Increasingly questionable cryptocurrency exchange, LAToken, is currently listing an IEO purportedly run by Elon Musk for SpaceX. Although this would be many a tech-fan’s dream, closer inspection reveals that this is completely false.
No, Elon Musk Is Not Launching A SpaceX IEO
The offending Initial Exchange Offering was highlighted in a tweet by Cointelligence CEO, On Yavin. On LAToken’s IEO Launchpad, the relevant page features an embedded YouTube video of the SpaceX Falcon Heavy, along with further details of the IEO.
According to @latokens exchange it seems Elon Musk is doing an IEO?!https://t.co/KCdEOVMMlj pic.twitter.com/xZ9pWkFu4r
— On Yavin (@on_yavin) October 30, 2019
The underlying asset is valued at $36 billion, key investors of SpaceX are listed, along with the SpaceX management team. Elon Musk is listed as founder, lead designer, CTO, and CEO. At the bottom of the page, the SpaceX Twitter feed is embedded.
Which would be fine, if SpaceX were involved with the launch of this IEO… but they’re not.
In a private interview with Bitcoinist, On Yavin added,
It is highly unlikely that Elon musk allowed LAToken to use his name, company and reputation to fraudulently advertise the USPX IEO. This is completely misleading, and as long as we have these kind of scammy exchanges, the industry will not be able to progress.
Disingenuous, To Say The Least
The USPX token is actually being launched by Unicorn Equities, who’s management team, asset value, and investors are not included. Unicorn Equities plan to acquire an undisclosed number of SpaceX shares with the funds raised, which will then form the equity. SpaceX shares are not publicly traded, so it is hard for the general public to acquire them.
The page is clearly designed to make potential clients think that this IEO is SpaceX sanctioned, and Elon Musk managed. Whilst there is no suggestion that LAToken supplied this information, it is at the very least, incredibly unprofessional for the exchange not to vet the information provided by clients.
LAToken has faced criticism in the past, being accused of everything from carelessness to outright fraud. Cointelligence rates the exchange at a not-at-all impressive, 3.88, scoring it a lowly 1.0 for ‘trust’.
Elon Musk has long shown an interest in cryptocurrency, and was even voted in as CEO of DogeCoin without his knowledge. However, he is not currently known to have made a direct investment in the space.
What do you make of this misleading LAToken IEO? Add your thoughts in the comment section below
Images via CNBC, Twitter @on_yavin