Plexcoin is a decentralized, open-source cryptocurrency based on the Ethereum platform. The coin is looking to revolutionize the digital currency world by providing secure, user-friendly, and an accessible cryptocurrency and digital assets management system.
The decentralized open source feature of the coin means that the traditional banks and financial institutions will not manage or monitor your transactions. You can use the currency to pay bills, pay for online services and buy goods, and even exchange it with other currencies, digital or fiat.
Plexcoin promises to be a game changer in the speed of transactions. While major digital currencies like Bitcoin takes up to 45 minutes to confirm transactions, Plexcoin will complete transactions within seconds.
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What is PlexCoin
The coin has a supply of 1,000,000,000 tokens. The last recorded price of the coin was $0.005010 (https://coinmarketcap.com/currencies/plexcoin/).
This is the company behind the creation and development of Plexcoin. They take pride in offering user-friendly financial related products which should are: innovative, decentralized, private, and available to everyone.
Plexcorps takes data security seriously by putting in place all authentication measures to ensure the products are not hackable by unauthorized people. This is important in protecting your personal data and money.
History of Plexcoin
Plexcoin’s possible activities research started in 2016 in a bid to avail an attractive and easier to understand and acquire cryptocurrency for mainstream users. After which, in early 2017, a feasibility test was performed, together with the market analysis on competition and opportunities. This allowed for the consolidation of the business plan allowing the formation of a team of developers, advisors, and partners to help create the coin.
The coin was officially unveiled in May 2017.
Plexcoin announced the Initial Coin Offer (ICO) in the summer of 2017. The ICO ran until October 1st, having gained over 180,000 register members, which over 25,000 of them purchasing the Plexcoin tokens. The token launched at a base price of $0.13 and an initial value of $0.26. The initial offer collected over $10 million.
Plexcoin is looking to operate in such a way that each week, the company distributes 20% of the net transactions during the week to all the holders of Plexcoin in their wallets. The system uses the smart contracts to determine the total amount transacted in the week, and also to determine the amount everyone has in their accounts. That means the amount you get in your account is directly proportional to the amount of money you hold.
This will spur growth by ensuring the rapid buying and selling of the currency.
Plexcoin comes with some interesting components that many users will find attractive. Some of these are:
PlexWallet is the platform through which the Plexcoin users will receive and send money. It allows the clients unrestricted access, control, and management of their money. The user can withdraw or send money of any amount instantly as there are no limits.
Other than the receiving and sending money, PlexWallet is also a platform where users can easily purchase the Plexcoin. It also allows users to pay bills, and assign their currencies in their own preferences.
The security of transactions in this platform is top notch: it employs the best technology in keeping it anonymous and secure. PlexWallet is fast, simple to use and comes with different money management options.
Plexcoin looks to create a central place to act as the center of the whole project operations. In a first of its kind move, this will be the first cryptobank with a bid to secure the digital currencies from the variations faced at the moment. It is a single platform where you can manage several currencies.
Just like any other physical bank, PlexBank will allow users to withdraw and deposit money using special cards, and they can earn interest on their accounts.
The most important benefit that comes with the PlexBank is controlling the value of the digital currencies for its users. It can easily shield them from a decrease in currency values by freezing their assets until when the values are stable enough.
Staying true to their goal of making an attractive and convenient platform for users, Plexcoin has partnered with a sister company of VISA to offer a card that holders can use in transactions. They can use the card to withdraw both fiat and paper currency from registered ATMs. They can also buy goods and complete other transactions instantly using the card.
One of the biggest scamming cases in the crypto markets involved Plexcoin when in 2017, the United States Security Exchange (SEC) moved to court to seek a stop to the operations of the firm due to alleged securities laws violations. The owners, Dominic Lacroix and Sabrina Paradis-Royer were accused of violating the securities laws by fraudulently obtaining and misusing funds from the public through unregistered offer and sale of Plexcoin in a supposed “initial coin offering.” The funds collected were to the tune of almost $15 million contributed by thousands of investors.
The duo was deemed to have offered deceptive information and illegal offers as there was no statement of registration during the offer and sale, neither were there documents of registration exemption. The SEC further claimed that the company in a bid to justify the lack of registration termed the coin as a cryptocurrency just like Bitcoin.
In their defense, the individuals behind the project dismissed the United States Security Exchange siting the fact that the case was not within its jurisdictions. They claim they are Canadian citizens who are exempt from the US federal securities laws. They also maintained the fact that Plexcoin is a digital currency more or the same as Bitcoin.
In distancing themselves even more from the US, they claimed the buyers were asked to confirm they are not US citizens, neither as they purchasing for anyone who is a US citizen. This was more like putting the blame on the buyers rather than accepting or denying any wrongdoing.
The SEC was able to get a court injunction on the coin in April 2018.
The accusations and counter-accusations about the fraudulent activities never seemed to be cooling down when in early 2019, SEC brought in more details to show the extent of the scam. One of the accusations being that they manipulated the figures of the amount raised during the initial coin offering. They inflated the figures to portray a successful coin. This was to get in more investors. While the company stated the ICO figure at $15 million, apparently, the real figure happens to be $8.5 million.
The SEC also revealed more details about the activities of the owners after the launch. The owners, despite court injunction, went ahead to quash reports of its closer and assured investors that the coin operations were on hold not shut down.
In an opposite move, Padis-Royer and Lacroix seemed to misappropriate the funds. They transferred money and digital assets from the company’s ownership to personal assets.
Apart from the court tassels with SEC, one of the Plexcoin owners, Lacroix has had other courts cases before. One of these cases, the Supreme Court of Quebec handed him a fine of $110,000 and a two-month prison sentence for contempt of court. The contempt arose from the fact that Lacroix continued offering and seeking Plexcoin even after a court injunction barring him from proceeding with the activities of the coin.
Currently, the coin is still under an emergency action halt running from 2017 to 2019 for the alleged scam.
- Likelihood of it being a scam
There is a high chance that the coin is a scam. All the evidence show that the coin is not as active compared to other digital currencies.
- Limited information
Most of the users of Plexcoin are left in the dark due to the lack of constant communication from the company. The coins official website is inactive. The main source of information from the management is the official Facebook page.
It also has limited information on the mainstream media. You must, therefore, take your time to consider your options before investing in this coin.
In conclusion, Plexcoin is one of the best digital coins ever developed. It was formed with accessibility, and ease of use by the clients, in mind. This seemed so good until it came to light that this it might be one big work of scam. Having faced and lost several court cases for different counts of fraudulent activities and misappropriation of funds, Plexcoin might not be the ideal option of cryptocurrencies to invest in.
DetailsPublic sales: Aug 08, 2017 - Oct 01, 2017
Token supply: 1,000,000,000 PLX
Total tokens for sale: 400,000,000 PLX
LegalBlockchain Platform: Ethereum
Registration country: France
Registration year: 2016
Token infoTicker: PLX
Token standard: ERC-20
Accepted currencies: ETH, BTC, LTC, FIAT
40% - Public contribution
55% - Bonus reserve
04% - Development reserve
0,1% - Overdraft protection
10% - Development
0,5% - Security
0,5% - Marketing
0,7% - Operations
0,3% - Legal
70% - Market maintenance
Research and analysis on PlexCorps’ services
PlexCoin pre-sale registration
PlexCoin pre-sale launch
PlexCoin official launch
Bonus tokens distribution to members
PlexCoin launch on exchange platforms
PlexWallet launch (PC, Mac, iOS, Android)
PlexCard distribution for VIP members
PlexCard request form
Launch of the main project, PlexBank