This post will cover all that we know about Mthereum and what this “token” is really made off , Usually I do not cover ICO reviews on my blog rather I do it at Ask Techie! but the hubristic attitude of the founders of Mthereum forced me to write this post in glory of another ERC20 token, known as “Mthereum” [MTE]. Aim of this post is to highlight all the aspects which such upcoming websites “intentionally” miss out.
Few questions listed below will not be explicitly answered in my post but after going through the article you will be very much clear that what you have to do #IYKWIM
- Mthereum is a Scam or Not
- Mthereum has any actual usability or not
- Mthereum is just another Shit ICO or not
Update [22 January 2019] : Mthereum Website is Infected with Notification Subscription and Popup Malware while the only exchange I could find “MTE” is listed on BTC pair at an exchange rate of 0.0000 BTC. You may read the article and the comments how their devs tried to lie and confront me with their lies. I hope many might have not invested in this project when I wrote about it one year back.
What is MTHEREUM
Mthereum claims to be a Blockchain Charity along with a Healthcare and Payment System. Mthereum tries to solve the discrepancies in “charity based donations” involving fiat, which has a natural flaw not allowing anyone to know where the donations GO and from where they COME. Blockchain can solve all that if properly “implemented”.
ZERO Marks for creativity who ever opted for “Mthereum” as Token name. Lets dig into this coin so you may come to a conclusion
During any ICO the only convincing factor you have to decide the credibility of a token / coin is its TEAM, Any team behind the ICO is almost as important as its whitepaper and concept.
Mthereum has 4 people listed under “Team” and another 4 listed under “Advisor and Consultants“. Two people from the list claim to be “Founder of Mthereum” and no one else has listed Mthereum or shown any association with the ICO in their social media accounts. Lets dwell on all the listed individuals so you may have clarity on their portfolios
Noore Hrum – Listed as Founder of Mthereum shows Twitter and LinkedIn profiles while Twitter is not linked to any twitter account and clicking the same does “nothing“. Noore Hrum doesn’t have anything worth mentioning even her own linkedIn states mediocre marketing positions. Although she lacks sound knowledge of blockchain and tech , with that said a person can still be potent as a founder if they have a legit idea and execution, only time will tell about that. During chat, Founder shared the contract address on etherdelta and stated that they are “enlisted”, Not realizing any contract can be opened on etherdelta , thats what decentralized exchanges are for. Upon inquiring I was told that people saying we are “scam” , $150 gets you a fully working blockchain [NOT A TOKEN – they are even cheaper] so having an ERC20 token doesn’t make a coin less of a “scam”. It also speaks of the level of know-how of the founder with how tokens work.
Yousra Anwar – Listed as Advisor and Marketing Coordinator was invited to join Mthereum team after the start of their ICO ( Joined on 10th March 2018) and landing her a spot on the second place in the team, speaks of the vision Mthereum has. As far as Yousra is concerned as an Advisor and Marketing Coordinator, she might be able to pull it off as she already run a crypto related group where she shares her insights about the crypto market , all those insights are without any TA just textual. What I did notice is that Yousra would never share a “referral” link even to the newbies which is a rare thing to find. Joining the team so late is not a thing of a coin which has any vision and future. Advisory is an important aspect of how your token will unfold and how it will be adopted by the masses (“How” in literal terms). What makes her join this project is beyond me and as per her LinkedIn Profile she is a Freelance Writer.
- Luca Paterlini – Listed as Blockchain Developer without any links to his social presence, Mthereum doesn’t take pride in their developer ? or maybe they just hired him to set up their “ERC20 Token” and i would put my bet on the “hired developer”. Seeing his LinkedIn Profile shows that he does take ICO based development orders while his Facebook states that he is founder of CrowdCoin. So the most important entity rather the backbone of Mthereum is just a hired developer , this makes MTE just another token with no development scope when such important members of the team are hired for work. Luca also didn’t state Mthereum anywhere on his Social Media accounts, just the way hired developers do it , they just DON’T.
I contacted Luca asking if he is working for Mthereum, as expected
no replyhe never worked for Mthereum.
Update – 22 April 2018 : Luca Paterlini replied to my message and cleared that he DOES NOT WORK for Mthereum nor had any links with this ICO (so much for all the fake accounts in the comment sections ). I am sad that I lost the bet that he might be a “hired” developer as Luca said he works full-time on his CrowdCoin project.
- Benedetta Milani – Listed as Community Specialist has her LinkedIn Profile stated on the website and she is a Freelance Marketer and Social Media Manager, another person of their core team is just another “hired” entity. She might be great for the team , but doesn’t even prefer listing this project on her LinkedIn speak for the commitment to the cause .
- Advisors and Consultants – Mthereum website lists a bunch of Advisers and Consultants, I will not dwell into all the listed individuals but one. If their core team lists people who were just hired to do the job I am sure their advisory won’t be much different.
Mark Gonzom is listed as a Marketing Consultant but on his LinkedIn Profile he states
Co-founded at age 40 Mthereum Coin, a new disruptive crypto currency to bring transparency and traceability on the non profit sector
Although the amount of achivements he has listed on his LinkedIn and the fact you can not trace him down makes me think if he even exists but not listing him under the title he deserves (if its legit) makes it even more weird.
- Team Know How ? – Mthereum Team is more busy pointing fingers on other ICO / Coins instead of clarifying their own coin, let me show you a case study where the same was done by one of the team member of Mthereum Team.
The two reactions on above post is me laughing and one like by the Founder of Mthereum , so the above lad is saying that a coin is “not decentralized” because it is being run from “one computer” . So Blockchain is centralized when its being run from one computer. When the founder and member of a token vouch for something like this , it is best to stay clear people who don’t even know how the tech works.
Lets see what we find out on the mthereum.io and ico.mthereum.io domains and how well it is , I will cover the security aspect as it speaks of the professionalism of the Team
- Mthereum.io Blocked on Facebook – Yup, Mthereum link sharing is banned on Facebook because of their active “spamming”. Facebook doesn’t ban organic sharing no matter how many individuals try to spam it, Individual accounts get blocked NOT DOMAINS. Domains get blocked when they promote malpractices of sharing by using plugins for auto-posting and sharing. After all the whole team of Mthereum is good with Social Media, Lead Generation and Freelance promotion so that is what they could do resulting in getting their domain blocked. While asking Mthereum Founder why the domain is blocked, she blamed it on the regional launch and stated that they have already achieved their soft cap (no proof of that whatsoever)
- False Info on Youtube Video – Mthereum website has a Youtube Video which seems like a project done after hiring a Fiverr $5 gig because it doesnt provide anything valuable rather has its facts wrong, at 0:08 of the video they mention that upto 52% do not trust charities which is a vague figure and no census has been performed to assess a worldwide charity trust graph. All images and faces used have been taken off the net no actual team act or plans could be seen. At 0:25 the video states that Mthereum project is developed by “Blockchain Charity Intel Platform” while I couldn’t work out any link of the mentioned foundation with this coin or viceversa, they just got someone to utter few words to get their 1 minute video done I guess. They have been using Copyright Images some even state “preview” on corner in their video, which also speaks of their commitment to the cause of making a “healthcare charity”. At 0:45 , they state that Blockchain Charity has raised $10 Million and has helped 500+ Charities , this information is completely false and not backed by any evidence, it is just an attempt to lure you in by giving you the sense of “accomplished project“. Initially they had the same info written on their site but they later removed it .
“Join our ICO to gain 100% in the first month” < here is the Rule , any product which make such claims is just trying to siphon off some money from you by making you fall for the “get rich quick” desires.
You may see their video embedded below , I have also uploaded a backup if they decide to delete their video with 53 views of an ICO which has already reached it Soft Cap (bullocks ? )
- UN Logo and Redundant Info – Just below the video on their website they have placed a huge UN Logo giving you the sense of authenticity as they have initially used “ICO Backed by UNICEF” which shows the level of deceit their team is trying to pull off and changing as it seems fit. Besides the UN Logo they have basically explained what “blockchain can do” while adding the word “Mthereum”
- Mthereum Solved speed problem on Blockchain – How would you know that its a credible ICO when there is nothing good about the Team ? The only thing left : THE WEBSITE , when the same site writes trash you simply stay safe and away. Mthereum state on their website “We solved the problem of speed on the blockchain” , so by making “another” ERC20 token they have solved the problem of speed on blockchain. They weren’t done here , they shared a pie chart which had percentages which I couldn’t relate to their ICO breakdown so I guess it must be the template stock image no one bothered to change.
- Code on GitHub – Their code on GitHub is like no-code on GitHub. just one .sol file deployed with their Token Name and address . No Hard Cap limits set , no addresses for bounty,team,sales,dev etc. No fail safes etc NOTHING. Technically you can say that they have no shown their “token” code. Whatever they added on GitHub happened 12 days prior which makes it days after they started their ICO (Clapping)
- Conferences – Mthereum was part of few conferences in which they couldn’t even put up an image of the conference and preferred using stock deserts and sea images. Mthereum was introduced at Blockchain World Conference, Dubai Blockchain Summit and 1st Cryptospace Conference and they Mthereum claimed to be collaborating with worldwide organization example UNCIEF, WWF and Save children.
- RoadMap – As per their Roadmap they should have been listed on top exchanges which include HitBTC, Binance and YoBit. They are also bound to provide the first beta of the Charity Chain platform including the built-in Health care web wallet by end of Q1 2018 (end of March) – They have 1 day (1st April) to get this done. Ofcourse it wont be happening so I won’t be discussing their future plans.
- Website Registration – Their Website is registered for 1 year and will expire after one year. A project with prospect perform a domain registration of 10 year and don’t hide Who Is information with Privacy Guard (panama based company)
- Fake Bought Token Notifications – There website has been using a WordPress plugin WPFomify to show fake notifications of xyz bought ___ Tokens. Although they will remove this plugin as they are not using it now but I have archived their website so anyone can see what I am telling
The number of flaws in just their website should make you take a step back or hit the close button on their website but as a review can not be with going through the whitepaper, so lets see what their Whitepaper has to offer.
Earlier when I was requested to perform a security audit of their website, I did look at their whitepaper and shared the same and came the reply “k” (The reason of this REVIEW ). Their whitepaper was so messed up that I couldn’t read beyond 3 pages and it turns out they have removed most of the things I highlighted. Their initial whitepaper stated that Mthereum was conceived and developed by UNICEF. Do I need to explain more on the scam this ICO is trying to pull by calling this Token a product of UNICEF. They have removed those lines from their latest Whitepaper available on the website , but I have the Old Whitepaper Uploaded or you can view it from Google Cache
Whitepaper is full with words like : Mthereum-Coin, MthereumChain, high-pro-file, Head-lines , accord-ing , in-stitutions. They used some language converter? because these basic errors are very clumsy and shouldn’t be there
Over 40,000 bidders within the community will be required to purchase and keep Mthereum Coin tokens in order to participate in the most catastrophic situation worldwide
Team is wanting for an “catastrophic” situation ? The above sentence doesn’t even make any sense and the whole whitepaper is like this, it give headaches just going through a line of it .
Mthereum Website Security
What you expect I will tell you here ? They are using a non dedicated server, their sites are hosted on IP 126.96.36.199 with a bunch of open ports including DNS and SSH port
Their website has directory listing enabled at the time of writing this post , which can be verified here . They even have backupbuddy_backups installed and visible , its a matter of time before they loss their WordPress db (who knows they already have,eh ? )
Mthereum Token Details
You can view Mthereum ERC20 Token Details. Nothing fancy here as I have stated in many of my previous reviews, making an ERC20 token takes an hour.
Insider Information about Mthereum
While going through Mthereum Servers I found many images which weren’t used the current website, so i started searching people associated with those images and found few, after asking them as “why they are no more part of the team” something shocking came up. I will list the summary of what I have learnt from this individuals
- Mthereum Team approached anyone they could get for their marketing
- Mthereum Team promised higher amount of profits if marketing is done
- Some of those marketing folks asked the team to clarify certain aspects of the Token as it seemed flawed and Mthereum Team simply removed them without any clarifications
- Mthereum Team had meetings with various promoters and sole aim was to get maximum people to fall for the ICO no charity based discussions etc were brought up
Mthereum Pump -Dump Private Info
One of a team member who was earlier part of Mthereum revealed the following alarming aspects
- Sole purpose of this token is to get listed on exchanges so a proper pump and dump can be achieved to gain profits
- The user information obtained from Know Your Customer would be sold to a firm in Dubai,UAE
- Majority of listed Team Members are fake and are not actually part of Mthereum
Mthereum Charity with no Compassion
Its very much certain that Mthereum has got nothing to do with charity and all its media presence is fake and false. They even posted an article on their blog stating that Mthereum is helping Refugees, again this is false with no actual evidence supporting their claims. Using charity to fuel your ICO is the worst of ICO Scams I have seen.
I asked about the above blog post from the Founder and the reply came
That post is real as well. We have a group people those are going there and MTE will definitely donate a good part.
If you read the blog post it states that MTE is already helping and the founder says “are going there” and “will definitely donate a good part” so Founder of Mthereum , a transparent charity token can not be transparent about who is going where , helping whom and donating what ?
Another Shit ICO and nothing else, but i would ask you something . If you have participated in this ICO what was the reason that you did ? If you did not why ? and What you think about the ICO after reading this very thorough review?
Stay safe and let others know how people scam in this beautiful world of ugly shit people.