DasCoin was recently slapped with a cease and desist warning by the British Columbia Securities Commission as part of operation Cryptosweep.
DasCoin claims that it is a blockchain that consists of a mutual ledger which is supposed to create and distribute Cryptographic assets while safely facilitating their storage and exchange.
The technical aspects of Dascoin have been laid out in the DasEcosystem whitepaper.
As at the time of publishing this update, the cease and desist notice had not been publicly released and we do not know when exactly this notice was issued.
However, since the cease and desist notice is part of the operation Cryptosweep, I suspect that the notice must have been served some time in April or May 2018.
On the pyramid scheme side of things, Dascoin is promoted through the Net Leaders platform which used to be called Coin Leaders.
When you visit the website of Net Leaders, you will find Dascoin labeling itself as ”The Home of DasBlockchain”. The funny thing is that neither of these entities have confirmed that they received a cease and desist notice.
Rather than deal with the most important things, the owners of Dascoin are busy hyping their DASC points which recently got listed on CoinMarketCap and selling for 17 cents each.
Their relationship with Net Leaders platform suggest that Dascoin is a ponzi scheme which sells its points through Net Leaders. The points (DASC) are now being traded at exchanges like BTC Alpha and Coin Falcon.
In my opinion, they are also trying to introduce the element of pump and dump where initial investors may generate some profits out of artificially driving up the price of DASC coins and persuading people to buy only for buyers to realize that the coin doesn’t have any value.
British Columbia Securities Commission, which issued the notice, is a member of NASAA.
Doug Muir, who is the director of enforcement has warned that scammer are always inventing new ways to reap off investors.
Also, Net Leaders was initially introduced as a clone of another Cryptocurrency scam known as Coin One. Therefore, Muir isn’t very far from the point .