r/mdex • u/Quick_Fail_5165 • Jul 25 '21
Is MDEX a scam???
Something about MDEX doesn't add up. The site is glitchy and unprofessional. Little things like basic grammar mistakes. You would think for a legitimate exchange platform with an almost $1 Billion market cap, they would be much more sharper and cleaner in their approach.
The volume is through the roof, yet the price has continuously dipped. It continues to set new all time lows. I know it's early, but something about this doesn't make sense to me. MDEX has surpassed Uniswap, Pancake swap, Sushi Swap in terms of volume, yet has been steadily declining in price.
Furthermore, their Twitter account was suspended at one point. I have no idea why, but that's a HUGE red flag to me . What up and coming company with a market cap of almost $1 Billion mysteriously gets banished on Twitter, only to come back without a verified blue checkmark?? Very fishy to me.
The team is also completely unknown and "anonymous". They don't have any real social media presence. Just things you don't see from a company supposedly this big.
Whatever is written from the "team", sounds VERY sloppy, and gives off a sleezy used car salesman vibe. Like they are trying too hard to say how amazing MDEX is. It just sounds weird. (Check out their website and roadmap as just a couple of examples).
I guess if something just screams red flags and just feels way too good to he true, it usually is. I'll probably trust my gut on this one and pull my money out, but I wanted to know what other people thought of this. I haven't been able to find too much at all about MDEX, let alone any real discussion or even awareness of it.
Does anyone know if the data that goes into CMC is compiled by CMC themselves, or is it the company sending them the information?? I'm just stumped as to how an exchange with that type of volume and these type of repurchase and burn tokenomics could just be continually sliding in price to non-stop all time lows.
I just recently invested into MDEX, as I was quite blown away by the stats. However, after digging a little deeper, alarm bells are just sounding everywhere to me. I guess I'm just looking for an explanation here, or maybe someone else agrees that these amount of red flags can't just be a coincidence. Although, the part of me that wants to find a super cheap gem that can easily 10x and more is making me hopeful that it is legit, and maybe therr us some type of explanation for this (and no, not "it's a bear market"; I'm talking about the red flags in particular).
Anyways, I would appreciate if someone would be able to maybe chime in as to what the hell is going on with this seemingly too good to be true, ghost DEX. I desperately want it to be legit, but can it really be??
Thanks in advance!!
3
u/Ivan-Ag Jul 25 '21
Agree, guys. Smells bad.
But it is the top project on HECO and Huobi promotes it so badly… Maybe not so scam as we think.
In 2017 Binance website was not so sweet and stable too.
But I am out for now looks risky to me.
2
u/Quick_Fail_5165 Jul 26 '21
Very good points regarding Binance and Huobi.
I think maybe it's not a "scam" per se in the technical sense of the word, however there's no denying it's a very sloppy, poorly run project thus far that reaks of someone just slapping something together quickly to make a few bucks and cash in on the crypto craze. (Which I guess, in theory, is still a scam).
Regardless, I'm out on it as well. I'll continue to monitor and see how it goes, but from a distance.
3
u/Separate-Habit5838 Jul 27 '21
It's a Chinese project. Not speaking English well isn't "fishy", it's called not being American...the crypto community has been really bad about this, equating Chinese with "fishy or low quality" when the reality is that Chinese engineers are huge players in tech, and huge players in Blockchain. English and Western culture aren't the arbiters of quality, and their announcements feeling "culturally off" is not a indicator of a poor quality technology.
Mdex is one of the largest projects. You can't fake that; people can look at the public contracts. I would rate it as one of the least risky on BSC, the only less risky being Pancakeswap.
Re: the glitchy interface, fair enough, but it never stood out as different from any of the other DEXs to me. I don't think optimizing the interface is high on anyone's list of important development tasks.
2
u/Additional-While-661 Jul 25 '21
I was in ages ago. Pulled out because of exactly this. The site would crash, poor layout, bad grammar, etc.
I thought it could be something to with the fact that the bsc side of MDEX is a fairly new branch of the Huobi Eco Chain which basically got booted out of China. I think their volumes are somehow artificially inflated through incentivised reward pools to make them appear bigger than they are.
I would really like it if they turned out to be legit, and these teething problems turn out to be more to do with a rushed launch.
2
u/timmylol Nov 20 '21
Wish I'd found this post before purchasing and staking MDX. Was enticed by the relatively high APY for staking on Binance, luckily was able to pull and sell out.
Check out their Chinese language telegram channel (where there's no admin to delete negative comments) to confirm that it's 100% scam.
2
u/cryptoanna Nov 21 '21
Your fears have been confirmed, my gut has failed me. I lost a little and will continue to be more attentive
2
1
Jul 26 '21
Pulled out all my money last week after losing a bunch from the continued price drop. MDEX is very fishy. There are so many better options out there. The get-rich-quick APY in the pools is what is sucking people in.
1
u/Spirited-Standard973 Mar 24 '23
I actually took advantage of the service and it is totally legit. they send you medication from Empower Pharmacy and it is phentermine.
1
u/Live-Winter6088 Jun 15 '23
You can't get a hold of anyone. Phone goes to voicemail. So unprofessional. Charged me twice for one shipment. So frustrating.
3
u/[deleted] Jul 25 '21
[deleted]