Chinese Binance Investor, Chen Weixing, labels EOS as Scam

By Rishma Banerjee

Chen Weixing, the crypto tycoon, blamed crypto fraudsters for making the blockchain industry tough for investors. One of them with a fraud allegation was Dan Larimer’s EOS blockchain project.

Chen, who is also the CEO of Fun City, an app-development firm, and an ex-founder of Chinese ride-hailing App Kuaidi Dache, believes that fraudulent practices in the blockchain industry need to be checked and controlled.

The capitalist claims that even though EOS is a very innovative project, it is full of insincere claims like “millions of TPS” and “next-generation operation system,” price manipulation and obscured fund raising schemes, among others. He was quoted as saying :

“What an example of a successful crypto scam! They were once nobody in America, yet they turned Gods in China thanks to another bunch of swindlers, who cheated investors out of billions of dollars to buy planes and villas,”

While disclosing his stand on VDS, the veteran entrepreneur, who is also an investor of Tron and Qtum, said that it was a fraudulent investment that was designed with transparent and fair rules.

“A Ponzi Scheme designed by some clever men. That is what VSD is. It integrates multiple blockchain technologies and adopts transparent and fair rules, making it more acceptable than EOS,” he continued.

Chen proclaimed that the crypto world is not meeting his expectations, as clearly indicated by his frequent disappointment:

“If money is God in this world, all those who embezzle the funds raised from the public by telling endless lies would be pardoned. Followers and believers lose their wealth regardless of whether or not it is a bull market – Les Miserables. I have expected too much from the crypto world, and the more I expect, the more disappointed I am.”

Weixing made the declaration on his Weibo handle while expressing his dismay at the way some of his friends fell victim to the economic disaster caused by the fraudsters.