XIO token is a TRAP - Run, run away as far as possible! — Direct evidence.
The purpose of this writing is not to throw the FUD but to shine some light on the project called XIO token and the kind of a theft conducted by the person under the name “Zachary Dash”, who should have stayed with the BOMB token instead. Difference between FUD and this writing will be a direct evidence. Should you like to investigate the way XIO project operates, please read as much as possible about the EOS. You will see some striking similarities (and maybe some differences too).
I will not get into any deep speculations regarding the various forms of a theft (theft of ideas, for example), although I do have many, but rather show the evidence against the ways the XIO project is conducted as one of the top 20 holders who got wrecked. Furthermore, I would like to keep this as simple and up to a point as possible.
As you probably know, there is a project called BOMB token. Owners of the BOMB token were airdropped the XIO utility token. BOMB is a social experiment while XIO is a social network token claiming to be much-much more than it actually is…
My ETH address that held approximately 2000 BOMB tokens, while currently holding 62450 old XIO tokens is:
0xda54Fcb4728641112985A7444FE2C6f9A7f4FFCA
The current XIO contract is:
0x0f7f961648ae6db43c75663ac7e5414eb79b5704
The old (unverified) XIO contract is:
0x3205df88cf95b5a702f2b6a1cc10e2075f54387c
BOMB contract is:
0x1C95b093d6C236d3EF7c796fE33f9CC6b8606714
The old XIO token was airdropped on Tuesday, September 10, 2019 to my account. The price of a BOMB token when the swap happened was around $2.00. I have purchased the BOMB much earlier and at the higher price (between $5 to $4 per token). It is possible to time when to airdrop the XIO with the lowest BOMB price as possible, but I do not wish to spend time investigating this possibility. Briefly, if this were ever done, only targeted investors and insiders would profit from it. It is recorded on a chain and if something like that ever happened, it would be easy to track. The reason why I am not investigating this possibility at the moment is simply because it is a low liquidity token, and it would show as the rapid price increase (see the second half of August for BOMB). However, I might do this investigation in the future, should I encounter more evidence.
One of the problems with the tokens is that once it is spread-out in larger chunks, the market becomes bearish. It takes a lot of time to establish the healthy rising prices and the token popularity everyone likes to see. One of the methods to initiate the token is to advertise it doing the airdrops, by spreading the token in large amounts. The problem with airdrops is that token is either not traded or traded only when profitable, resulting in a bearish market. BOMB was very careful about it, and distributed a very small amount as an advertisement, created a hype, and increased the prices. The same strategy was used with the XIO token making just a brief announcement that not many people knew about.
https://medium.com/bombx/xio-token-swap-is-live-instructions-tutorial-d6d27185e077
The swap lasted for about 1 month. Contrary to their claim that it was announced everywhere:
it was announced on medium.com while only a few websites are actually pointing to it:
https://www.reddit.com/r/BOMBX/
https://xord.one/case-study-xio-token-swap/
https://twitter.com/xio_network
Briefly, what happened is that people who followed the hype invested in the BOMB token to get XIO, the BOMB price dropped by half, and people never got their XIO tokens. In other words, everyone who did not spy on the project got half of their money taken away from them. Interestingly enough, this is the exact amount of money I would have if the XIO token were swapped properly (selling at 0.0003588 ETH, while the current price of ETH is $233.15).
Now, let us examine what the XIO token really does, and whether you should invest in the XIO hype and get wrecked again.
The old XIO token has no verified code, and it probably does nothing at all.
The new XIO code can be obtained from here:
https://etherscan.io/address/0x0f7f961648ae6db43c75663ac7e5414eb79b5704#code
So, let us dissect it… Please note, Math, Roles, IERC20, Context, Ownable are the standard functions that are necessary to copy-paste into a contract. These are NOT the functions that are unique to a token. Pauser and Pauser role belong to OpenZepellin project, although not as common, they are still not unique to a token.
These are the standard math functions that were copied:
add, sub, mul, div, mod
The Roles library functions OpenZeppelin contracts:
add, remove, has
Standard IERC20 functions:
totalSupply, balanceOf, transfer, allowance, approve, transferFrom
Ownable functions:
owner, onlyOwner, isOwner, renounceOwnership, transferOwnership
Context functions:
_msgSender, _msgData
Pauser functions:
isPauser, addPauser, removePauser, renouncePauser, _addPauser, _removePauser
Pausable functions:
paused, whenNotPaused, whenPaused, onlyPauser,…
The rest of the code is just the implementation of these functions.
Therefore, as you can see, XIO token DOES NOTHING AT ALL!
It is possible that the implementation of the token can be coded externally, however, I do not see any good way the centralized backend will interact with it. Therefore, any project that uses this token will be centralized, while the token is completely useless.
Please do not fall into these kinds of traps like I did…
Their reply to all of this ? I am getting blocked on all of their media as soon as I appear.
