Coralex just began their ICO, and it is most definitely a scam. Do not participate in their ICO, you will most likely have your funds stolen by this fake company.
The Coralex website states they are a 3rd generation blockchain network that’s deisgned to support custom blockchain architectures while providing a trustless mechanism for cross-chain interoperability. Trustless should be their main selling point, as this company can not be trusted at all.
It has come to attention by the Aion Network that Coralex has copied their whitepaper, word for word.
The low-effort copy and paste job isn’t just limited to the abstract description. The whole whitepaper has been fraudulently taken from Aion.
Coralex’s crowdsale is to last one month where they have a hardcap goal of $5 million. They state they’ve already raised $1.4 million worth of CLX tokens, which one would hope is just a lie to make it appear people are interested and participating.
To further show that Coralex is a scam, their ICO offers no KYC restrictions and states that everyone is allowed to participate. The majority of ICOs have geological restrictions where US investors are typically not allowed to participate, and definitely not with out strict KYC rules implemented.
Following strict ICO and KYC rules don’t really matter to a fake company when they’re most likely going to exit scam when the crowdsale is completed.
Their team members cannot be linked to real people and have shell LinkedIn pages that were recently created just days before the ICO started. Coralex also states their advisers are Loi Luu, the founder of Kyber Network, Fred Ehrsam, co-founder of Coinbase, and Nicholas Mertern, a crypto analyst and YouTube personality. There is no mention from said parties, or anywhere that shows any kind of connection to the Coralex scam project.
There really isn’t much information to validate Coralex as a real company considering all the information about their product is copied from Aion’s. They have not responded to the copied whitepaper accusations. All red flags point to Coralex being a scam, do not invest in their ICO.