Altcoins

Presale of Walmart Leafy Tokens (WAL) is a Ponzi Scheme

Press release about Walmart Leafy Token sale is circulating and BlockPublisher received such kind of press release. The email is sent from press@walmartprojects.com and we looked in to the matter and did some research about this particular token sale since the name associated with it is Walmart.

First lets focus on the press release that we received as we found some irregularities. Firstly walmartprojects.com directs to the official and legit website walmartlabs.com that itself is fishy as why the name as big as Walmart would use redirection. As we dug deeper, we found that the domain name ‘walmartprojects.com’ is acquired from  Namecheap and we got all the required information from address and organization to domain registration and expiry dates.

Walmart Leafy Token is a Ponzi Scheme

Walmart Leafy Token is a Ponzi Scheme1

Some excerpts from the press release BlockPublisher received stated;

Walmart Inc. is pleased to announce the development of a new blockchain service WalmartLeafy.com, the decentralized financial asset management network, to realize the world’s most reliable retail money transfer system and the ability to finalize transactions in less than 2 seconds.

Suppliers will transition ecommerce payments from cash to digital on the Ethereum network in the form of ERC20 Tokens.

Walmart Labs is a subsidiary of Walmart Inc that is striving to make in-store and online shopping experience more smarter by introducing new innovations and making it easy for millions of daily shoppers. The organization was initially founded in 2005 and was formerly known by the name Kosmix, until April 2011 when Kosmix was  acquired by Walmart and named it Walmart Labs to facilitate Walmart in data handling and research.

About token sale, the press release further adds;

Presale of the Walmart Leafy Tokens (WAL) will begin October 2018 will last until 75% (750,000,000 WAL) are distributed and 25% (250,000,000) is retained for sale to Walmart retailers. In total 1,000,000,000 WAL tokens are assigned.

BlockPublisher has already reached out to officials at Walmart Labs to make comment on this developing story but we are still waiting for the official statement.

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Hassaan Malik

Co-founder of BlockPublisher, Hassaan holds investment positions in bitcoin and other large-cap cryptocurrencies. Email: hassaan@blockpublisher.com

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