Is SAFCOIN a Scam?

A new coin claiming to be Africa’s exclusive cryptocurrency, has been making wild claims lately. 500 000 coins has been set out for presale investors at R70 per coin. The SAFCOIN ICO Token sale is a unique opportunity exclusively to the South African people.

The SAFCOIN website claims that this is your chance to be part of Africa’s 1st cryptocurrency launch. If only it was South Africa’s first cryptocurrency launch. Anyone remember Pipcoin?

“Blockchain cryptocurrency is a confusing and unfamiliar concept to many Africans, which is  preventing widespread adoption,” says Neil Ferreira, director and co-founder at FHM.

“With  SAFCOIN, we hope to educate more people about the benefits of cryptocurrency and help them  understand how and where to trade, so that they can be part of the global digital currency  revolution and Africa’s cryptocurrency history.”

SAFCOIN is an ERC20 Token, There is no technical overview on the site, nor on their whitepaper. After the exclusive South African ICO, 5 million SAFCOINS are to flood the market. There is also no details on how to mine the coin.

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Neither their site, nor their whitepaper details the allocation of tokens (SAFCOINs). With SAFCOIN we can only assume that the R35 million (500k coins at R70) goes to the founder (Neil Ferreira).

SAFCOIN also does not solve any problems, and has no real world use at this moment. They mention they will list on local exchanges. Which exchanges?

There are also no team members under their “team section” on their website Who is the team behind SAFCOIN? On Twitter Neil Ferreira said they had a team of 12, but no mention of who this team is. There is also no road-map, this raises another red flag.

There are two videos on the site, both of which have nothing to do with SAFCOIN, and simply explains how blockchain works.

All in all, the entire SAFCOIN project only seems to raise one red flag after the other, appearing entirely in the form of a pitch full of buzzwords and vague descriptions that prove to have no true aim.

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Leigh Williams
Leigh Williams is a fintech, blockchain and cryptocurrency writer.


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