Main reasons for dead coin listing – Limited Exchanges/Policy Scam/Low Volume.
- Started 2016, still trading low volume.
- Social media Active.
- Trading ticker (ECOB).
- 8.8 Billion tokens total.
- Only available to trade on Cryptopia and YoBit.
- Was built on NEM(XEM) blockchain.
- Website up.
- The Founder/CEO is Tang Too Siah.
- Very low volume under $100 (24hour)
Ecobit was founded in 2016 and is trading on limited exchanges. Was added to the dead coins list due to the fact its ranked below 1000, almost no volume and Lies about UN REDD+ Carbon Credit program. The Founder/CEO is Unknown.
Information from source
“They raised ICO based on the claim they are part of UN REDD+ Carbon Credit program. This is untrue as the Only program available under the UN Redd+ is not carbon credit based.. It is called Result Based Payment..
This means a study is undertaken and an area which is expected to be de forested in let’s say the next 5 years is identified. And IF after 5 years, the govt provides proof that the area has been protected, they will be given a payment as a reward.
This means they claimed they are under a program under the UN that Does Not Exist. This clearly shows a total lack of understanding of UN programmes. And this is expected of someone who has zero experience in Forest Conservation. This is verified by our Ministry of Natural Resources.
Ecobit project is based on Climate Protector Sdn Bhd contract with the state government of Kelantan. The Sultan of this state is the current King of Malaysia. Which is one of the reason it was a high profile scam.
After the UN denied any relationship with Ecobit, they hurriedly conducted a ‘refund’ and claimed they are only following ‘UN standards’ and continued with part of their proposed activity which is a small organic farm.
It also caused a political issue as the opposition party politician made this into headline news. And the new govt of Malaysia could potentially investigate this case as the original agreement between Climate Protectors and the Kelantan State govt is dubious in nature, did not involve a public tender and Excluded Kelantan from the actual national UN REDD+ negotiations potentially causing losses of tens of millions of dollars.
This project has been particularly harmful as it was built on the NEM blockchain and the previous president of NEM, Mr. Lon Wong (real name Wong Kian Lon) endorsed this project and wrote an email to an agency in our Prime Minister’s Office claiming he has done his due diligence.
After Bank Negara placed Ecobit on the FCA list, I have asked Mr. Lon Wong to produce and publicise his due diligence report and until today, he has yet to produce his due diligence report. Which means the president of NEM has endorsed a scam.”
Copy paste from old site (archived)
Screenshot from the old website (archived)