Recently, there was a story questioning the authenticity of Apollo (APL) cryptocurrency and its founder Steve McCullah. This started with a Reddit post by a user named RozzyPoffle. The founder of Apollo, however, has spoken up, denying all the allegations against him and his company although the cryptocurrency community is definitely not convinced by his words.
In defense of the Apollo project
In an article titled “Apollo Cryptocurrency Scam Answered by Steve McCullah”, the founder attempted to defend his company against every claim by RozzyPoffle. Just yesterday, RozzyPoflle wrote on the Bitcoin subreddit that his prediction of a pump and dump has finally come true as billions of APL were moved from the company’s main wallet to exchanges which resulted in a 78% drop in the price of the asset. To that, McCullah said:
“As I stated before, there is no reason for anyone involved with the Apollo Foundation to sell on any exchange because we get constant OTC offers from investors that purchase amounts too large for exchanges.”
There are however verifiable wallet addresses that were involved in the transactions which the founder has completely denied. As RozzyPoffle rightly observes, he did not give any explanation to the transfer of billions of APL, he simply said the company does not sell to exchanges because it has many offers from over-the-counter buyers. Does it mean APL was not sold on exchanges? If yes then how did the price drop by almost 80% within a minute?
Another key allegation was that the APL team pumped up the price by fighting everyone who dares say anything negative about the cryptocurrency in their Telegram group. To this, he said the group admin can only remove members from the online community if they violated a set of strict rules and not because they made negative statements about the project.
However, RozzyPoffle said
“I have at least 20 screenshots of it (bans) happening directly on my computer. Here’s one: a user gets banned because the admin says they had seen that user in the NXT Telegram. That user did not do or say anything at all besides engage in normal conversation: https://imgur.com/a/GVwnxuO.”
Evidently, McCullah has been very much focused on increasing the price of the asset and has talked about it all the time. However, in this interview, he says any member of his team that even insinuates a price increase in the future gets fired. It’s kind of confusing, really. But there is more.
RozzyPoffle isn’t the only one seeing something wrong
This story has drawn a lot of attention, so Cryptoslate did a thorough investigation and stumbled upon a few key personalities who gave their thoughts on the issue. One of them was Lior Yaffe, a co-founder of Jelurida, the company that manages NXT.
“It’s a pure money grab. The features they promised in their roadmap are either trivial or very complex beyond their ability or simply impossible,” Yaffe said.
In addition to this, he confirmed the fact that Apollo stole NXT codes, against which McCullah said they have replaced hundreds of thousands of codes. Yaffe said:
“…to refute this, I will need to take my best devs to look at his code and expose his fake claims. I guess he speculates that we don’t have the time for this. It’s a war of attrition,”
and that the private feature that the project boasts of isn’t private at all.
This evidence is overwhelming and I’m not sure how McCullah will get out of it. Some members of the crypto community are asking why he has not been arrested yet. Well, the answer is simple; his perceived victims are actually his accomplices, for they attack anyone who speaks against the founder or the company and never gives a thought to any of the stories flying around.
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A cryptocurrency enthusiast, author, and investor with high motivation in cryptocurrency/blockchain research and writing. He loves birdwatching and traveling. Follow him on Twitter at @Ponvangbu