Crypto Scam: Ploutos Coin a coin from pluto that doesnt exist

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Securities and Exchange Commission or SEC just released a statement regarding Ploutos Coin.

The new coin from the Philippines Ploutos is currently being sold for $3 per coin and you can sell it for $1.9 as of the moment, with a 36.67% spread from buying and selling, and they claim that their coin appreciate in value due to "Supply and Demand" but upon checking https://coinmarketcap.com
there is no such cryptocurrency as Ploutos Coin.

Meaning this coin is just fictional and the price is just manipulated by the people behind this company.

The company can't even provide a whitepaper for the coin. For those who are new in cryptocurrency "whitepaper" shows the details of the blockchain and usecase of the coin and the type of coin, if its EQUITY, SECURITY or UTILITY token, which is required on new coins before Initial Coin Offering.
without the whitepaper for Ploutos its a big red flag that there is something fishy behind this coin.

we dont even know what blockchain this coin is connected. without knowing the blockchain we cant even tell how this coin is being mined and traded. unlike other cryptocurrency that have a 100% transparency on their blockchains.

*Coin / Blockchain Network
* Ether / Ethereum
* Bitcoin Cash / Bitcoin
* Loyal Coins / Nem

They are riding on the popularity of bitcoin as it hits record high last year. but their victims are gullible Filipinos that knows nothing about cryptocurrency.

Ploutos coin claims that you can cashout anytime via BDO, but cryptocurrency doesnt work that way. A cryptocurrency has to go through a crypto/fiat exchange - registered in BSP - before the value (peso) can be recognized by the bank. This is another problem if they dont have a blockchain.

Bottomline, the fundamental principles of crypto is either the ff: decentralization, privacy, unlimited use, transparency, public ledger, and disclosed source code. Without these, a coin is not a genuine cryptocurrency.

So is Pluotos a SCAM?
Just read the statement of SEC below.



 If you want to know more about crypto currency you can check out the article of CoinCentral about Etherium, one of the top crypto next to bitcoin.



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