Speculation and Fraud? How did a single coin surged $1 million within one week?
The most discussed coin in China’s crytospace in the last week is AISI, whose extraordinarily high price(over 1-million USDT at highest) is widely criticized as a scam.
AISI is founded by Wensheng Cai, a renowned veteran venture capitalist and bitcoin billionaire. Cai formed a WeChat group that has 500 top influencers in China’s cryptospace and claimed it as China’s first blockchain network. Then AISI, a blockchain network with a total number of 500 tokens, was created. The token AISI, which is named after the name of the chat group, was distributed to each group member.
According to Cai’s message, the 500 AISI holders are block producers of the blockchain, who can transfer his/her benefits by trading the token. Each AISI block producer is entitled with the preferred shares of all projects based on AISI network, and have the priority to airdrop the projects’ tokens.
Meanwhile, the AISI token, which is derived from AISI for circulation, was listed at a few alternative cryptocurrency exchanges and surged to 4-million CNY(around $600,000) per coin. The price drastically rose to 6 million CNY(around $1 million) within 2 days. Despite rumors that some would like to exchange an AISI with 10,000 EOS, no trading record of AISI has been found yet.
Is AISI another fraud under the crypto-hype? Definitely not the last one.
