Extraordinary spikes and falls in prices of cryptocurrencies is not a surprising thing, but when a coin that has had a controversial and questionable past definitely grabs attention. Same seems to have happened with Apollo Cryptocurrency (APL), which was in controversy last year of being legit or not, rose over 400 % this week bringing back questions of its legitimacy.
Apollo Currency – A Strong Altcoin or A Crazy Shitcoin?
Apollo, since its establishment in 2017 claimed to be a ground-breaking project that would play an important role in shaping the future of decentralized cryptocurrencies with respect to the privacy feature. Termed as “all in one cryptocurrency” by its founding team, the coin expected to combine many features of various altcoins making a single powerful currency.
While the team behind Apollo, considers John McAfee as its role model and have listed him as the chairman, McAfee also seems to have a liking for the coin and has mentioned about them in a couple of his tweets
Apollo Currency is the first organization to Boycott HitBTC at cost of nearly half a million dollars. If awards for supporting ant-corruption in the crypto world were given, they would win top prize. Do I hear a "next"?https://t.co/2FO8QNrIph
— John McAfee (@officialmcafee) September 8, 2018
Apollo is solidly in 68th place in coin rankings.(I am obviously biased). Most privacy coins aren't private because your IP address is still available for all to see. Apollo has the best IP masking solution on the market, offering true privacy which equals true freedom
— John McAfee (@officialmcafee) January 20, 2019
Why I took over as Chairman of Apollo. pic.twitter.com/nEDEnICWIn
— John McAfee (@officialmcafee) October 2, 2018
This friendliness between McAfee and the Apollo team has also got Apollo added to the MAfee-backed Bitfi hardware wallet.
While the project seems to be a great one with the main feature like Olympus protocol, that integrates the functions of the platform and has IP masking features that can help the user to hide its IP and get more secure and have more privacy on the internet, there have been various claims against the project and the team across social media terming it’s as a farce and Shitcoin.
The Founder: Steve McCullah
A medium channel by name of Crypto Gear published the article collecting very fine points about the project and the flaws it has. The research conducted in the article made author conclude
“The foundation is doing everything to hide/blind your eyes, they deleted aliases hoping that we will not figure out, this group of ppl is ready to whatever it takes to continue scamming you. Why would we as investor trust words of people that are ready to manipulate the data to lie to us? They seem to forget that the main reason why the blockchain was created is that it is immutable, You can’t change the past if you use the blockchain. And as we don’t trust them, we have copies of the blockchain, so don’t try again APL”
A Redditor by the name of u/RozzyPoffle put forward his analysis as to why he felt that Apollo was a scam. He has pointed out Steve McCullah, the founder of the project seems to have a dubious past according to the post
“Steve McCullah also has no degree and continuously lies/changes his Linkedin profile/experience to exaggerate his experience and make it look like he has some sort of coding/tech knowledge or has done anything other than run scams in the past. Here is a quick video on that that Apollo doesn’t want you to see: https://youtu.be/CTA01WQEESo?t=318”
Another Redditor u/MerleRempel has also pointed at Steve McCullah’s past and called him a Scam Artist. To quote
“I’ve discovered that the CEO of Apollo Stephen McCullah has been involved in several scams in the past including a $29,000 Kickstarter scam where he claimed he was raising funds for a documentary expedition to Congo in the search of living dinosaurs. He later disappeared with everyone’s money and never completed the expedition. This can be verified by looking at the comments on the Kickstarter.”
While there is so much of muck around the Apollo on the internet, it’s really difficult to say that the project is really a great one even though its documentation and ideology says it. If researchers and community are to be believed this rise in Apollo Currency is just a pump and dump strategy played out to fool the investors.
Is Apollo really a strong coin or is it just a scam? Do let us know your views on the same.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.