Thread by @Raindropactual

20 minutes for "shit exchange of the day": GO.

Presenting LAToken, the consequence of IEO hype and the cash-grab soft-exits that plagued the 'complacency' phase of the market. @CoinMarketCap claims nearly $900M 24H volume there. The order books make that fucking unlikely.

/1

The only thing that could be LARPed as substantiating $900M volume is the frequency of (alleged) trades displayed. Compare the frequency of trades here to the frequency of trades on bigger exchanges and you'll see why that's bullshit. /2

People using LAToken are using it to dump shitcoins, namely IEOs. Almost nobody is using LAToken to conduct actual day-trading. LAToken is only known due to their IEOs but tried (and failed) to build a big exchange brand. /3

LAToken's wallets hold 6,132 ETH. That won't generate $900M in legit volume. @CoinMarketCap isn't just incompetent if they believe that's possible, but should be criminally negligent.

I find it extremely likely that CMC receives payment from LAToken and #shitbtc. /4

Analyzing liquidity/volume isn't my daily thing, but analyzing shitcoins (namely, mismanaged ICOs/IEOs) absolutely is. I've spent the brunt of this year writing reports on these projects and helping dish out sweet legal justice. Hence, my primary observation: shitcoin rodeo. /5

@Cointelligence alleged LAToken promised insane growth. LAToken would sell this "100-500%" metric to prospective IEOs with obnoxious "community building" and "marketing" offers. /6

Having had advised for a few projects, I was contacted -multiple times- by different LAToken staff to list "my IEO." They often didn't even know what project I was with or if the project was running an IEO. This shotgun-blast messaging is beyond memeworthy. /7

Legitimate exchanges don't need to reach out to projects to get them to pay for listings. Projects reach out to (legitimate) exchanges and prove themselves. It's not the other way around, unless it's LAToken or HitBTC trying to do an obnoxious cash-grab. /8

And in a sea of vaporware cashgrab pre-meditated soft-exit scams, LAToken did quite well. The IEOs ran on LAToken would have never passed scrutiny for @binance Launchpad. These IEOs needed a place to list to appease their (rekt) investors and at least let them dump their bags. /9

LAToken's own announcements on IEOs are damning. The frequency and quantity of IEOs spoke for itself. No due diligence was performed. If a shitcoin's leadership had money, they had a place to list -- full stop, and subsequent financial loss for misled investors be damned. /10

Look no further than LAToken's own blog post: blog.latoken.com/latoken-lists-…

Of the listed IEOs:

CIA: Soft-exiting
REB: Soft-exited
7E: Soft-exited

That is just from ONE blog post discussing a batch of shitcoin listings. /11

One of LAToken's IEOs, FR8, sent investor funds direct to the EOS ICO. Usually, shit IEOs tried to conceal their misappropriation by sending to exchanges.

(Challenge: comment a shitICO wallet address and watch what I can find in a few minutes. Most commented coin 'wins.') /12

I see constant longing for "another bull market" on ct, but this industry hasn't learned from the past or matured. Another bull market will just result in more LATokens listing shitcoins, providing them legitimacy, and result in rekt people that will delay mass adoption. /13

There are allegations about LAToken selective-scamming (as well as other forms of fraud), but I haven't dug into those, and a 20 minute tweet-storm isn't going to provide the time to do so.

And besides, I want to educate on different types of wrongdoing, not just insolvency.