those your received.
Since the end of 2020 Akoin has also claimed that while the TOA were absolutely worthless, still: "we have plan many activations over the coming months that only TOA holders will be able to participate in, where for your engagement, we will reward you with Akoin tokens!" What Akoin is actually saying is that they have no obligation of any sort regarding those donors and will simply offer whatever they like as a pure nicely gesture.
Whatever those generous and amazing gifts are, we are now in August 2021 and TOA holders are still waiting. Seems that with Akoin even ridicule crumbs of nothing are not easy to get.
You will note that Akoin state that While TOAs have absolutely no value, they will be generous enough to reward TOA holders with Akoin tokens that do hold real value.
How generous. Let's try some math here.
Remember that Akoin lied to donors by telling them that their donation will give them TOAS that worth 3 times the value of their donation. If those TOAs were to be transform in Akoin token, it would get you 3 times the value of Akoin token.
1Akoin token = 0.14USD
1000 USD would give you 7,142 Akoin Token. This means that this donation would normally give you 21,426 Akoin Token.
But given the tone, here you will most likely end to a number close to 0.
In other words, any one that has been an early donator in Akoin would have been better off by not giving Akoin team any money to allow them to develop the Akoin project.
If you had simply waited Akoin launch, 1000USD would have bought you 7,142Akoin. But instead of this you get nothing.
Once again I want to highlight the fact that early donators and early investors are the one that take the risk and try to make project take off and exist. Without them, many project would not have seen the light of day. For Akoin to spit like this on the face of his early donators, says a lot of Akoin management team and their intention.
Is Akoin really about Africa? The answer is certainly "absolutely not" but this will require more time to be developped.
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Akoin Twitter
Akoin News
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Fri, Dec 10, 2021 12:00 PM...
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Akon Releases AKOIN Crypto Card
Tue, Nov 30, 2021 12:00 PM...
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R&B artist Akon reveals his cryptocurrency dubbed the Akoin
Mon, Nov 29, 2021 12:00 PM...
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Akon lance sa crypto-monnaie « Akoin »
Sat, Nov 27, 2021 12:00 PM...
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OXG 1 year ago