Image: Nicholas Maduro, President of Venezuela

Crypto Rating Sites Are Already Calling Venezuela’s Petro a Scam

Two weeks after Venezuela’s cryptocurrency scheduled sale date, many aspects of the Petro remain a mystery and initial coin offering rating sites are already calling it a fraud.

Rating website ICOindex.com gave the token a “scam status,” saying the project was missing critical information, from the description of the mechanism to its technology and supposed oil-backing. “We can discourage people from wasting money on this project,” the site reads. Another rating site, ICObench, rated the Petro 1.6 points out of 5. Other ICO raters, including Cryptorated and ICOreview, haven’t even bothered to review the project, Criptonoticiasreported.

Last month President Nicolas Maduro announced the sovereign cryptocurrency would be available for public sale on March 23, just days after President Donald Trump banned American citizens from buying the oil-backed currency. The sale followed a month-long private sale, which Maduro said received offers of as much as $5 billion from countries including China, Russia and Mexico.

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