The team at UMI’s crypto project has recently accused the digital asset data aggregator CoinMarketCap of publishing false information about their project. The Cryptodaily editorial board was the first to write about the conflict between the parties. We decided to figure out which side the truth is on.
The Essence of the Coinmarketcap Conflict
The following message appeared on the UMI crypto project page on CoinMarketCap –”The Central Bank of the Russian Federation has issued a warning that the ‘ROY Club’ (UMI) is showing signs of a pyramid scheme.” UMI’s developers claim that this information is not true. Representatives of CoinMarketCap, in turn, refuse to make contact with the UMI team.
According to UMI’s developers, the ‘ROY Club’ has nothing to do with them. UMI representatives claim that “these projects have different development teams, different beneficiaries, and stakeholders.” In addition, there is no mention of UMI in the regulator’s message.
The developers confirmed that the ‘ROY Club’ used their cryptocurrency. However, at the same time, the platform’s team employed a number of other coins in their work. For example, the ‘ROY Club’ actively used the PRIZM cryptocurrency. Despite this, there is no similar warning on the coin’s page on CoinMarketCap.
An Aggregator With a Shady Reputation
CoinMarketCap is the largest aggregator of data on the digital asset market, however, all is not what it seems. To begin with, let’s pay attention to the fact that the platform belongs to the largest crypto exchange – Binance. The trading platform has repeatedly been blacklisted by members of the crypto community. For example, in 2019, the KYC data of users was leaked on the site. Binance’s representatives diligently denied the incident until evidence appeared on the internet. As an ‘apology’, the developers offered VIP accounts to their victims. Here’s what else you need to pay attention to:
- Members of the crypto community have repeatedly noticed data manipulation on CoinMarketCap. In particular, netizens pay attention to the fact that the platform uses a policy of double standards – it supports some projects while ‘drowning’ others.
- Moreover, the CoinMarketCap security system raises many questions. Representatives of the platform do not control the flow of projects. There is no other way to explain the appearance of an outright scam on the pages of the aggregator. As an example, we can recall a cryptocurrency based on the series “Squid Game”. The creators of the fraudulent project managed to make good money before a warning message appeared on the project’s page. There were also no alerts on the pages of cryptocurrencies from the Terra ecosystem, the collapse of which in May 2022 attracted the attention of members of the crypto community.
- In addition, the CoinMarketCap team periodically makes listing errors.
How UMI Came Under Pressure From CoinMarketCap
The crypto project’s team has repeatedly criticized the aggression of the Russian Federation against Ukraine. The oppositional behavior of the developers explains the pressure on the platform from the regulators.
The Binance team, at the same time, is actively working on lobbying its positions in the Russian market. It is in the interests of the company to put pressure on all projects objectionable to the authorities of the country.
What You Need to Know About UMI
The UMI team has built a working cryptocurrency ecosystem. As an example, the OneApp application functions within the project. Moreover, its users can access the world of DeFi and blockchain games through the platform.
UMI has developed the fastest blockchain on the market, which the crypto industry needs more than ever. Other blockchains available on the market are not able to withstand a load comparable to that faced by the Solana community. It’s important to withstand the stress associated with the active work of the bots.
There were, however, dark pages in the history of the project. For example, the developers did not have time to present a number of products on time. Nevertheless, UMI admitted its mistakes.
UMI’s developers stopped staking of the project’s native token to make the asset deflationary. The decision was made based on the results of a vote by the project’s community members.
Today, UMI’s team, despite the pressure, continues to work on their project. The developers plan to launch an alpha version of an NFT marketplace very soon.
For sure, we can say that the CoinMarketCap team are observing a policy of double standards. Representatives from the platform don’t respond neither to UMI’s team nor participants of the crypto industry regarding the matter. At the same time, arbitrariness is flourishing on CoinMarketCap.
Developers and the UMI crypto community have launched the #SAVEUMI hashtag. With its help, participants in the crypto industry can express support for the project’s team, who are trying relentlessly to reach the largest data aggregator in the digital asset market.