VDS-like Scam: Aircoin PGS Cracked Down in China
PGS, an Aircoin went bust in China after dumping its price in 19, October. Some niche crypto exchanges in China tend to cooperate with Aircoins to win more user flow and trade volume.
Jack Huang, the founder of PGS claimed he boasted 9 billion Chinese yuan to maintain the project, thus creating an atmosphere that the project would never go bust. PGS claims itself as a blockchain project aiming at Defi and fund.
An investor who bought a lot of PGS tokens at a low price in the early period became a “champion” of PGS after gaining nearly 10 times the return.
“ I don’t care whether it is Aircoin, it is even easier for Aircoin to pump. The individual investors are not VC, so they can’t afford the expense which projects use for technology development. The individual investors only care about price”
In addition to project parties and large investors, crypto exchange also plays an important role in this carnival.
PGS was officially launched at the opening price of $0.0014, which pumped 8 times on the first day of opening. The crypto exchange who first launched PGS won extra a 200 million Chinese yuan of real volume every day. According to the 0.2% transaction fee rate stipulated by the exchange, PGS alone can bring hundreds of thousands of Chinese yuan to the exchange every day.
Some well-known crypto exchanges in China started launching PGS after more and more investors bought PGS token. In this way, PGS, with the slogan of “do nothing, just pump”, rose 31 days in a row with its price soared 63 times, becoming another famous Aircoin project after VDS and BRC.
Many of PGS’s early investors were victims of a scam called PTT. PTT’s project partners once worked with Jack Huang, the founder of PGS. So when PTT dumped, Jack Huang gave part of PGS to the victims as compensation. These investors began to leave when the price of PGS paid back the money they lost in PTT.
The capital control of PGS is very centralized, the holding proportion of the top three addresses of PGS reaches 99.05%
Many investors in China turn to “Aircoin” when Altcoins in 2019 bring little profits. In the first half of this year, BRC rose from about $1 to $18, an increase of about 17 times; VDS went on the exchange in early March, with the issue price of about $1, and rose to $11 at its peak in May, an increase of more than 10 times. While altcoins have risen only 3 to 4 times.