CoinExGem Rugged: CoinEx Smart Chain Says Anyone can Create DApps

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Key Takeaways:

  • On January 26, the team of CoinExGem, a project on CoinEx Smart Chain, suddenly removed its liquidity from OneSwap.
  • CoinEx Smart Chain gave a statement on their Twitter account about it.

Smart Chain by CoinEx (CSC) CoinEx Smart Chain is a decentralised and energy-efficient blockchain based on the PoS consensus protocol. CSC makes it simple to create your own decentralised apps. CoinExGem is the next leading community-driven project built on the CoinEx Smart Chain (CSC) to promote CoinEX Blockchain adoption by providing an inclusive NFT Metric platform and a lottery pools system.

On January 26, the team of CoinExGem, a project on CoinEx Smart Chain, suddenly removed its liquidity from OneSwap. CoinEx Smart Chain gave a statement on their Twitter account. The statement said CSC is a public chain similar to Ethereum that runs on open-source codes. Project teams independently develop projects in the CSC ecosystem without the need for approval.

In the case of CoinExGem, the name “CoinExGem” was coined by the project team and was not authorized by CSC. By the same token, no CSC-based projects are endorsed by CoinEx. As a decentralized public chain, CSC bears no responsibility for its projects. In addition, as a decentralized, open-source, public chain, CSC cannot intercept or restrict cross-chain transfers, nor can it freeze any on-chain assets.

Moreover, the social media groups of the public chain are open to all projects on CSC. Project teams are also allowed to host events in such social media groups. It is necessary for users to independently carry out a background investigation before they invest in a project. Before this incident, the CoinExGem team hosted many AMAs in the community and reached out to CSC for participation in their official events. CSC emphasises openness and growth as a new decentralized public chain when working with all projects.

In a decentralized, open-source world, a blockchain has no control over the projects on it, nor can the projects be managed in a centralized way. CSC advises all users to invest in premium, leading projects with great prudence. Many of the people, let it be on Twitter or Telegram, are questioning CoinExGem. They used CoinEx brand names and CoinEx logo and CoinEx followed them on Twitter and have made AMA several times with them; after all that announcements, people are telling CoinEx Smart Chain that they can’t blame them because they trusted CoinEx.

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Chaahat Girdhar

I'm Chaahat Girdhar, a journalist by profession who's turning her dreams into vision and vision into reality. I'm curious and have an appetite for gaining new knowledge. So I'm looking forward to learning things in the better way possible.

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