AstraZion Price (AZNT)

On May 12th, 2022, the Philippines Securities and Exchange Commission ordered the companies running the project to cease their operations. The reason for issuing the Cease-and-Desist Order was the alleged “fraudulent investment scheme”. According to the SEC order, the Astrazion group was proactively inviting people to invest in their token AZNT to earn passive income through staking. At this, the order was applicable to all participants of Astrazion Group, as well as to its influencers, and other agents involved in its promotion.

While Astrazion Global and Astrazion Foundation are duly registered with the SEC, they have never got a secondary license that would allow them to issue securities. Besides, the SEC issued an advisory to warn the public against investing in this project earlier in February 2022.

The signs of a scam

A quick glance at what the project offers could be enough for experienced investors to become suspicious. First, AZNT doesn’t have an MVP (minimum viable product), and nor does it plan to develop any. The key features that it talks about are applicable to many other blockchain-based projects, so there is no innovation either.

AZNT claims another famous blockchain platform TRON to be its partner. There are even some dedicated pages in the whitepaper telling about its technology and how it is superior in comparison with other solutions. However, the TRON Foundation itself has never claimed to be its partner. In fact, as the blockchain is open-source, so anyone with sufficient skills can use its code to create a new project.

Second, the ROI that the project promised to its investors was unbelievably high, especially since there was no real technological innovation to provide such profits. As the AZNT token was distributed at a price of 10 cents per coin, each of the three packages offers a guaranteed return of 3 percent per day. The started package implied investing $100 and promised to yield $300 in 100 days. At the same time, the double platinum package promised $30,000 during the same period with an initial investment of $10,000. Besides, the company promised additional rewards via referral income distribution with payouts being released through the mobile application Coins.ph.

What’s more, Astrazion assured investors the token would be listed on various reputable exchanges and rise in value to $10 per coin. However, the token seems to be available only on TRON-based decentralized exchanges JustSwap and SunSwap. Such platforms represent an ideal solution for scammers as anyone could list a token there without having to prove the project’s credibility.

Finally, there is no real information about the company founders or their expertise. The whitepaper only states their names and positions: Napoleon dc Visperas as the Chairman and Founder, Engr Remus Pedro’s Salgado as the Chief Operations Officer, Jonnie G. Ganancial as the Vice President and Marketing, and Rolando C. Oso as the corporate secretary.