Sweden's Cryptocurrency Scam or Legic?

A major worldwide government has just bestowed a huge vote of confidence and legitimacy on to the world of cryptocurrencies. Sweden, in an unprecedented move, just announced that they are officially adopting a KryptoPay as Sweden’s cryptocurrency! But are they?

What is Kryptonex Research Group?

Kryptonex Research Group claims that Sweden chose them to promote their national cryptocurrency. According to all of the articles surrounding this topic, Sweden is going to be the first country in the world to adopt a single cryptocurrency.

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No information about Kryptonex is available online. Doing a google search for “Kryptonex Research Group”, the only thing I was able to find was an abundance of posts and videos exposing Kryptonex for being fraudulent from the ground up.

On the video on Kryptonex’s website, they claim Sweden chose them to be the countries main cryptocurrency asset. However, due to a “non-disclosure” agreement with the Swedish government, they are unable to state the name of the coin. The main agenda being pushed by Kryptonex is that the coin starts out being very cheap to buy on release, before shooting up in value.

On their website, they state;

Famed hedge funder turned crypto-investor Michael Novogratz says: Sweden’s Cryptocurrency could be at £5,000 per coin by the end of September, 2018

For a cryptocurrency that starts at 0.33p per coin, the price going up to 5000 means that the cryptocurrency will see a 15151% growth in value in only 12 days. This is impossible, no cryptocurrency is able to grow that much in the space of 2 weeks. The intention of this statement is to deceive newcomers to the cryptocurrency industry by showing them unrealistic investment gains in order to get them to make a deposit.

The Scam

Without a doubt, this is one of the worst scams I’ve seen in a while. The complete story is full of holes and missing links. Why would Sweden’s government do anything that Kryptonex is saying they will do? Why would a government choose a private company to launch a government-backed currency? Sweden is definitely looking into creating their own coin, this is true. But only a highly dysfunctional government would believe it’s a good idea to outsource the production of such a valuable asset.

Also, the “non-disclosure agreement” is also a call for concern. Why would a government provide insider trading information to a private company? Kryptonex states they will reveal the name of the cryptocurrency only to their customers. They are able to say this because they gain nothing by sharing this information with people as it doesn’t exist. If there was a real non-disclosure agreement, Kryptonex wouldn’t be allowed to reveal this information to anyone, even their customers.

Not to mention the website, another big cause for concern. While the website may look professionally done, it provides no information about Kryptonex and the cryptocurrency. The only page this website is hosting, is the homepage. With no real information available on the site, people are left with only 1 option. Provide your full name, email address, password and phone number and you will have all your questions answered.

For the fat lady

Kryptonex Research Group’s real aim is to make you deposit money with a non-regulated broker. In other words, this means a shady broker is paying whoever is running this scam to refer new clients who are willing to make deposits. Please be sure that if you deposit anything with Kryptonex, you will lose that money forever.

They even went as far as to create a fake version of the Coindesk website in order to create a blog post explaining the “benefits” of “Sweden’s Cryptocurrency”

Stay vigilant when looking at the latest news regarding cryptocurrency. You can avoid these types of scams fairly easy by spending 5 minutes researching into whatever you’re thinking about investing in.

Were you about to be caught in the net of this kind-of well-made scam strategy? Let’s talk about it, leave us a comment with your feelings regarding this behaviour!

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Disclaimer Notice:

This article is intended to educate and should in no way be seen as investment advice or an enticement to use the ice3x.com platform. Bitcoin is highly volatile with big profit opportunities but you should also remember that you could lose part or all of your investment whenever you take part in any high risk investment. Bitcoin trading is not a regulated industry in South Africa, which in itself carries additional risks. IF YOU ARE NOT AN ASTUTE BITCOIN TRADER, SEEK INDEPENDENT FINANCIAL ADVICE BEFORE MAKING ANY INVESTMENTS.