ALERT: Electroneum | Unethical Practices & Problems ahead

Electroneum has previously come under scrutiny by many in the crypto world due to their unethical practices underneath their facade of positive announcements, which you can read more about, here, by @danile666 who wrote a fantastic in-depth article about the issue at hand. However, as a quick summary, Electroneum literally copied and pasted the Monero blockchain, but used an older version than the current Monero blockchain, which contained a bug in it that would cause the network to cease at block 202612 ETN. A user by the name @kop2 (KnifeOfPi2 on reddit) discovered this major bug in the Electroneum blockchain, and reported it to the Electroneum team. Unfortunately, instead of acknowledging the problem and fixing it at hand. Electroneum began denying the problem ever existed at first, then minimized the problem, only then to finally give credit where credit was due by sending out an email on March 3rd, 2018 which contained the following quote. Unfortunately, the problems haven't stopped there.

We need any users running an Electroneum Node to urgently update to fix a bug that appeared today. This update reverses our node version with the bug but fixes the block 202612 issue, thanks to community member KnifeOfPi who spotted that issue first and provided a fix.

Problems with Exchanges Lisitings

Electroneum has made a slew of announcements regarding it being listed on more exchanges. For instance, on Feb. 6th, 2018, Richard Ells sent out an email stating the following, "HitBTC (a top 6 global exchange) has agreed to list Electroneum," then on Feb. 12, 2018 Electroneum announced that they would be listed on QRYPTOS exchange and will be working with QUOINE to be accepted onto QUOINEX, which you can read more about here.

Although, they have since been added to QRYPTOS, they still have yet to be added to either HitBTC or QUOINE, which you can see by examining the exchange listings of ETN on coinmarketcap.

Problems with Cryptopia

As you can see from the above exchange listings, Cryptopia makes up the largest trading volume compared to any other exchange which list ETN. Unfortunately, as I eluded to previously at the beginning of this article, Electroneum has run into some major issues concerning their blockchain as a result of this bug. However, judging by their Facebook post and updates you'd be under the impression that all is well and has since been resolved.

That is of course unless you actually try to transfer your ETN from your wallet to Cryptopia as I did below. As you can see, according to the electroneum transaction, all is well and the ETN should be sitting in my Cryptopia wallet.

However, upon examination of my cryptopia wallet as you can see this simply is just not the case. Of note, this is far from my first time transferring crypto and can assure you the problem is not related to user error. Hence, this is also why I always transfer a small amount of crypto first, prior to moving any larger portions of a holding.

Nonetheless, upon further investigation I did happen to come across this notice on the Cryptopia website.

So despite electroneum's recent Facebook postings about the blockchain problems being fixed. They ultimately still have not been fully resolved.

In Conclusion

Beware of the facade of positive postings surrounding the developments of Electroneum. As you can see from the evidence provided in this article, Electroneum has been far from upfront about the obstacles they've encountered. Instead they appear to be mitigating any problems and egregiously over emphasizing their accomplishments. All in all this can help to explain the steady decline in the price per share of electroneum over the past 3 months despite the litany of "positive" developments from the ETN team.