The yet-to-be-launched Huh meme token hopes to be the next big altcoin, having signed up 3000 influencers to promote it
Early invertors have taken to the social media to claim fraud afer failing to receive their purchased tokens
Despite dozens of accusations, the Huh project has denied charges, claiming to be genuine
YEREVAN (CoinChapter.com) — With altcoins like Shiba Inu (SHIB), Dogecoin (DOGE), and Floki Inu (FLOKI) making massive gains recently, enthusiastic investors are on the lookout for the next big project.
The fear of missing out (FOMO) factor has kicked in, with people ready to wet their beaks in new emerging altcoins. After all, the news of one investor turning $800 in SHIB to a life-altering $5.7 Billion in just one year was bound to make people excited.
This sudden excitement in the market and the continued growth of crypto investors has resulted in new projects scrambling for attention. One such new hopeful entrant in the race is the Huh Token.
The yet-to-be-launched token has already earned a reputation as a Huh meme currency.
The project calls itself “an intelligent referral system” promising to pay 10% in Binance coin (BNB) once a client buys tokens using your referral code. Additionally, Huh promises to drop selling tax from 20% to 10% for both you and your referral.
To spread the word about the project, Huh coin has signed up 3000 influencers before its launch, scheduled after 23 days.
However, with the growing traction, the project has also received a lot of flak. People in the community have shared dozens of warnings, asking people to keep away from the project and not to invest in it. Some have gone as far as to call it a scam.
Although at a pre-sale stage, the community backing Huh has been growing. With hopeful millionaires lining up to make a quick buck once the project goes live, it was sure to get attention. In addition, the scores of articles published about it, which some allege are nothing but paid advertisements, have helped the project become the talk of the town. However, not everyone seems to be impressed with Huh.
Several users hurried to pull the rug from under the feet of the founders, kickstarting a wave of unhappy comments. The token is currently available on pre-sale.
Two weeks ago, a user posted a warning on Reddit, calling the project a Scam and asking people to refrain from falling for it. According to the user, the project had some serious red flags. To begin with, Huh allegedly has no whitesheet and no public contract information, the two basic things required for any blockchain.
“If anyone reads the PAID FOR ADVERTISEMENTS online they may be fooled thinking this crypto is already listed. It’s not. It’s 100% a SCAM,”
The user also informed that he has reported the project to the authorities, including the Securities and Exchange Commission (SEC).
Another buyer also had a similar complaint, this time based on their personal experience.
“I invested, I sent BNB, a small amount – $100 – I was supposed to receive an email confirmation within 24 hrs and haven’t. I don’t have any tokens. My transfer was confirmed successfully delivered from my wallet. Seems like I was scammed,”
A simple search on Twitter about Huh coin brings an unending list of tweets about the project, most of them negative. The story is almost always the same. Typical of any scam scheme, unhappy customers complain that they have made payments for the Huh token but have not received any tokens yet.
Not only did they not get any tokens, but users were also gobsmacked when they did not receive an email confirmation of their purchases either. Soon, the entire social media was flooded with warnings, with livid users demanding an explanation.
Of course, the creators did not dignify any of the complaints with a reply. Moreover, the last tweet sent out from the project’s Twitter handle was on Oct 15.
“I purchased huh token in your presale and I never received a confirmation. I’ve emailed you with no reply. Where is my #huhtoken? Is this a scam?”
In another outrageous incident, crypto-journalist Paul Brabus alleged harassment after he covered an article about the Huh Coin project.
When his article got published on TheMerkle, he was bombarded with emails, demanding him to delete his article and not write anything negative about the Huh meme coin Project. One email even offered him a $40 coupon if he took his article down.
After receiving all the negative publicity, the creators of the project seemed to be rattled. In order to reassure hopeful investors, they made sure to clarify on their website that the project was indeed genuine.
“HUH Token is not a scam. The HUH team is led by an experienced and transparent team. The project is still in its early phase yet has a lot of exciting use cases and developments in the pipeline,”
the new website claims.
To get more clarity, we tried contacting the project via email, hoping to receive a comment on some of the allegations. We did not receive a reply at the time of writing. However, we were able to get a quick response on the project’s official Telegram group.
The project denounced all the negative publicity, calling it a result of fear, uncertainty, and doubt (FUD) propaganda tactic spread against it.
While it is still at an early stage, the concerns about possible fraud raised by many users seem to be genuine. However, the project has to take its customers seriously if Huh crypto is to succeed. After all, where there is smoke, there is bound to be fire.
Yerevan-based Editor and writer focusing on topics about cryptocurrencies, NFTs, politics, and international relations. Having completed his Bachelor's and Master's degrees from Delhi's Jawaharlal Nehru University, he urrently works as a reporter at CoinChapter.