Bibox is holding ZYN ERC-20 even though both the project & its team are in breach of numerous rules
1) Security token
Top 600 ZYN buyers are on a subscription model called « club Wethio » . They pay each month an amount of money to a Moroccan company called « Applinum SARL » and get the right to have discounted ZYN. They pay Applinum SARL even if the initial contract is signed with a Swiss company called « FutureWorld 7 GmbH » (managed by Zynecoin CEO’s daughter) because the bank account was frozen due to breach of money laundering rules.
Anyway, today the contract reads: « Bénéficiez de parts sociales de la SARL Applinum à hauteur de 1 part pour 1€ cotisé *2 , ces parts dans le cadre du pack Premium sont des actions prioritaires ( lors des assemblées générales et lors 2de la revente ) » .
In French « parts sociales » means equity. ZYN’s « club Wethio » 700 buyers pay a monthly amount of money to get both discounted ZYN (the same Bibox is listing) and equity shares. And they don’t have the choice, they MUST pay for both.
In his 3/12/2020 Facebook live Zynecoin’s CEO remain his club Wethio’s clients to pay their subscription to obtain Applinum’s share + ZYN at a prefered price. Extract here:
??? Our conclusion is ZYN is not a utility token but a security token.
2) Legal opinion versus whitepaper
Bibox listing is based on a legal opinion. We have not read the content of this analysis but one thing we are sure of is the actual delivery is far away from the initial ICO’s whitepaper.
ZYN (Zynecoin) is the relaunch of ZEEN (Zeencoin). +300 actual ZYN buyers had initially bought ZEEN based on a first white paper.
In the first whitepaper the funds where supposed to be invested in a startup incubator (page 16 « Le projet soutenu par cette ICO consiste à abonder un fonds de gestion dédié au financement de capitaux d’amorçage dédiéaux start-ups au Maroc » which means « This ICO subject is meant to invest in a fund dedicated to Moroccans startups ».
?? Today this fund still does not exist ,even if ICO ended in November 2019. Our conclusion is this project is a SCAM.whitepaper
The second and main whitepaper is full of new promises. Nobody really knows why this relaunch and rebranding happened. But maybe part of the answer is the bad buzz “zeencoin” had.
The ICO was supposed to have 7 rounds (page 13) with the last one at $0.43. But surprise, in September 2019 a eighth round was decided to maximize the number of circulating supply. Those tokens and equivalent diluted value were not validated by ICO’s buyers of rounds 1 to 7.
ZYN is not a utility for a very simple reason: you can’t do anything with ZYN except waiting for its own blockchain Wethio to exist and carry it. ZYN is about financing its own blockchain and migrate on it. But Bibox’s Ethereum/ZYN ERC20 is only a Wethio’s option on future shares and Applinum’s equity.
Page 13 this is the bullet points explaning why ZYN is a utility :
- ?? “As a utility token, the Zynecoin token provides access to services offered through Zynecoin” : no service exists until today in March 2020. Scam?
- ?? “Tokens will be generated in limited numbers and it will be impossible to destroy them, block then, or generate more than originally planned” : this is not true because new tokens are planned to be mined in Wethio’s blockchain…
- ? “Tokens for team members, consultants, partners, and other participants will be blocked for a safety period of 10 months to ensure their goodwill and sincere involvement” : it’s not clear when this 10 months period began. Today ZYN endup with 51.000.000 tokens but nobody know how many was sold. How can we verify this commitment?
- ?? “For a cryptocurrency to be successful, it must be the engine of a sustainable economy – that’s why Zynecoin aims to strengthen Africa’s economic performance” : no link today between Africa and Zynecoin. So all this is fake.
?? None of the second ICO’s whitepaper are delivered of even possible to verify today. This sounds like a scam.
3) Product or scam?
As of today none of the described product during the ICO exist.
In the first whitepaper:
- ?? page 24 : “Hayat” made a public declaration they have no link with ZYN
- ? page 29 : “Beauty & Wellness”: nothing exist
- ? page 36 : “Use & Lend”: nothing exist
- ? page 7 : no “startup founders” are known,
- ?? page 7 : “Wethio’s blockchain” still does not exist today, a github with a copy/paste of Tomochain was open & closed in November. Nothing after this date even if Tomochain’s core project is moving forward,
- ? page 8 : “Zynecoin Academy” does not exist, nothing is incubed today.
?? None of the products from the first or second whitepaper exist. NONE of them. isn’t it the definition of a SCAM?
4) KYC & investments issues
Most of the investors did not told their bank the real reason of their investments.
Worst: some of them gave cash to Zynecoin team to obtain their ZYN…
So many issues happened during the first ICO with Idax than the first bank account based in Switzerland was frozen in November.rib_future7
A new account based in a moroccan bank is used now under the personal name of Applinum’s CEO…RIB-KBC-1
??? The practice of “cash without KYC” as well as pushing customers to lie to their bankers makes the quality of Zynecoin flows very fragile. The Moroccan affiliates of drug money laundering molenbeek and other businesses are already at work and represented in the Zynecoin team.
Please read also
- Zynecoin’s official’s wiki: WikiZyne
- Zyrri.fr : official’s Zyrri website
- Zynecoin and Wethio’s official story : Wethio Site
- Zynecoin’s official website : Zynecoin
- Tumaini.fr : official Tumaïni’s website
- Wethio.me : official Wethio’s website
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