Posted in: Cryptocurrency News
Published:
November 26, 2019 3:09 PM UTC

This Cryptocurrency Is Up 11310% in a Week. Legit Scam or Just Legit?

While the rest of the crypto market slowly bleeds away one cryptocurrency, dubbed Storeum, cites a 11310% weekly gain week. But is it a scam?

Author: Will Heasman @wjheasman
  • Storeum (STO) gains over 11000% out of nowhere.
  • What is this enigmatic project?
  • Another day another pump and dump.

While the rest of the crypto market slowly bleeds away, one cryptocurrency – dubbed Storeum – has sprung out of nowhere, citing improbable gains. But what is this cryptocurrency, how did it get here, and is it a scam?

Recently, Coinmarketcap (CMC) has been a fairly dire, mournful reminder of the recent carnage witnessed within the cryptocurrency markets. Various charts, strewn with squiggly lines pointing downward, depicting prices that are more in keeping with the mid-bear market of 2018. Nevertheless, one outlier remains. Poking its unfamiliar little head above the rest is Storeum (STO).

A Steep Climb for Storeum

In the past week, the cryptocurrency has seen ungodly gains of approximately 11310%. Over the last 24 hours alone, STO cites a 333% hike.

According to a historical snapshot of CMC taken on 10 November, Storeum was little more than a spec of dust in the grand scheme of the crypto ecosystem. Ranking at #1430, conferring a price of $0.0026, and living a life of relative obscurity among its once-contemporary ‘sh*tcoins.’

Storeum’s climb has been a steep one | Source: Coinmarketcap

Since that time, though, the winds of change and fortune seemingly blew in Storeum’s direction. Today it sits proudly – if somewhat bewilderingly – at position 29 on CMC, with a price tag of $2.16. Overtaking 1401 cryptocurrencies – and breaking into the top 30 – all in just over two weeks. Which begs the question, what on earth is going on?

What is Storeum?

According to its website, the project bills itself as the “world’s first decentralized, peer-to-peer marketplace.” A platform for businesses to build their online markets upon.

Other than that, there’s not too much information to go by. According to its questionable roadmap – which read more like a child’s wishlist – a litany of vague goals such as  “further development” and “make more partnerships are scheduled for 2020.

“Big exchanges” are in Storeum’s future | Source: Storeum

Meanwhile, a 30-page white paper offers little more than a few typos and an unoriginal vision to ‘revolutionize’ e-commerce.

Oh, and they’ve given themselves a price target of $100 per STO…

Storeum’s lofty price target | source: Storeum

This is a Scam, isn’t it?

Up until now, Storeum’s aforementioned misdemeanors could be put down to simple ineptitude. Yet, it seems, after digging a little deeper, that things are a whole lot murkier than at a glance.

First of all, the token cites listings on several low liquidity and relatively unknown exchanges. One of which is itself implicated in allegations of scamming.

Moreover, a painfully obtrusive omission lies in the project’s lack of a publicized team. While boasting a “motivated team,” Storeum neglects to provide any pictures or social links to either their CEO, CIO, or Developer. The few LinkedIn profiles that were available have since been deactivated.

The non-descript ‘team’ behind Storeum | source: Storeum

Damningly, a quick Google of Full Stack Developer, “Juliana Leem,” leads to a top-ranked result – a bitcointalk thread accusing Storeum of generating fake/AI team members.

Within the thread from July 2019, the original poster (OP) accuses Storeum of a score of misdeeds, including:

Fake CEO and team members, stolen content, plagiarized whitepaper, bumping bots…you name it lol

According to the OP, content posted on Storeum’s whitepaper was partly ripped off from other crypto projects, including Electrumdark. Solidifying their beliefs, the informer urges others to fact check via a fake image detection website. The facial recognition search apparently came back conclusive, returning a positive result for computer-generated pictures:

Storeum’s computer-generated team | Source: bitcointalk

In the time since the post, Storeum had clearly realized their jig was up – removing the LinkedIn profiles of the ‘team’ along with their respective faces.

Misleading the Masses

Worryingly, these blatant red flags aren’t doing much to dissuade Storeum’s followers.

Of course, it’s entirely possible that these are simply paid shills/bots. Still, there remains a fundamental danger that some poor sap will get sucked into a pump and dump Ponzi. Just make sure it isn’t you.

This article was edited by Samburaj Das.

Will Heasman @wjheasman

Will is a freelance journalist based in London, UK. He has been involved in the cryptocurrency industry for over 3 years, and fully believes in its capacity to change the world. Follow him on Twitter at wjheasman. Tips and PR: wjheasman@gmail.com

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