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BSC BOND: Legit or Scam, a Forensic Analysis

Introduction to BSC BOND:

BSC BOND is a Decentralized Bond that works on Binance Smart Chain and promises to reward your NFTs in BUSD. You can earn up to 20% annually on your holdings. The project has a total supply of 500,000 and a total of 532 addresses are holding the bond. If you’re interested in NFT’s then you should check this out  @BscBond as they offer a marketplace where you can swap NFT’s to BSCB. BSCBDEX will offer innovative liquidity features and a smart locking option.

BSCBOND aims to build an ecosystem around NFTs on the Binance Smart Chain. They plan to develop their own decentralized exchange where users can stake any token and earn BNB. BSCBDEX will offer innovative liquidity features and a smart locking option. Additionally, it’ll provide multi-asset pools offering the cross-trade ability for users. Moreover, it aims to provide front-running bot protection and stabilized trading experience for its users.

BSCBond will offer its own NFT marketplace that users can use to convert their NFTs to BSCB effortlessly. Users can validate various NFTs based on originality on their marketplace, own the BEP721 NFTs and assign copyrights to them. Furthermore, users can mint their own NFTs and exchange those at low transaction cost on the BSC.

According to their Lite Paper, the token has the following key perks:

  • Ability to stake any listed token for BNB
  • Smart Liquidity Options with Price Balancing Feature
  • Ability to Launch Multi Assets Pools
  • Built-in Liquidity Locking Option
  • Anti-Dumping Technology
  • Bot Protection

Token Details:

Token Name: BSCB
Token Type BEP20 Binance
Token Price (Per BNB) 0.01
Total Supply 500,000 BSCB

Positive Highlights:

BSCBOND is a great idea to empower the infant NFT market which has exponential growth potentials. The Project works on Binance Smart Chain (BSC) Network rather than Ethereum so you should expect much lower fees with each transaction. BSCBOND has amazing tokenomics distribution to help organic and long-term growth. With 20% annual return and anti-dumping technology this project is very promising and one of its type. In their lite paper, the team claims to burn all their remaining tokens after presale which should strengthen the price, and the limited supply will become more scares causing a price rise. The coin has listed on CoinTiger on May 12, 2021. BSCBOND also announced on their official Twitter handle that it will be listed on HotBit exchange. Once their exchange is launched, we should expect the token to boom.

Negative Highlights:

1. Highly Unbalanced Distribution of BSC Bond:

The risk factor grows for the coins and tokens when very few addresses are holding a very large quantity (greater than 3%). This monopoly can give those holders an advantage to dump the prices whenever they want. The total token supply is 500,000 as officially announced and seen on BSCSCAN. This token has horrible distribution as one address is holding more than 88% of the total bonds. This ends the debate though but there is more to come.

 

2. BSC Bond Lite Paper Details:

The lite paper is published in a blurry format which provides vague and unclear details. The hyperlinks provided for the contract address and ‘Back to home Page’ are not even clickable.

3. BSC Bond Website Audit:

According to the report generated by Scamadvisor, the website has a trust score of 20%. The site got these low scores due to the following reasons:

  • The website’s owner is hiding his identity on WHOIS using a paid service
  • This website has only been registered recently.
  • This website does not have many visitors
  • This website is not optimized for search engines
  • We found many low rated websites on the same server

The website is only 2 months of age and got WHOIS registration on March 16, 2021. In the blog section, they have posted four articles so far, of which one has just a title and no content.

4. Deceptive Social Media Advertisement:

On April 30, 2021, BSC BOND posted on their Twitter account:

Hotbit is scheduled to list BSCB(BSC BOND) on Growing Section 17th May 2021 Deposit function launches at: 2021.05.17 06:00 AM UTC Trading Pair: BSCB/USDT See Announcement https://hotbit.zendesk.com/hc/en-us/articles/1500008931781… Note that we are following our roadmap and more listing will be announced.

BSC BOND
BSC BOND Tweeted the image on April 30

HotBit exchange published the article on the website on May 17, 2021, saying:

Dear Respected Users,

HotBit is scheduled to list BSCB(BSC BOND) on Growing Section.

Deposit function launches at: 2021.05.17  06:00 AM UTC.

Trading function launches at: 2021.05.17  08:00 AM UTC

Withdrawal function launches at: 2021.05.17  08:00 AM UTC

Trading Pair: BSCB/USDT

Surprisingly, the token is not listed on the exchange one day later than the date it was scheduled and the Twitter handles of both BSCB and HOTBIT have nothing to say about it.

Closing Statement:

BSCBOND comes with a wonderful and unique idea to empower the NFTs and earn some handsome returns, yet it has many flaws. The team should efficiently look towards the solutions to address the problems and win the investors’ trust as this the only thing that counts.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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