What is DDKoin (ADDK)? Is it Legit?
DDKoin is a project that has received some amount of attention in Southeast Asia due to rather aggressive marketing. However, the project is not even a cryptocurrency project. Instead, it’s a Ponzi/pyramid scheme using cryptocurrency as a cover and as a marketing tool to attract unwitting investors.
This article will cover everything you need to know about DDKoin and explain why we believe this project is not legitimate.
DDKoinWhat is DDKoin?
First, DDKoin presents itself as a cryptocurrency that offers fintech solutions to a wide swath of consumers and businesses.
Of course, the website makes no mention of any businesses that it helps with fintech solutions nor does it explain the solution that it offers to businesses or consumers. It also makes no mention about the amount of businesses or consumers that it helps.
We have looked over the entire website and the whitepaper and all that appears to offer anyone is a Delegated Proof of Stake (DPoS) blockchain that allows stakers to earn a meager return on their staked funds.
However, the large amount of cryptocurrency buzzwords on the website lead us to believe that the developers have a very limited understanding of cryptocurrency.
It seems more likely that this project is not even a decentralized cryptocurrency and is instead a Ponzi or pyramid scheme that claims it’s a cryptocurrency for regulatory or marketing purposes.
Where is DDKoin Based?
DDKoin is based in Malaysia. The company used to claim that they were based in Singapore, but they have given up on that claim.
They do not mention the location of their office on the website. But the website is clearly targeted at Malaysians and DDKoin is owned by Malaysians, so we can infer that the company is based in Malaysia.
DDKoin’s Business Model
We are still not entirely sure on DDKoin’s business model. It appears that they mostly market themselves as a staking blockchain with returns at 10% per year.
That’s fine and perfectly legitimate, but it does seem a little suspicious.
The project strikes us as some sort of Ponzi scheme.
CoinMarketCap also offers a warning that DDKoin is associated with Dinar Dirham Global. Dinar Dirham Global is on the watchlist of a Malaysian bank for scamming users.
DDKoin denies the allegations, but the notification has been on CoinMarketCap for nearly three years now. You think they would have gotten the erroneous notification removed after three years.
Other Problems With DDKoin
DDKoin has other problems that should scare off reasonable investors.
First, DDKoin lists the names and pictures of various team members. However, the LinkedIn pages of every single one of these alleged team members make no mention of DDKoin.
We could understand one or two team members forgetting to put DDKoin on their LinkedIn, but every person (including the CEO) not including DDKoin on their LinkedIn page is suspicious.
The other problem we have with DDKoin is that they make things way too complicated to understand for average users. Everything about this project is so convoluted and difficult to understand that we believe they are doing this to intentionally mislead investors.
Is DDKoin a Good Investment?
No, DDKoin would make a terrible investment. We would be very surprised if investors make any money with this investment. And we find it fairly likely that the staking protocol is simply a way for the company to pilfer funds from investors.
The fact that the company appears to be using random LinkedIn profiles as team members makes us suspicious of the motives of the company.
We have not quite figured out the scam with this, but we are reasonably certain that something nefarious is occurring with this project. As such, it is a project that we would recommend avoiding.
Where to Buy DDKoin?
You can purchase DDKoin on ProBit Global or ExMarkets, which are both very small cryptocurrency exchanges.
Again, we do not recommend that anyone purchase this cryptocurrency without doing a decent amount of due diligence into the project. You will most likely discover things that do not make sense.
To summarize, DDKoin is one of the most confusing and nonsensical cryptocurrency projects we have seen in a long time. The project makes vague claims using nothing but buzzwords in a way that makes no sense.
They also make big claims without any evidence to back up the claims. And to make matters even worse, the company appears to be claiming random LinkedIn accounts are team members.
It’s not even worth attempting to figure out what the project is attempting to claim as this is an obvious scam project.