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Verge Cryptocurrency Opens Crowdfunding: A Possible Scam?

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Verge Cryptocurrency Opens Crowdfunding: A Possible Scam?

Verge, a digital currency with an ambition to compete with other privacy coins, took to Twitter on Thursday, March 22 to ask its users to raise an amount of $3 million in XVG so that the project can reveal a partnership. Such an endeavor that is completely unheard of, even in the Cryptocurrency world.

Starting out as a Dogecoin Fork, Verge was popularized on Nate Murray’s cryptocurrency list as a “privacy dogecoin.” Since then, the coin has come a long way and is met with equal parts criticism and cheering. The failure to deliver on its famed “Wraith Protocol” was circulated extensively on Twitter, causing the project to lose credibility. In the past week, Verge’s Twitter account posted a “crowdfunding” campaign to enable the project to reveal a new partnership.

Such a move is not only bold and risky, but it makes users view the project with suspicion.

Proceed with Caution

“In line with our mission to empower people to bring blockchain transactions into everyday life, we are thrilled to announce efforts to establish the largest cryptocurrency collaboration to hit the market,” the fundraising appeal read. “Help us accelerate this crowdfunding effort and reach our target goal.”

“If our goal is met, we will be releasing the name of the company Monday, March 26, 2018,” it finished.

A Verge representative also confirmed this development, saying that the crowd-sale is “indeed legitimate.”

Meanwhile, the full statement below:

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In only a few days after the announcement, Verge users have raised approximately 17 million XVG to support the project. Details of this crowdfund are available here.

In the dedicated donation page on their website, Verge has also set up a dedicated donation page on its website, where it insists the following:

“As many of you are aware, no one on the Verge staff is paid to do the work they do, and generally any marketing efforts that come from our team are funded out of our own day job salaries. That is why we need your help. In order for us to be able to provide these services to you, our community, we need to raise a substantial amount of funding.”

Details about this partnership remain scarce, but the company says that it “represents an enormous potential market with a global reach that will compete with multiple fiat currencies.”

“We are eager to see this partnership materialize and invite everyone in the Verge community to support this groundbreaking initiative,” the company added.

Scammers Run Rampant on Verge’s Tweet

A number of Verge impersonators flooded the comment section of the crowdfunding tweet, asking naive investors to send them Ethereum’s cryptocurrency, ether. The address of one of the scammers, showed approximately $4000 in ill-gotten gains, a fact that can be attributed to gullible cryptocurrency investors.

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