Is the Copium Protocol project credible?
A new player has appeared in crypto mining – Copium Protocol. The project website and various reviews present it as an innovative ecosystem for investing in decentralized mining. Should we trust the protocol?
Let's start with the name. Сopium is an English slang term that has become a meme. It combines two words: to cope (overcome) and opium (a hard drug). It is used in relation to people trying to rationalize or pass off their failure as success. Furthermore, it is also suitable for describing a situation where a person finds explanations for things he believes in, but they turn out to be lies. It isn't a pretty good name for a legitimate cryptocurrency project, is it?
Furthermore, on the main page, they try to sell NFTs for 3 ETH from the Copium Protocol Investor Pass collection that is only set to be released. According to the information on the site, if you buy NFTs, you’ll get many privileges that will significantly exceed the size of the initial investment.
For example, NFT holders are promised to transfer 10,000 Copium coins via airdrop so the lucky ones can stake them with a high annual return percentage. As they write on the website and in the White Paper, the founders plan to spend the funds received from selling 10,000 NFTs on miners and upgrading cryptocurrency mining equipment.
Who is behind the project? The founders of the project are some Tom Webb and Carl Shaw. They have no footprint on the Internet, and in addition to this, we can make the phrase "web show" from their last names. Not too many reasons for trust.
This approach to analyzing a cryptocurrency project may seem ridiculous to you. Then let's move on to more solid arguments.
The Copium Protocol website says that a public listing of the token on the Uniswap decentralized exchange will take place with the launch of Investor Pass, and its pre-sale is currently underway.
Presale ICO page. Source – Copium Protocol
However, the native Copium Protocol token was found on the IDOdar site (calendar of upcoming and completed ICOs), which says that the initial offer of Copium Protocol ended on October 10th.
To clarify the situation with the token listing, we opened one of its social networks and saw that the last post on the Copium Protocol Twitter was on October 7th. It says you should take advantage of your chance to earn extra money.
Copium Protocol Twitter
Another Copium Protocol tweet uses words like "risk-free" and "wealth" which shows the project at worst.
However, there is a post in their Telegram chat where the admin apologizes for the lack of activity, justifying the situation with the marketing campaign problems, and CAPS assures that this is not a scam or Rug Pull.
Finally, we checked the website domains of Copium Protocol and its parent company, Copium Mining. It turned out that they are both registered in the US, although the user is informed that they are based in New Zealand. Also, the registration of Copium Mining dates back to 2022, but they claim to have years of experience.
These are only some of the suspicious details that beg to stay away from this project. Lack of partners, a roadmap, and founders’ social networks doesn’t speak reliably.
Interested in learning more about how to identify scam-flavored crypto projects? Read our article "How to spot shitcoins."
