Investigating Scam Allegations Around Apollo Currency

Published on by Cryptoslate | Published on

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There are percolating allegations that Apollo Currency is a "Pump and dump." Others claim that one of the project's co-founders-Stephen McCullah-is a "Scam artist," and that APL is a "Massive scam" that is making him "Rich." CryptoSlate explores these allegations and finds evidence of misinformation, claims of sabotage, and a bizarre expedition into the heart of the Congo.

Apollo Currency is an all-in-one cryptocurrency to be "The world's fastest, most private coin." The technology of the coin is based off a fork of the Nxt platform.

Some of these allegations include "Apollo Currency team just engaged in massive pump and dump scheme, dumping hundreds of millions of coins on their investors," "Apollo is a massive scam and you are all making the founder, Steve McCullah, rich," and "Proof that Apollo Foundation is dumping their own coins."

One of the most scalding allegations is that Apollo Currency has been actively encouraging speculators to "Pump" the price of APL with a later intention to "Dump" the Apollo Foundation's holdings-for illicitly-gained profits.

Whether Apollo Currency conducted its airdrop to NXT holders for that reason is uncertain.

There are claims that the technology is a mere copy of Nxt's code base, of which Apollo Currency is a fork.

"There's no question on our side" that it is Jelurida spreading "Misinformation." Jelurida is the entity that oversees development of both Nxt which McCullah says is a competitor for Apollo Currency.

Apollo Currency is largely a United States-based project, with McCullah and many other team members under the jurisdiction of these stricter laws, when compared to places such as Malta, Singapore, and the Bahamas.

McCullah's statements during his interview seem to coincide with third-party facts around matters dispelling Apollo Currency's alleged criminal misconduct.

There are still many in the community that is adamant that the project is a "Scam," yet there is not nearly enough evidence to conclusively say that Apollo Currency is engaging in criminal activity.

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