Announcing CryptoSlate Research — gain an analytical edge with in-depth crypto insight. Learn more.

Claymore token appears to have exit scammed, all social media accounts deleted

Claymore token appears to have exit scammed, all social media accounts deleted

The team behind the Claymore (CLM) token project, a deflationary cryptocurrency launched on the Ethereum blockchain, appears to have pulled an exit scam. This, according to a post from a Reddit user, who revealed that all social media accounts associated with the Claymore token have now been deleted.

As explained by its creators, the Claymore cryptocurrency was as an ERC-20 compliant, peer-to-peer (P2P) “cash token.” The total supply of CLM tokens was capped at 74.9 million, and the cryptocurrency was being actively traded on DDEX, a leading decentralized exchange for Ethereum tokens.

Claymore’s developers also claimed that the digital currency was created to help prevent financial manipulation and minimize the adverse effects of high volatility. Available data shows that CLM tokens had been trading at around $0.000338, with the last reported 24-hour trading volume of about $26,205.

Claymore token listed on exchanges without security audit?

The Burn Token Twitter account questioned how the Claymore token managed to get listed on DDEX, CoinExchange, and Mercatox without a security audit of the cryptocurrency’s codebase.

Responding to Burn Token’s tweet, a Claymore token holder said he had converted his holdings to fiat currency as he suspected that “something crazy is going on.”

Meanwhile, other social media users asked why comments on Claymore token’s Telegram account had been disabled. Twitter user Asad Qayyum warned everyone to stay away from the crypto project:

Claymore token project displays red flags, making it “high-risk”

Another Twitter account, named “dzoelx”, said that the Mercury Currency and Nuke Token projects had been trading Claymore tokens after the crypto’s team members allegedly pulled an exit scam.

According to Claymore Token’s official post on the BitcoinTalk forum, the cryptocurrency had been launched on June 20, 2019, with an initial supply of 50 million CLM tokens. An alert message posted on BitcoinTalk reads:

“Warning: One or more bitcointalk.org users have reported that they believe that the creator of this topic displays some red flags which make them high-risk… While the bitcointalk.org administration does not verify such claims, you should proceed with extreme caution.”

Fake team members, “stealing” people’s identities

Bitcointalk forum member, morvillz7z claims that the Claymore project had fake team members and accused the crypto’s creators of stealing people’s identities. He also mentioned that the website did not have a link to a whitepaper and the LinkedIn profiles associated with the project were fake.

Notably, a video posted to YouTube by MicLabTV (on July 14, 2019) pointed out that the Claymoretoken.com website appears to have been hacked. A message on the website states that it was hacked by “the #1 Indian Ethereum Pentesting team – r0p00 CR3W.”

The hackers also left a message for John (the CEO of the Claymore token project) that reminded him to change passwords when working on new projects. According to details shared by MicLabTV, he personally lost a significant amount of money as the value of the CLM tokens has dropped by more than 90% in the past two days.

He also revealed that before the Claymore token website went down, his name was mentioned on the website as he was a social media promoter for the project.

Filed Under: Altcoins, Price Watch, Scams
Omar Faridi

Omar enjoys writing about all topics related to Bitcoin, blockchain, and cryptocurrency. He is most interested in crypto regulations, quantum resistant blockchains, and Ethereum and Bitcoin Core development. His academic background includes an undergraduate degree in computer science from the University of Nevada and a masters of science in psychology from the University of Phoenix. He works as an application developer for the University of Houston and a data storage specialist for Dell EMC.

View author profile

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.