Beware of Amazon coin scam AZ54T, AMZ600x and XOL55t

The fraudster is circulating fake YouTube video to promote Amazon Coin in the name of presale.

There are rumours about Amazon launching its own digital token. The token called Amazon coin has been trending in the Google trends search for quite some time now with different tickers.

The question is why Amazon need to launch its own token in the down market when it already has a well established wallet ‘Amazon Pay’ and many other payment gateways to process payments. Maybe it wants to attract web3 users or is it something else?

To check the legitimacy of the project, we tried exploring the new crypto coin with a simple Google Search. On top of the search result, there’s a video talking about the coin. It has emerged on the YouTube channel ‘CoinMarketCap’ sharing the details of the project and the presale.

According to the video, Amazon has announced Amazon Coin which will be used in Amazon crypto wallet. The wallet allows users to trade the top 50 coins with the highest marketcap and also earn interest of up to 200% by buying AMZ token. 1 AMZ token is priced equivalent to $1 USD.

It further showcased a teaser and shared the presale link to purchase the token in the first public sale. The presale link takes you to the website which gives the feel of a legitimate project and allows purchasing AMZ tokens with multiple cryptocurrencies i.e BTC, DOGE, XRP etc.

After investigating the whole setup closely, any web3 user can clearly find the possible red flags in the video and the project’s presale website. The YouTube channel on which the video is published is not part of CoinMarketCap.

If you look closely at the videos, you will find a lot of videos talking about Amazon coin under different tickers like AMC400X, ATR44X, AMZk20, XOL55t and more. Moreover, the biggest red flag is the presale page of the website.

Strangely! There’s no whitepaper displayed on the page. Tokenomics and vesting schedule have escaped into the thin air. The excessive reward is yet another red flag to consider. Last but not the least, do check the token deposit address on various chains.

Most addresses provided by the website has no activity in the past and looked fresh. Clearly, the video about Amazon coin & its presale is clickbait and a scam. Why does Amazon have to promote its video using YouTube when it already has one of the biggest platforms in the world?

The scammer has tried to promote Amazon coin using the same video over and over again. It isn’t clear how much deposits the scammer has received from the users through this operation.

To summarize, Amazon has no plans to introduce its own cryptocurrency anytime soon. There has been no official announcement this year. The crypto market is facing heat and giants like Amazon are avoiding entering this space.

Due diligence is necessary before investing in any crypto or NFT project.

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