A recent Notice of Member Disciplinary Resolution from Blockchain Australia states that Qoin’s membership with them is now terminated.
For those that don’t know, Qoin is a cryptocurrency founded in the Gold Coast, Queensland which was targeting retail merchants across Australia – offering free Qoin to new members.
Is Qoin a Scam?
Alex Saunders of Nuggets News recently called Qoin “A massive scam” and urged people to “get their money out before it collapses”. Crypto News also had reports that some Qoin members were able to cash out and sell their Qoins for Aussie dollars. Others instead apparently hit error messages and were unable to cash out.
Interestingly, searching LinkedIn for Qoin members reveals titles such as “Qoin Agent”, “Qoin Accredited Agent”, “Qoin Ambassador” or “Qoin Master Agent”. This seems to suggest elements of multi-level marketing, where adoption could be driven by a tiered rewards system for front-line sales agents.
A few months ago, Crypto News reached out to founding members of Qoin and Bartercard, asking them to address concerns over the project. Disappointingly, no response has been received yet – neither via email, phone nor LinkedIn. An appropriate conclusion is left for the readers to draw.
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