Breaking Down the Acquisition
On December 15, the crypto world was set ablaze with news that FoPay, a cryptocurrency payments firm, had snagged Estonia’s AliExchange for the impressive sum of 1 million Foin (FOIN) tokens. If you believe the initial reports, that’s approximately $2.1 billion. This would be great news if true, but Cointelegraph has uncovered a price history and business relationships that raise a few eyebrows.
The Suspicious Price Tag
Cointelegraph dove deep into Foin’s price history and found some eyebrow-raising patterns. The token, which entered the scene at a cool $400 in July 2018, skyrocketed to around $2,574 right before the acquisition announcement, and then skyrocketed further to about $3,200 upon the news of withdrawn investor funds. Is that a surge or a suspicious spike?
Withdrawals: The Suspended Mystery
To add to the drama, FoPay declared a withdrawal freeze that would last until December 31, 2019. They claimed this was for the merger’s health, stating, “FOIN withdrawal service will resume on 1st January 2020. There will be NO further extension after this final deadline.” Where have we seen this plot line before?
The Role of P2PB2B: An Exchange with Shadows
Interestingly, over 90% of Foin’s trading action happens on P2PB2B.io, a crypto exchange whose domain is registered with a proxy service. It’s like trying to connect with a friend who has their ID permanently covered because “your identity is nobody’s business but ours.” Talk about suspicious curtains!
Price Variations: A Tale of Two Exchanges
- On HotBit, Foin’s price is around $3,200.
- However, it’s trading for about $4,000 on P2PB2B.
That’s a whopping difference in the crypto world. How do you explain a trading token having fantastic supper and breakfast prices like that? Anyone up for a price mystery party?
A Blacklisted Family Tree
The origins of Foin take an even wilder turn, as it was initially managed by Financial.org, now a ghost of a site on the UK’s unauthorized investment services list. If that sounds like a metaphorical polite way of saying they were shady, you’re not far off!
Investor Fears and Concerns
As usual in the world of crypto, when things take a downturn, valid concerns pop up like rogue weeds in a garden. Investors have voiced fears about the legitimacy of Foin, questioning the authenticity of its trading volume and the wisdom of keeping funds in an uncertain digital wallet.
The Regulatory And Legal Jigsaw
While Foin claims to be operating above board, the Swiss Financial Market Supervisory Authority (FINMA) confirmed they have no authorization for operations. Adding another twist to the plot, the Estonian Financial Intelligence Unit confirmed that AliExchange has the licenses needed to back their operations. What’s happening here? A classic tale of will the real Foin please stand up?
Future for Investors
As the Foin saga continues to unfold, the final act remains uncertain. With soaring prices, dubious exchanges, and a blacklisted past, investors should remain cautious and arm themselves with information as they navigate this crypto rollercoaster.
In a market rife with scams, it’s essential to employ a healthy dose of skepticism. Remember, if it sounds too good to be true, it probably is. Always do your research, or you may find yourself riding the wrong wave in these murky waters of cryptocurrency.
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