Verge raises 75 million XVG for major partnership to be revealed on April 16

Sunerok: “Verge dev here, I just packed all my bags and I’m gonna be buying a little island with all the verge you guys donated. So, thank you so much. Just kidding.”


The possibility of “the largest partnership in crypto to date” was announced by Verge on March 22, requiring 75 million XVG ($3 million) to be donated within four days.

Funds were requested to be sent to this wallet and were not returnable. The 75 million XVG was raised within the time limit, helped along by TokenPay who have close links to Verge.

Yet, on the day the announcement was due, a video was leaked showing the lead developer, Sunerok, joking about buying an island and delaying the news of the company’s name until April 16.

This has led to accusations that Verge is committing an exit scam and even those in the community who support the initiative have had doubts over the execution of the fundraiser.

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In this article, I do not assert that anything illegal has been carried out. However, this fundraiser raises a few questions for those in the cryptocurrency sphere.

Responsibility. There are countless scams that involve cryptocurrencies, such as the Twitter scam below which was posted under the fundraiser announcement. (Notice that the user is: “@Vergecurrrencl.”)

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It sets a bad precedence when official companies ask for donations for an unspecified partnership. All it takes is someone to build up a similar twitter account, post to reddit the same kind of statement and some people will ‘donate’.

It highlights that there is very little accountability within the crypto-sphere. From Mount Gox in 2014 to BitGrail in 2018, exchanges have failed and people have ended up losing either their money or monetary value through the proceedings.

Breaking promises. Okay, if you are going to ask for $3 million in donations, you would feel the need to keep to your own schedules. Not in this case. Verge specifically promised on Twitter that they would release the name of the partnership on March 26.

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Instead a video was released on Monday, with Sunerok making a joke that it was an exit scam before celebrating reaching 75 million XVG.

Sunerok: “Verge dev here, I just packed all my bags and I’m gonna be buying a little island with all the verge you guys donated. So, thank you so much. Just kidding.”

He said the partnership will be announced on April 16, over two weeks later than the date originally promised.

This has led to anger as the community still remembers New Years Eve when Verge failed to deliver its Wraith Protocol to schedule amidst extreme hype and speculation.

Sunerok responded to the issues raised by stating that “of course it only made sense to announce when they are ready.” This means that, by the time of the announcement, the company will have verge already integrated.

Explaining the need for the funds, he said: “We need these funds so that this company that we’re partnering with can run marketing campaigns, cover costs of integration and they would like to hold it. They want to be involved in Verge.”

Now, the final question is: which company is it?

From Telegram conversations with the developers, AidenWWD said they are: “a company that leads their industry, by far.”

Verge described them as “a global organization with a vast network of high traffic sites” looking for a “secure payment method, offering a quick and private means of transaction.” The company has “a global reach that will compete with multiple fiat currencies.”

One speculation is that the company is Pornhub as privacy coins allow anonymity for users. So far, Pornhub have not committed themselves to Vice token, a porn industry token, which is supported by Playboy.tv.

In January, a request for Pornhub to adopt Verge received over 5,000 votes:

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However, the VergeFam will have to wait until April 16 before the company is revealed. Verge have to be careful though, after setting the bar high by promising this to be the “largest cryptocurrency collaboration.” Especially when you consider Microsoft, PayPal, American Express, BP, Intel, Santander are all already involved in cryptocurrencies.


Article written by Tim Copeland

None of this is financial advice. I take no responsibility for any decisions you may make.

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