THE GREAT SXP SWINDLE - Krypto Karma

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THE GREAT SXP SWINDLE SXP has degenerated into one of the most corruptly abused crypto tokens in history, a play toy of the elitist of scammers which even involves Binance Exchange. Let’s Begin. Pitched as the next payment protocol to rival Crypto.com SWIPE was formidably marketed to lure in trusting investors with all the bells & whistles of youtube reviewers. Key pitches 300 mil supply, 73m circ at the time (Mar 2021) Deflationary model pitched with aim for a max supply of 100m SXP Binance acquired in July 2020 Swipe BINANCE Visa Card - powered by SXP Swipe FTX Visa Card – powered by SXP Swipe mobile wallet - powered by SXP $100m Coinbase insurance $100m Bitgo insurance Binance SAFU fund backed PCI-DSS level 1 certified Pay with crypto, receive crypto, pay via i-message Crypto savings accounts with APR partnered with KAVA & CHAINLINK Runs on Binance & ETH network (no mention of hidden second supply on Binance chain) HQ in London Merchants save up to 90% in fees Crypto loans - 50% on collateral Crypto lockup savings accounts Swipe defi network - SXP token to govern Lending like Aave & Compound Coinburn in Aug 2021 - 10m SXP pitched by JL Acquired Spend.com in 2021 and integrated into Swipe. IMPRESSIVE RIGHT! The then CEO & founder Joselito Lizarondo (JL - if he even exists) would issue twitter rally cries of $100 LESS SXP IS FUD, implying that the rise from 0.20c ICO price in Aug 2021 to the highs of over $5.00 in March 2021 was just the tip of the iceberg of what was to come. BARE IN MIND JL was an employee of Binance at the time of making these public claims (more later) Joselito at his best (employed by Binance at the time as they owned Swipe) Armed with this new price action JL & SWIPE SXP went on a roadmap frenzy. Below was the latest V2 Swipe SXP roadmap for 2021 https://blog.swipe.io/swipe-sxp-v2-roadmap-b435b02525f5 A new mainnet was promised for June 2021 BUT the crypto crash of May 2021 occurred, this was an opportunity for JL to bleed the project dry and ‘exit scam’ the TVL of the protocol bled from a $56m to a paltry $155k to-date & flatlined. This was raised by community members in the official Swipe telegram chats, only to be told by admins and JL “THE WORK HASN’T STOPPED” in reference to the new mainnet (swipechain). Anybody who asked tough questions was immediately blocked and removed from groups by the trigger-happy admins under the instruction of JL (Luke lead admin admitted after) Swipe community were strung along from May 2021 – NOV 2021 with the carrot of new “testnet launch in Nov 2021” whilst other assets were rallying after the May dip SXP was flat lining and the community censored from discussions. How could this happen to a Binance owned crypto project people should ask. Throughout this time JL would disappear and get banned from Twitter for months at a time with no explanation. The penultimate nail in the coffin for investors came in Q4 2021 when it was revealed a whole new supply of hidden SXP tokens were available on the Binance chains thus doubling the tokenomics overnight. Despite no mention prior in whitepapers/Roadmaps or places like coingecko, CMC (owned by Binance) the community was in uproar but was played down by admins as if the doubling of supply is a normal occurrence in crypto. That would be like Bitcoin having a 21 million max supply but then a whole new supply emerging on other chains which may become compatible with Bitcoin. In reality that is not how it should work, a MAX SUPPLY is a max supply regardless of how many chains the crypto maybe on. It wasn’t until deep into 2022 this was changed on platforms when swipe got rebranded (hold tight – we will get to that) DEC 2021 The swipe community are rallied with promises of BIG NEWS (could we finally have a ray of light) JL presents an AMA where he states SWIPE is rebranding to SOLAR, still using the native token of SXP with all prior functionality remaining but with new utility for SXP designed to raise the token value. SWIPE would now be 100% owned by Binance and JL would be stepping down as CEO and leaving his role at Binance with Swipe SXP. Armed with this new Hype JL promised to invest $10m into Solar SXP by becoming a delegate in the “new Solar Dao” which was ripped off of ARK.IO without consent or consultation & that caused an uprioar. – https://twitter.com/ArkEcosystem/status/1463617215392010242?s=20&t=e0o2pte0zViAW0kzLRZl5 Q Shortly into Q1 2022 JL disappeared again and from all social media not to be seen since. Handing the project over to his “co-founder” Nayiem and side kick Charles/Chuck Naughton, more on them below in a separate document conducted by the Turkish Swipe/Solar community and their crypto scamming backgrounds which range from hacks, theft & fraud. (Nayiem resides in Sweden, CN resides in Texas USA, Joselito is incognito) To date Dec 2022 - 1 year later Binance still doesn’t support the Solar SXP mainnet and all Swipe SXP utility has stopped including card processing burning fees of SXP since Jan 2021. Thoughts Where is JL? Why did Binance allow so much misinformation & lies to be shilled of a project they co- owned and eventually brought 100% only to just abandon the SXP token and community, they should be held responsible too., Is JL even real? Nobody from both Solar/Swipe communities has ever seen a live pic/video of him and one member has claimed he sounded American during an AMA, hardly befitting of his ethnic background and residency. The whole SOLAR/SWIPE SXP saga is the ultimate scandal/fraud/rug-pull that’s been kept under the radar & Binance are in big part responsible. Charles Naughton appears to be the mouthpiece not the project who moderates chats and pulls the public strings, in June 2021 an SXP investor implied he was aiming to pursue legal action and Charles implored him to wait until July as that’s when Binance & Kraken would support Solar mainnet & he didn’t want SOLAR to have a disadvantage, The investor reluctantly agreed & when he messaged Charles back for an update a couple of months later he was met with the below responses & blocked. EX SOLAR BRAND AMBASSADOR TIEF Tief came to post in March 2022 but quickly resigned, when asked these were his reasons why There are many more layers to peel in this saga but this document should give you a good insight as to what SXP is inherently about. Here Tief highlights his experiences with the ‘New’ Solar Team Red Flags were beginning to fire for him! Very strange indeed, maybe his inner team new the plan & Jeffrey was intended to be the patsy for the future Solar demise. “Decentralized energy efficient DAO” lol Already rugging some of his own team, just like his now vanished “co- founder Joselito” Sounds legit – You have your name on the titles Jeffrey whilst we access the money, hmmmm. Referring to the lead Dev of Solar “GYM” undoxxed and a bad actor who build in a backdoor open for hacks into the code base, verified on original Certik Audit, who knows what else they have slithered in there. The delegates are some of top SXP holders. If you look in the Solar Explorer you can see that each of the 53 delegates has a substantial amount of SXP, which is required to become a delegate in the first place. This makes it hard to become a top 53 delegate and easy to become a centralized scheme. Then, when it comes to staking rewards, the delegates share back the rewards to their voters. Since the delegates themselves are voting for themselves, essentially staking their bags to be eligible delegates, they are rewarding themselves with their own staking rewards, not the broader community. Additionally, there is no voting mechanism which allows the community to vote on any particular solar initiative. Voting happens at a delegate level, so only 53 entities can vote. Ironically, I was the one who wrote the proposal that funded the foundation wallet at a protocol level. That vote passed 52/53 yes. This all to say that in my opinion Solar Network is not a community driven decentralized project, and I regret having said that before I realized what was actually going on. - TIEF (Ex Solar Brand Ambassador) So we can clearly see from a former insider how much SXP delegates own & how many if not all are connected to Nayiem himself, pretending to be decentralised when the puppet masters are Nayiem, Chuck & Dev GYM. All SXP rewards are shared between themselves as they vote for themselves. Where did they all get this original SXP from we wonder, JL? Who knows but its millions of dollar’s worth & more gets churned out for themselves with no hardcap on SXP supply under this SOLAR project. Although now “fixed” it’s a pretty HUGE red flag to have at the start What if it has been reverted or new backdoors added? NOW LET’S TAKE A LOOK A MR JOSELITOS BLOG POST ON MEDIUM DEC 30TH 2021 Pretty much all of it was a lie & didn’t materialise https://blog.swipe.io/meet-solar-an-energy-efficient-delegated-proof-of-stake-blockchain- rebranded-for-sxp-d8cc714f21c7 All SXP holders on both Ethereum and Binance Chain will receive a proportional redemption of mainnet SXP with no additional inflation. FALSE SXP has an 8% inflation rate since Solar launched mainnet in March 2022 Burying Investors Jeffrey states he never saw a “Solar ecosystem growth fund” Solar will be entirely ran by SXP holders may sound good but it isn't entirely true, it's mostly ran by ‘Gym’, and is more like a 53 delegate circle jerk than a decentralized community driven blockchain project. 53 Delegates likely all closely connected to Nayiem & Chuck/Charles Mother of all deceptions Roadmap – lies upon lies & Broken promises Some further statements from Tief for good measure SOLAR SXP Investigation by Turkish Community https://bitcointalk.org/index.php?topic=5385112.0 https://bitcointalk.org/index.php?topic=5166945.40 Then Nayiem starts a company called Qredit and Altilly turns into Qredit. Qredit's company registration date is exactly 12 days before the so-called hacking incident (!) by coincidence. It's more than enough to realize that everything was planned out. https://mobile.twitter.com/CryptoScamUK There was also an illegal scam investment company called Willems Ventures and a scam cloud mining site called Hodler Mining. Want to see the farm where the investors are milked? https://bitcointalk.org/index.php?topic=4644408.0 There is also a resort in northern Sweden called Voyager Park, where he and his wife, who is an accomplice, sell shares in crypto (illegally, of course). As you can see in the screenshots, they guarantee at least 40% annual profit in order to lure people into their trap. What happened to these coins is currently unknown because they do not exist on ETH or any other blockchain. You can see in the picture: A snippet of sxp's whitepaper. It compares Sxp to Solana, Ethereum and EOS. No other coins are mentioned in the whitepaper of any decent coin, and there is no comparison. The technology and project of the coin are explained. But here they are misleading people by emphasizing that sxp will be the new Solana or the new Ethereum. An example of a complete scam coin whitepaper. Sxp Turkey Telegram group, on the other hand, says that it will increase by 5,000% until the end of 2022, that is, the price will increase 50 times. Another example of behavior that shouts "I'm a scammer". You can see it in the screenshots.