### I really do not condone scam artists and ponzi scheme operators but damn…… it is really difficult to feel sorry for greedy, stupid people ! ###


Let us have a look at another one of these crazy cryptocurrency schemes which appears to have parted a few people from their shekels. 

<center> ![](https://steemit-production-imageproxy-upload.s3.amazonaws.com/DQmeQqD5h9PRd1yyLrDgZ2fcgGFoBVvG3PEts8JxcfWAwEc) </center>

>ECN coin uses a special algorithm called the POS to secure the ECN Coin network. The moment you acquire ECN Coin it becomes an interest bearing asset with 120% return per year through PoS minting.

Introducing E-Coin…. Described on its bitcointalk.org [thread](https://bitcointalk.org/index.php?topic=1782863.0) as follows:-

"E-Coin A new brand and a new future for social payments.
It is open-source; its design is public, nobody owns or controls E-coin and everyone can take part.
Your E-Coin are stored in a digital wallet that you own and control. The E-Coin wallet boasts innovative features such as Coin Control, Stealth Addresses, Anon Encrypted Messaging."



So apparently they raised over ONE THOUSAND Bitcoin in their ICO which coincidentally opened exactly one year ago. The same day they opened the bitcointalk thread. They listed on Yobit and Coinexchange without any product. Reading the abovementioned thread there was no end of problems with their wallet, the website does not exist and it was not long before they were closed down in Switzerland

>### Switzerland shuts up shop for providers of ‘fake cryptocurrency’ E-Coin in latest clampdown ###
Swiss regulator FINMA has shut down providers of a fake cryptocurrency called E-Coin
Developers accrued at least $4.2 million from the sham
it is investigating 11 other suspected activities related to fake cryptocoins
[Full Article](https://www.cnbc.com/2017/09/19/switzerland-shuts-down-providers-of-fake-cryptocurrency-e-coin.html)

That was in September 2017 yet the coin suddenly popped up again a few days ago and the volume has rocketed. Trading on Yobit is very active. (Image below)

I only noticed this coin due to the fact that whilst the entire crypto market was a bloodbath … E-Coin was up over 2500% !!

<br> <center> ![Imgur](https://i.imgur.com/LB0sbuh.png) </center> </br>

That market cap puts it in position 31 of the coins on CMC….the exchanges it trades on are as follows

<center> ![Imgur](https://i.imgur.com/lvUxYta.png) </center>

Today 08 February it is averaged at $2.57 on Coinmarketcap yet is being traded continuously at over $22 on Yobit exchange

<br> <center> ![Imgur](https://i.imgur.com/oZT0KtA.png) </center> </br>

A little further digging and I found that THREE wallets own 99% of the coins [chainz link]( https://chainz.cryptoid.info/ecn/#!rich)


Richest Addresses

Rank	Address	Amount	Percent of coins	Last Change
1	
ePhdwJBw...
102,873,159.09 ECN	48.24 %	22 days 1 hour
2	
ePTFcww7...
65,063,910.76 ECN	30.51 %	96 days 4 hours
3	
eDJV2fPb...
44,441,820.50 ECN	20.84 %	80 days 4 hours

Granted, those could be exchange wallets especially as the developers wallet does not appear to work.

### Where am I going with this? Basically people just be careful out there… this is the wild wild west so do your due diligence. And of course always remember ….. ###

## If it sounds too good to be true ….. Well, you know the rest ##

## Is this a good reason why there should be more regulations? Should the crypto markets start regulating themselves... developing standards of good practise? Share your thoughts below !! ##