The Ugly Truth behind Aurora coin
After closely examining the Aurora coin blockchain several fraudulent activities came into notice of the observers some of them are discussed below.
- False Blockchain data
The miners of the coin validate the transaction, this normally happens in cryptocurrency. But in Aurora, several blocks were added to the blockchain whose transaction records were not found and validation was out of the question. The blockchain can be reviewed using the blockchain explorer for all the cryptocurrency. The same rule is applicable to Aurora as well but For this coin, when the blocks were explored severe disparity was found up to 7809 blocks.
- Big winners
It was designed to be distributed among the fellow citizen of Iceland. But big winners of aurora are someone else, it was found by the researchers that two pools of miners have mined about half a million of aurora coin even before it was to distribute among its citizen. Such a kind of fraud has never happened before in the history of cryptocurrency.
- Severe fraud
If closer looks are taken on it on can find it is far from success what it portrays to be. Aurora coin website claims that each citizen of Iceland will be awarded 31.8 coins from 25th March 2014. Believing this statement about 3108 transactions were identified as potential claims, even this transaction matches the Aurora blockchain explorer. But the catch is yet to be discovered, an oversight was found by an investigating team that claims to be 0.39% but the official website of Aurora coin claims it to be 0.21% which is a clear mismatch.
It is also been diagnosed that the same address is getting multiple transfers, there is no incentive for the transactions made, to make it look like an authentic claim. The fraudulent claims were only identified after filtering the address that got 31.8 coins multiple times.
The fraudulent activities have increased after the Airdrop has started and kept on increasing ever since. A number of new claims have dropped and after that, if new claims are happening most of them are identified as fraudulent. About 30% of the claims that are made to date are identified as fraudulent excluding those which are made from a different address.
- Security failure
Icelandic citizen is required to identify themselves with their Nation Identification Number in order to receive Aurora coins but in practice, none of the citizens have ever used such number to authenticate themselves. To know more click Aurora Mine.