Micromines - The latest Indonesian Crypto Exit-Scam
Micromines - The latest Indonesian Crypto Exit-Scam

$0.37 tipped


All started relatively well with the Micromines project, an Idex-like decentralised crypto excxhange.  Following a successful low-key ICO raise, the team, after a moderate period of time, and two quarters ahead of schedule, delivered their working DEX - and it's a fairly nice little excange, with some potential, or rather, it would have been...

Almost two months after launch, the DEX had virtually zero users, and zero volume.  And it soon became clear that the Micromines team had either no clue as to how, or no motivation, to try and attract traders to their platform.  Despite having only recently launched, the team's Twitter feed lay dormant, as did their Telegram for the most.  While meanwhile the Micromines CEO (at the time) began shilling another unrelated upcoming ICO project of which he was an "advisor" - named CELFIT (probably best avoided).

Shortly after which the Micromines CEO, Purbaru Hutapea (AKA: Jhon BigBos), could be seen slowly dumping his Micro tokens via etherscan.  And when confronted, he claimed it to be a "wrong click" - despite dumping 500 million tokens in batches over the period of a week.   A few days later there were some team changes, with Purbaru stepping down as CEO, to take up the role of advisor.  While supposed co-founder, Hary Mulyadi, took on the CEO position.  And at least one of the previous advisors also abandoning the project.  The team next made some paltry effort to assure investors that everything was fine with Micromines - however, just a few short days later, the Micromines team dumped their entire wallet of 2 billion+ Micro tokens onto Bilaxy exchange, crashing the token value down to 0.01 Gwei, making them the latest in a series of seemingly interconnected Indonesia based crypto exit-scams.  

Another of which that had certain connections with the Micromines project, even being one of the few tokens listed on Micro exchange shortly before they themselves exit scammed, was Nueral Protocol (NRP token) - another low-level blockchain project stemming from Indonesia.

So what's the purpose of this post?  Projects die all the time in crypto - it happens.  Sometimes for legitimate reasons.  But in this instance there is evidence of a trend.  Something orchestrated.  A conveyor-belt of turnkey exit-scam ICO projects all loosely tied together, and conducted by the same bad actors - and all based in Indonesia.  And the worst thing about the Micromines project exit-scam in particular, is that the exchange itself is actually quite decent.  With some hard work they could have built it up into something note-worthy.  But lacking in intelligence, ability, and balls, the Micromines team decided to take the quick and easy money - before moving onto the next scam.  Making this post a cautionary-tale and warning, to research the teams behind any ICO investments you might make properly, and in-depth.  With my closing advice being to steer well clear of Purbaru Hutapea's latest scam ICO, CELFIT, and any others, should you stumble across it/them and be tempted - once a scammer, always a scammer...



BitbyBits Crypto SpotLight
BitbyBits Crypto SpotLight

Crypto news, thoughts, shills, and more...

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.