The following news post [1] just came to my attention, which is an English translated repost of an original Dutch article posted today [2]. The article describes a Dutch street artist (Judith de Leeuw [3]) receiving "3 million IDON tokens worth 2.5 million EUR", making the person an instant crypto millionaire. Well honestly, with the latest NFT hype – such amounts aren't really surprising anymore and frankly believable. Or is it? Looking into this project (Idoneus) I was instantly taken aback by the numerous obvious red flags.

After checking the IDON token address [4], I found that IDON only has 162 holders. Suspicious.. even more so when 98.7% of tokens (987MM out of 1 billion) are held by the top 10 addresses. Yes, you read that right!

Now, Idoneus' site [5] mentions a price of $10.33 with a valuation (market cap) of just over 10(!!!) billion USD. Yes, you read that right again. A mind boggling TEN BILLION dollar valuation for a token that isn't even listed on any coin index pages like CMC or GC.

How is the IDON token price and insane 10 billion dollar valuation established? Here's the kicker: The price feed is seemingly static HTML or there just simply isn't any market! Just take a look at the following source [6] and you will find the exact same price of $10.33 listed on the 9th of November. How does a token have the exact same price (on the cent) for over a week?

Furthermore, to no one's surprise: no CEX lists Idoneus except for some obscure platform named coinlock. IDON has been traded a couple of times on Uniswap according to the ETH blockchain, however – there is literally 0 liquidity. You would receive 0.0087 ETH (~37$) when you sell a 100K IDON; that should be worth at least a million USD if you would believe their insane 10 billion valuation.

Talking about red flags: the street artist in question even mentions in the article (paraphrased) she has to buy a house or yacht with the IDON tokens and then sell those assets to retrieve fiat EUR. This statement further emphasizes the fact there frankly is no market and the aforementioned tokens are absolutely worthless – else why wouldn't she be able to just sell the 3 million IDON on an exchange or OTC? She basically gave her works of art away for free… and I am assuming there are many more victims to be uncovered.

Should we dig even deeper? Maybe we should. There are many more red flags to mention – however I am out of time for now. The unfortunate street artist won't be able to cash out, and even if she could – it would be over the backs of other victims receiving a worthless token. Who will be the eventual bag holders of these worthless tokens? This is clearly a sickening game of hot potato that is at a mind boggling level , as with the game hot potato at least you end up with a… potato. In this case? Well I don't need to overstate the obvious.

What kind of next level Ponzi is this? Is it a project to trap boomers into investing into the latest blockchain hype without having a clue how any of it really works? Many questions, however – it is clear there is something extremely fishy going on. I'll update the post if additional information comes to light.

NOTE: Repost. Had to buy premium just to be able to post due to too little comment karma.

EDIT: Formatting

submitted by /u/genuin3
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