Suspicious POPCHAIN Team Finds Friends at Bithumb

As reported in Hankyung today, many investors share deep concerns about the legitimacy of POPCHAIN (PCH) and its team. The most concerned among them are pointing out that Bithumb is now pushing a veritable Ponzi scheme as one of its newest offerings.

According to its website, Popchain “is a bottom-driven open, public block chain.” The project also boasts “solid business logic” and a “user-friendly API for making Dapps.” Following its listing on Bithumb, PCHwill be reborn as a content service platform based on blockchain by launching their mainnet using Popcorn TV and Sullop TV from their strategic partner company E & M.

A report published by Bithumb regarding the PCH listing indicates that no one on Bithumb’s end has any problem with the team or technology involved with PCH’s platform. This lack of apparent scrutiny is deemed a fairly transparent and sub-par attempt to downplay what many investors see as huge detriments to the coin and its underlying technology. Bithumb now is accused of listing a coin that hasn’t been verified more than once by any other source.

One problem investors have with PCH is that the coins were created only about 2 weeks ago, on April 30th. There were only 18 wallets that held PCH. Two of those wallets held nearly 92% of all available tokens. This suggests that one or only a very small number of people own the vast majority of PCH tokens, leading it to be labelled a scam by many investors.

The move by Bithumb to list such a token is somewhat surprising since regulators are clearly on the hunt for wrongdoing by domestic crypto exchanges. The more unseemly actions crypto exchanges and investors take, the more regulators in Korea will have reason to issue harsher restrictions. Last week, UPbit fell into hot water briefly as it was reported that prosecutors visited their offices on various charges.

Bithumb was advised by the Korean Blockchain Association to reverse their decision to list PCH this afternoon, according to fntimes.