What is known for sure about OOOBTC is that it is a centralized cryptocurrency exchange based in Singapore. However, most of the other information about the platform contradicts itself. OOOBTC does not help in the case of bringing transparency to its services either. At the time of this writing, its website is very badly functioning with many of the key sections being left unclickable (probably on purpose). For example, the “About”, “Blog” and “Terms” pages, all of which are usually intended to bring transparency and shape public opinion about a particular exchange, cannot be opened.
Although on LinkedIn, OOOBTC claims to have 11 to 50 employees, in reality, the exchange has only two team members with profiles – Mayan MV, Manager Strategic Partnerships, and Wayne Cheong, Chief Marketing Officer At-large. According to the information on their profiles, both seem to have rich industry experience and are, apparently, public figures, contributing to leading media. However, it seems both of them have other active professional endeavors simultaneously while working for OOOBTC. Instead of providing more clarity about the exchange business, the information in their profiles further complicates the picture. According to the exchange’s description in Cheong’s profile, OOOBTC is “located in Singapore, headquartered in China.” The details within Mayan MV’s profile, on the other hand, describe the platform as “the largest crypto exchange in Singapore”. The exchange’s website goes even further by claiming that OOOBTC is “the largest volume digital asset exchange in the world.” It even urges investors to sign up and to help build “the largest market for digital assets ever.” This explains a lot about the business, its goals, and strive for transparency. It is hard to believe why an exchange with such an ambition has only two employees on LinkedIn, lacks information about its founders or managing team, has a badly-functioning website, written in broken English, bad public reputation and so on.
The only indication about the date of establishment of the exchange is the information on its Twitter profile. If it is to be believed, the platform was founded in 2017. OOOBTC’s LinkedIn page, on the other hand, points out that the company was found way back in 2005, which doesn’t seem to be the real case.
On the topic of security, OOOBTC states that they take the matter very seriously and employ various measures, such as two-factor authentication, a cold storage system, and personal account information encryption. In the OBX whitepaper (OOOBTC’s platform token), the exchange’s trading system is described as “a robust security mechanism and reliable underlying architecture, which provides investors with a dependable trading experience.”
Aside from the exchange, the team behind the project also has launched the OOOBTC Charity Foundation (OCF), a non-profit organization, described as the first decentralized charity foundation. According to the information on the exchange’s website, the main idea of the organization is to stimulate “the advancement of blockchain-enabled philanthropy towards achieving global sustainable development.” Or in other words, to help with the application of blockchain technology to solve global problems. All this sounds very promising, although it remains to be seen how dedicated the exchange’s team are to the cause.
The worrying fact about the exchange is how its team acknowledges transparency as one of the key benefits of blockchain technology, in the official whitepaper. However, at the time of this writing, they have done nothing to build transparency around the service they provide. There is a lack of information about the project, its team and founders, operating company, and so on.
At the time of this writing, the FAQ section of OOOBTC’s website includes just a few sections and lacks particularly helpful information. Some of the advice, like the “Security Tips” article, is entirely identical to those of other exchanges, such as Azex, FinanceX, BtcBox, KKCoin, AAX, VCC, AOFEX, BankEX, and many others. It is worth noting that the text is copied and pasted among all of the mentioned exchanges, alongside with the typos. However, plagiarism does not stop here. The major part of its whitepaper is copied from articles around the web, as well as the whitepapers of leading exchanges like Binance.
The exchange has tried to diversify its content mix by adding some videos as well. However, most of them are promotional and intended to attract new users, via the referral program, which is described as “the biggest referral campaign, conducted by any of the exchanges ever.” The reward for those, participating in it is provided in OBX (the platform token). However, in order to claim their rewards, the users should have traded 0.1 BTC at least.
OOOBTC doesn’t have the best reputation among the cryptocurrency community. Forums like Bitcointalk and Reddit are full of users complaining about different aspects of the exchange’s service, such as hidden trading fees, unresponsive customer support, freezing website, and even loss of funds. Instead of addressing its users’ issues, the exchange representatives remain focused at posting promotional events that reward clients who spread the word about the platform by posting on Facebook, LinkedIn, Twitter and other social media.
At the time of this writing, there is no official information about hacker attacks or government investigations targeted at OOOBTC. However, the exchange was one of those which the Cryptopia hackers used to transfer the stolen tokens.Read More