Reddit Roasts Brock Pierce as He Shills Suspected Scam Company EXW Wallet – Here’s What We Found

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EXW Wallet Review

While Reddit can be quite harsh, I decided to look into EXW Wallet myself. For several reasons actually that we will discuss. If you want the conclusion to what I found, then just scroll to the bottom, but if you want more detail then please read the full article.

Reddit Roast

It seems Reddit is becoming a great place to ruin careers, become a meme, or simply argue with a keyboard warrior. Although, when it comes to cryptocurrency, the audience and comments usually have some important and useful information laying around if you dig. Who would have thought.

Recently, Brock Pierce, a former EOS rep and self proclaimed crypto activist, made a Twitter post propping up a company called EXW Wallet. Immediately, the entire Reddit, r/cryptocurrency, community jumped on board to discredit this company. Sadly, no one had substantial evidence this time or comments that I would consider quality, so I had to investigate myself.

After a few searches, I found a few alarming things that need to be pointed out.

Over Promising

Right off the back, I found numerous problems on the EXW Wallet website. They are way over promising on multiple features such as:

  • Fiat to crypto trading pairs
  • Multiple offices around the globe
  • Insurance and security for investor protection
  • Chargeable debit cards for easy conversion purchases
  • Integratable POS system for retailers

If you have any experience in this industry, you will know how hard it is to even obtain a credit or debit card partner or provider that will offer support for fiat to crypto transactions. On top of that, this would mean that the company has a substantial bank partner or backer that will support them and offer crypto/fiat accounts while supporting the conversions.

Another huge problem with this pitch and website is the potential return of .33% a day from the exchange fees and invested trading profits. Somehow there is even a minimum return per day of .1% but this could have been removed since it did not seem to be advertised anymore.

So, I decided to research their partner, Crypto Trust Consulting, which I assume trades their reserves making these killer profits.

Crypto Trust Consulting

Their partner that is supposed to be trading their reserves, I assume, has multiple known problem. After a quick search, I found this article, that points of the fact that they lied about their registration, and that the Austrian Financial Market Authority (FMA) warned the public against activities with the broker.

Crypto Trust Consulting was founded in 2018 and provides Crypto and Forex trading services. The company claims to be located and regulated in the UK. However, there is no proof of its regulation from the side of the UK’s Financial Conduct Authority. In fact, according to the terms and conditions found on the website, the company is actually registered in Vanuatu. As we kept on warning our readers, investing with the offshore broker means zero protection for traders. We have a detailed article explaining the risk of trading with brokers from Vanuatu.

– Review site, 55brokers.com

To no surprise, their partner is untrustworthy and has no protection for their reserves. I would not even be surprised if this was not a real company at all from some of the other reviews and results.

EXW Wallet Review

From my search results, quick analysis, and experience, EXW Wallet is a ponzi scam. The structure is nothing different from the traditional lending platform scam that popped up in 2017. Every single one of these platforms failed.

The affiliate structure set up as a reward system is nothing different from a pyramid scheme which incorporates high fees for monetary conversion which will be funded short-term through gullible investors Fomo-ing into an artificial bubble while the people on the top are rewards with percentages of investments.

In addition to the obvious insanely high daily return, the EXW Wallet has developers and leaders that have almost no social or digital footprint which represents a strong case for them not being real people at all, and the company has not filed their passive investment token with the financial regulators. This at a minimum means they are committing security fraud.

Keeping the Scam Going

How then can they keep the scam going? Well, clearly the project is being shilledby false articles like this one sponsored on NewsBTC lying to investors, celebrity people like Brock Pierce promoting the project, and a division of the team traveling around promoting the project to make it look legit similar to our old friend BitConnect.

Additionally, by only allowing people to cash in and cash out through an internal exchange, the EXW Wallet can control the price of their token which will keep it seeming legit and worth something. Although, over time the price of the token will diminish as the amount of investors increases until the token becomes worthless.

Another similar thing happened with a lending exchange called Novalend which turned into NovaChain. The company had an internal exchange for a lending token to earn passive money from trading bots. Over time the token dropped in value until investors could no long get their money out from the lack of liquidity. Also there were constant problems with people withdrawing anything from the exchange and a 24 hour delay on withdraws. You can guess how the platform ended, by people losing millions of dollars.

Crypto Scams

As the bull market comes nearer, there will be continually more and more scams hitting the market. This is because new investors are being attracted to the market. Likewise, young entrepreneurs will think they can get away with things once again.

Hopefully, there will be those of us experienced in the market to call out which ICO’s and companies are scams.