Just Vanished, Wallet TokenStore Sued by 2100 Victims
Smart wallet TokenStore has suspended its services after its updating since May 31st, but has thus far declined to comment on the reason why. On Jun 10th , one of the leader of TokenStore in China said in Weixin investor group that TokeStore might be gone. Now, TokenStore has frozen withdrawals, deposits and orders with its website closed.
Known as a decentralized smart wallet with intelligent “AlphaGo” system. TokenStore claims it can automatically identify the volume, activity and price difference of the major trading platforms in the world, and then buy low and sell high among platforms to earn profit for investors. It claims to be profitable regardless of ups and downs of market, with monthly earnings of 40% to 80%, or even double.
“ I downloaded TokenStore wallet app and put 85000 yuan into the wallet, I got “TSY” (its platform coin) the next day as expected, which can be converted into ten major cryptocurrencies. I realized that I was cheated until I found the website closed.”
The victim invested in the wallet after listening to the its introduction, It is said to be a digital wallet ecosystem created by a group of computer geeks, including Google AI Alphago technology team and German computer scientist Yanislav Malahov.
However, according to an investor who contacted a local criminal police officer, TokenStore is a scam in deed, just a planned, step-by-step money-trapping project in which several people form the core of the marketing team. The introduction of the its technical team is purely false propaganda, and the backstage data is totally manipulated.
At the same time, information about the open sale of TokenStore source code online seems to confirm its sudden disappearance.
In addition, a product introduction released by TokenStore also publicly declared the “pyramid ” model. Many victims pushed their luck though they had realized it was a scam. The registered users of TokenStore are about 800,000, involving billions of dollars.
Investors in Shanghai, Foshan, Nanning, Shenzhen and Hunan have spontaneously organized rights safeguard groups and collected victims’ information so far. Up to now, more than 2,100 people had been registered. According to one victim, the loss in Shenzhen merely had exceeded 150 million yuan.