Sistemkoin Scams Hustle (HUSL) Project


#Sistemkoin #Crypto Exchange from Turkey has lied about Hustle $HUSL IEO results to its users.

1. Sistemkoin shared with public that $880,000 worth of HUSL tokens were sold in its IEO.

2. Internally, Sistemkoin has informed Hustle that they only sold $1,000 worth of HUSL tokens.

3. Hustle project paid 4 BTC (worth $32,000) to conduct IEO at Sistemkoin and only raised $1,000.

4. Sistemkoin only returned part of the unsold HUSL tokens. Sistemkoin then went to list HUSL tokens for trading without consulting Hustle project.

5. Sistemkoin lied to its users that this project was very popular (selling $880,000 worth of tokens). Hoping that Sistemkoin users will buy HUSL on its exchange.

6. Sistemkoin then dumps the tokens it has stole from Hustle project on its own exchange and other exchanges, to maximize their profit.

7. By project's estimation, 10m stolen tokens have been sold so far. Sistemkoin managed to dump a further $800,000 worth of tokens on unsuspecting users on its own exchange and other exchanges.

8. The greed of Sistemkoin has resulted in them making almost US$1m while all users and Hustle project have lost so much money.

The sudden reversal of behavior by Sistemkoin suggests that Sistemkoin is in financial troubles. Probably did not hedge its BTC and ended up losing a lot of money in the March crash of crypto prices. Why else would one make such bad business decisions?

Scamming their partners, dumping on users are typical moves small crypto exchanges make before closing down. It is the final cash grab by Sistemkoin to maximize all the profits they can make before disappearing. This sudden change in behavior was also witnessed right before IDAX closed down. Sistemkoin is going to exit scam soon.

What to do now:
- Withdraw funds immediately from Sistemkoin
- Share this to protect your friends in crypto and denounce bad behavior
- Do not participate in any bounty from projects working with Sistemkoin
- Do not do any business with Sistemkoin

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Evidence:
https://twitter.com/TheHustleToken/status/1241921904988033024

Stay safe everybody!

I 1,000% agree that the exchanges you mentioned are shit.

Let me add Chainx into that list. Their modus operandi is they use another company (that sounds a lot like the famous Pantera Capital)... called ICO Pantera, lie to projects that they can raise millions of dollars, and then suggest to do their fundraising on ...

CHAINX!

 

AND DUMB PROJECTS ACTUALLY BELIEVE THEM!

I can even add some exchange sites that need to be avoided even by any ICO platform. sistemkoin, coineal, chainx, p2pb2b, latoken and many more. These garbage exchange sites are always scamming the ico project that wants to use its service. I can say those exchange sites have no users but only the bots. you should avoid trying to deal with one of those exchange sites

DYOR

https://bitcointalk.org/index.php?topic=5235763.0
https://bitcointalk.org/index.php?topic=5093594.0
https://www.facebook.com/pg/Sistemkoin/reviews/
https://coinfomania.com/uptrennd-founder-lose-40000-to-sistemkoin-exchange/
https://www.uptrennd.com/post-detail/30-points-reward-sistemkoin-exchange-is-a-scam~MjIyMjI3
https://www.reddit.com/r/Cryptalk/comments/8vgvb6/scam_has_sistemkoin_stolen_anyone_elses_money/
https://www.ccn.com/turkish-crypto-exchange-sistemkoins-disturbing-security-flaw-reveals-major-withdrawal-complaints/
https://bitcoinexchangeguide.com/new-details-emerge-in-relation-to-recent-crypto-scam-with-turkish-bitcoin-exchange-sistemkoin/
https://medium.com/@jeff_36488/sistemkoin-exchange-is-a-scam-they-scammed-me-for-over-40-000-and-continue-to-scam-people-t-6bfdb38cb2de

Yes, I agree that we should avoid some exchanges such as exmarket, sistemkoin, p2pb2b, latoken, but not with Hitbtc, because in my opinion the Hitbtc exchange is still feasible to use even though the exchange has had a bad case in cryptocurrency.

If this doesn't happened to devs how will they know that some exchanges are bad for business? New developers aren't ready to learn, they always think they are the wisest of all

A question comes to mind when I came across this post and that is, did the team of that project made their research before listing their IEO there? I think not because they wouldn't have listed there if they did. That exchange already have bad reputation and there are other exchanges like this one, or even worst than this one which are known for listing bad projects, killing projects etc such as Latoken and P2PB2B. It might not sound good, but I don't think it would hurt if the team of any upcoming projects ask their community members of their views on exchanges worthy of IEO.

I think it is very wrong to start spreading FUD like this about an exchange when the information we have is just from one side, I have seen some developers accusing exchanges of some shady deals like what happens between Solana team and Kucoin, people need to remember exchanges are set up to make money and this comes first for them and they will do anything to protect and take care of themselves first.

It's complete stupidity If anyone join IEO projects from sistemkoin because they have nothing good to offer, the exchange is plagued with fake volumes and liquidity, any project that plans to use this exchange knows nothing about crypto exchanges or probably in co-op with this exchange to scam investors