Waltonchain Exposed

Waltonchain Exposed

The Valentines Day Giveaway

Waltonchain, a block chain project established November 30, 2016 which was inspired by Charlie Walton who devoted his whole life to the development of RFID (Radio-frequency identification) technology, tweeted out a harmless Valentines Day giveaway on February 8th, with an end date of February 27th. Touted as a competitor of VeChain, Waltonchain is built upon IoT the goal is to  combine both RFID and blockchain technology to help manage supply chains.

 

The Scam

The results were posted on Twitter and Medium:

Which seemed harmless at first, until this tweet........

 

What's the issue?

The tweet was tweeted by @Waltonchain - the company account. Within 10 minutes, the tweet was deleted but not before a slew of followers captured the tweet to inform others of the fraud committed by the Waltonchain Team.

Once the uproar started, the Waltonchain Team released a statement regarding the issue:

Their excuse?

A member of their team had participated in the giveaway and won. They had "accidentally" remained logged into the Company's Twitter handle when they tweeted they had won instead of tweeting on their own account.

To no one's surprise, this stirred even more criticism as to why Team members of Waltonchain were participating in a contest for the community. Seems unethical? Very much so.

In response, Waltonchain released a video showing the program as it was randomly picking the winners.

Again, the public was quick to point out that the video lacked a timestamp and suggest the video was rigged/framed to cover-up the truth.

Since the debacle, the price of Waltonchain has plummeted dramatically. It will be interesting to see how the company recovers and moves forward. Just be wary.

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