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Is Metherworld (mCoin) a scam?

Lilit Chichyan
By Lilit Chichyan 4 Min Read

Key Takeaways:

  • Is the project called Metherworld or M20 scam?
  • The team is not listed on the official website, but the CEO has a link to M20 on his social media.
  • CertiK audit shows only nine active users.
Is Metherworld (mCoin) a scam?
Is Mether World (mCoin) a scam?

YEREVAN (CoinChapter.com) — Metherworld (mCoin) is a project that is essentially hard to navigate, as it has several social media accounts, none verified. So, let’s dive into what mCoin is and whether it’s a scam.

Contents
Key Takeaways:Metherworld or M20?mCoin Scam Vibes GrowM20 audit form CertiK

Metherworld or M20?

First and foremost, the official name of the projector is not clear from its documentation. As of writing, the mCoin token is tied to a project named M20, which mentions the learning platform Mether Academy but not “Mether World.”

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Moreover, the metherworld.com domain also leads to the Mether Academy information. The M20 whitepaper is rather vague in explaining what issues Mether World strives to solve.

The goal is to create a system based on the user and for the user, in which token holders are the
decision-makers through participation in governance tools.

reads the whitepaper.

mCoin Scam Vibes Grow

Tracks of the mCoin team lead to Estonia. Or is it Dubai? No, India. Let’s try to clear up the confusion.

The official registration of the company evokes questions. According to the Global Broker governance & inquiry App WikiFX, Mether World is registered in Estonia, even though the SimilarWeb tracker points to India as the source of the website traffic.

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Mether is registered in Estonia. Source: wikifx.com
Metherworld is registered in Estonia. Source: wikifx.com

Neither Metherworld nor M20 official websites feature contact information of the team behind the projects, which could be construed as a red flag. However, according to a 2022 Metherworld review, the separate mcoin website had several executives listed, with Denis Shehu as CEO.

Shehu’s LinkedIn and Instagram accounts confirm his affiliation with M20 but don’t mention “Mether” or “Metherworld.”

M20 audit form CertiK

Audits are never a guarantee of the team’s “pure intentions.” However, an audit adds a trust level to a project. According to the official CertiK website, the crypto audit firm reviewed M20 on Oct. 16 and gave it a 77 out of 100 score.

Meanwhile, there are several alarming notes in the audit. M20 or Mether has a low fundamental development and low activity on GitHub.

Additionally, the Active User Geography revealed only nine 7-day active users globally.CertiK considers users Active if they’ve had over five transactions in the previous three months, raising fears that Metherworld can be a scam.

Active user count on M20. Source: skynet.certik.com
Active user count on M20. Source: skynet.certik.com

Mcoin is registered on four exchanges, including MEXC, and traded at 2.16 on Nov 1.

Mether World (mCoin) price.
Mether World (mCoin) price. Source: CoinMarketCap.com

The bottom line is that it is not effectively proven that M20 or Mether World is a scam. However, there are several red flags in the website, whitepaper, and the CertiK audit. Thus, caution is advisable.

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Lilit Chichyan

Lilit is a Yerevan-based Markets writer, skilled in 3 languages, and interested in writing about the tech world, trading, art, and science. She also has a background in psychology and marketing, which helps deliver the right message to the target audience.

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