Filecoin (FIL), which had a lot of talk and a lot of deception, listed on Korean virtual asset exchanges one after another

Filecoin (FIL), which has been controversial over various suspicions such as multi-level sale of miners and dumping, is listed one after another by Korean virtual asset exchanges. It is pointed out that rather than investing intently to see the effect of a new listing, related issues should also be identified.

◆Filecoin, how much talk was there?

Filecoin is a project to implement a decentralized file sharing system using IPFS technology. IPFS is a protocol for storing data in a distributed file system and sharing it over the Internet. Virtual asset FIL is a token used within the file sharing platform.

Filecoin, which conducted an ICO (Virtual Asset Disclosure) in 2017, raised an investment of over $275 million (about 280 billion Korean won) in one month. After that, a project that raised a larger amount came out, but at the time of the ICO, Filecoin was the ICO project with the most funds in the world. As a result, Filecoin is expected to speed up its business.

Nevertheless, the launch of Filecoin's mainnet was delayed several times. The mainnet, which was originally scheduled to be released in mid-2019, was released last October after several delays. In the meantime, complaints from investors steadily came out, and suspicion of scam (fraud) was raised.

Controversy arose in Korea as well. This is because a multi-stage mining machine sold long before the mainnet launch. Domestic multi-tier companies have been selling Filecoin miners through YouTube and online communities, claiming that they can recover their investment within a few months by buying a miner. Some of them have also spread multi-level sales that pay more rewards for recommending the sale of miners.

Afterwards, Chinese miners expressed dissatisfaction as Filecoin applied a ‘advance collateral system’ to mining prior to the launch of the mainnet. Due to the policy put forward by Filecoin, miners had to prepare 350 FIL as collateral in advance, but it was virtually impossible to obtain the amount.

As a result, FIL unlocked 1.5 million coins, much more than the 500,000 planned to be distributed on the first day when FIL launched the mainnet last October. This is the reason for the dumping controversy.

At the time, CEO Justin Sun Tron said, “1.5 million FIL was dumped without the consent of the community.” “All executives and employees of FIL, miners, investors, and everyone must follow the stated rules. Do you really think it's okay to dump like this?”

◆Listed on Korean virtual asset exchanges such as Upbit and Korbit… Need to review when investing

Despite a number of controversies, the popularity of FIL has increased since the mainnet launch. Accordingly, large domestic exchanges such as Upbit and Korbit also listed FIL one after another. It is pointed out that when investing, both the prospects and controversies of the stock should be reviewed.

Upbit listed FIL around 9 pm on the 9th. Until now, most of Upbit's listing took place during the daytime, so it was raised that upbit was pushing for a late listing with Coinbase's Filecoin listing in mind. It is expected to pump prices by listing several hours ahead. Coinbase announced the listing of FIL on the 9th and then proceeded to list at around 2 am on the 10th in Korea time.

Regarding this, an official of Upbit said, “We didn't have Coinbase listing in mind,” and “We prepared for listing on the afternoon of the day, but it took an unexpectedly long time in the process of communicating with the project regarding the integration of the FIL mainnet. It will be listed at 21:00 immediately after completing all the processes.”

When asked if the controversy was reviewed at the time of listing, he replied, "It was listed according to the same general listing screening criteria as other stocks."

Korbit listed Filecoin for the first time in Korea on the 19th of last month. In addition, he said that he would encourage file coin transactions by linking with Korbit's quiz reward program, 'Piggy Bank'.

At the time, Sejin Oh, CEO of Korbit, revealed the background of the listing, saying, "The fact that data can be efficiently stored and publicly verified using Filecoin will help the development of blockchain technology."