Grey production survey of CoinList account: account creation, account maintenance and resale

From account creation, account maintenance to resale, a complete gray industrial chain has been formed around CoinList accounts.

As the most influential public offering platform for tokens in the crypto world, the “new hitting” wave triggered by CoinList in major communities this year has become a phenomenon-level event in the domestic crypto industry. Almost every new public offering project launched will cause investors to flock. superior.

Behind this phenomenon is the crazy wealth effect of the CoinList public offering project. Take Flow as an example. The tokens of the project were publicly offered on CoinList in September last year. The price was only US$0.1. You can purchase a maximum of 10,000. The price reached US$6 after it went online on the exchange in January this year, and it reached a maximum of US$40 in early April. , The highest rate of return is more than 400 times, and the current rate of return is still more than 100 times.

At present, CoinList can be regarded as one of the few reliable channels for ordinary investors to access early investment opportunities in high-quality projects . These early investment opportunities have indeed brought considerable returns to investors under the catalysis of the bull market. Multiples, and then more and more cryptocurrency investors are participating in the CoinList project to “break new”.

However, because CoinList does not support the platform policy for residents registration in mainland China (Chinese nationality can be selected, but official overseas residence certification documents are required) and a limited and random purchase mechanism, a batch of domestic professional “newcomers” who specialize in purchasing overseas CoinList accounts “It came into being. At the same time, there is a complete gray industrial chain from KYC data supply, account production and maintenance.

In the sale of finished product numbers, a KYC certification usually transfers multiple roles such as KYC verifier, intermediate channel party, and final seller of the account, and each link is divided. KYC is obtained from different sources, some of which are the “wool party” of overseas online platforms and overseas citizens who have accepted local pushes, while the other part of the information obtained in batches has a more secret source, and the privacy of the identity is disclosed without the knowledge The transaction may happen. When the project became popular, participants said that it was not uncommon for the participants to sell expired accounts, multiple accounts and reselling.

Account delivery is not the end. The CoinList platform has its own risk control measures for account registration and multi-account usage, making the post-maintenance of the account a key. Account buyers usually need to pay a fixed monthly server rental fee for this. Once the account fails, some accounts and their assets are permanently lost, and some sellers provide KYC traceability and the so-called after-sales service to assist in retrieving the account. This promise has also become a selling point of this type of business. However, due to the length of the chain involved, the actual effect cannot be verified in advance.

Account demanders and suppliers jointly form a game with CoinList’s official risk management. When faced with a batch of blocked accounts, “newbies” can only guess the reasons for their risk control, and then upgrade their maintenance strategy.

From the perspective of professional “newbies”, holding dozens or hundreds of accounts is the threshold for participating in the CoinList project public offering and getting the chance to win the lottery.

The broader problem is that the phenomenon of single-person multi-account snap-ups in the CoinList public offering has caused overseas users to question the fairness of the platform. CoinList officially issued a statement to warn. Participants also said that centralized account bans occurred from time to time, but the current state of a large number of controlled accounts still exists in large numbers.

“Accounting”: KYC data mostly flows in from gray channels

“To be honest, five or six out of ten were deceived.” Buyer Lin Fei believes that which seller is reliable is “try out with money.”

Lin Fei considers himself a professional CoinList public offering participant. In March of this year, he purchased more than 300 CoinList accounts on a large scale through a foreign seller on Telegram for the first time. The actual authenticators of the accounts are all overseas citizens.

When trading, Lin Fei places orders for hundreds of new accounts at a time, and the other party delivers the accounts in batches, each time delivering 10 or 20 account login emails and passwords, usually there are two waits between the previous batch and the next batch. Hour. Lin Fei didn’t know the source of the account and the production process, guessing that “or they have a big organization and he buys the goods himself, or he is looking for a place to push.”

CoinList’s new account business is usually divided into two types: proxy registration and product number transaction. Proxy registration means that because CoinList supports mainland citizens to register an account with an overseas IP address and residence certificate, the buyer provides personal identification information, and the seller provides overseas IP and residence. Certificates and other materials can be used to complete the registration process; the finished product numbers are mostly accounts that have been registered and verified by citizens of overseas countries such as the United States and the Philippines. In the case of professional “newbies”, the transaction of finished products accounted for the majority.

According to the different methods of “make number”, the production of finished product numbers can be divided into one-to-one registration, batch acquisition of KYC information registration, etc. The one-to-one registration method is more recognized by the demander and the merchant, that is, with the KYC owner With a contact channel, batch registration will not be able to find any KYC owners, and subsequent maintenance is more troublesome.

Grey production survey of CoinList account: account creation, account maintenance and resale

A member of the seller’s team responsible for the “production number” told the Chain Catcher reporter that the team produced accounts in batches through a similarly “online push” method, which usually involved sellers, advertising alliances and other intermediate channels, “promoters” and actual accounts. Multiple links such as the certifier. The account seller publishes the account requirements to the intermediate channel party, and the channel party then contacts the “promoter”, who eventually finds group members in the operating community to complete the registration.

The intermediate channel parties are mostly platforms or community organizations called “advertising alliances.” The member said that the advertising alliance is a comprehensive title, as long as the price is right, any demand can be posted on its platform. After receiving the demand, this type of organization will further publish the specific information on the task-based “Wool” website, or contact the “Push Hand” to further find a suitable actual certifier.

“Pushing hands” is the bottom link in the industry chain. They operate their own groups on overseas social software such as Telegram and Whatsapp, and a community can reach thousands of people. The member said that “Push Hand” will post part-time advertisements on social media and other online platforms to attract overseas “wool parties” to join.

“A copy of KYC information normally in the hands of the wool party may be worth tens of yuan, but the price in the hands of users will be hundreds.” The member said that the price of a CoinList account sold by the team can be from 100 The yuan fluctuates to 300 yuan, and the intermediate channel party and the “pushman” each draw about 30% of the commission.

Xiong Ying from the merchant “Xiong Ying Community” said that there are also a few fake accounts in circulation on the market, that is, using PS software to modify ID information, and then use AI-generated images to complete face recognition. This type of account has no actual counterpart, and once it becomes invalid, it is difficult to recover.

Real person KYC data may also flow in through grey channels. The reporter consulted an account seller as a buyer. The seller introduced that his account KYC originated from Yunnan local pushers. These local pushers helped the local social security bureau to apply for cards to residents while secretly doing KYC business, and these residents usually did not know it. The team used the identity information of local residents in Yunnan plus overseas IP, residence certificates and other materials to produce accounts.

Grey production survey of CoinList account: account creation, account maintenance and resale

(In the video sent by the seller, the table is full of resident ID cards)

In addition, the seller also stated that one of the “benefits” of these accounts is that after the higher-value accounts are banned, the local push team can find a real person to assist in submitting the identity certificate and retrieve the account after the account is banned. .

“Keeping Account”: The “Risk Control” Game between Buyers, Sellers and Officials

After account transactions, “same day replacement” is a common rule in the circle.

Lin Fei introduced that the seller usually delivers the account login email and password. After receiving the account, you need to change the above information and backup email to your own email and password as soon as possible, otherwise the account will most likely be lost because the original owner retrieves it. Or the seller may inadvertently resell it again during the period. Once the login information is successfully modified, the account is successfully attributed to the buyer.

But this is only the beginning. Player Meng Lu and his company colleagues bought 50 CoinList accounts for amateur snap purchases in March, but all the batch numbers were blocked. He guessed that the reason was that the account IP did not match the authentication address.

In May, he bought 100 accounts again. This time he rented an overseas server to match each account to the corresponding regional IP. However, due to the large number of accounts and cumbersome operations, he wrote a script and used a computer program to complete it automatically-open Steps such as server, login account and panic buying.

All 100 numbers are still invalid.

After that, Meng Lu purchased 100 numbers again and adopted the “semi-manual and semi-automatic” method. Two computers each had 50 numbers, 50 numbers had 25 servers, and one server had two numbers. The script running was only used for launching. Server, other operations are performed manually. Meng Lu said that he “slowly gained experience.” So far, the third batch of accounts has not been “risk-controlled.”

Risk control is a word frequently mentioned by players and sellers. After the account encounters “risk control”, you can still log in, but you don’t have the right to snap up project tokens. According to Xiong Ying, common factors that trigger CoinList’s official implementation of risk control include: registration information and IP not complying with regulations, frequent changes in IP use, serial number mailboxes, bots or scripts, and queues.

Usually, CoinList officials do not specifically inform the specific reasons for the ban. After a batch of accounts are blocked, buyers usually communicate through the community to summarize the potential factors themselves.

In fact, CoinList clearly stated in the terms of the user agreement that opening multiple accounts, transferring account access rights to third parties, purchasing accounts, using robots or scripts to snap up purchases are all deemed “abuse.” In this case, CoinList has the right to cancel the outstanding orders in the account, and deactivate or cancel the corresponding account. The user can transfer the assets in the wallet within 90 days after the account expires, but the project tokens grabbed and the account snap-up rights are recovered.

Grey production survey of CoinList account: account creation, account maintenance and resale

CoinList said that its decision to restrict access, suspend or close accounts is based on confidentiality standards that are essential to CoinList’s risk management and security protocols, and CoinList will not disclose details of its risk management and security procedures to users.

“Newcomers”, account sellers and CoinList officials form an opaque game. CoinList officials issued statements on Twitter in March and April this year to warn account trading and robot panic buying. Since then, they have rarely spoken out. Both Lin Fei and Xiong Ying said that there was a large-scale “risk control” in May this year.

“At the beginning of March it was very loose, April was a bit strict, and May was almost very strict. It means that the average person is’large’ (note: holding a certain number of accounts). If you don’t have a server and you can’t manage it, you can Can’t play this.” Lin Fei said.

Players and sellers concluded that an account must correspond to an IP in the authentication location to ensure that the IP address is fixed and not subject to “risk control”. The increased participation cost is the monthly fixed overseas server rental fee. In addition, some players consider the efficiency of panic buying, and will increase the investment in hardware equipment and improve the computer configuration.

Therefore, the cost of participating in the CoinList public offering on a large scale often includes four parts: account purchase, hardware investment, server lease, and project token investment. Meng Lu rents a server at a monthly cost of 248 yuan, and a server has two accounts. The monthly cost of maintaining an account is more than 10,000 yuan.

In addition, due to the time difference, most domestic participants in the public offering of projects need to be carried out in the early morning. For those with a large number of accounts, all operations can be completed at 5 or 6 in the morning, which also requires a certain amount of time and energy.

The winning lottery number has been resold at high times, and the market’s popularity has fallen sharply

After the project tokens are publicly offered on CoinList, the book return rate often reaches dozens or even hundreds of times, which is a wealth myth that has attracted investors in the past year.

However, according to CoinList’s public offering mechanism, the project tokens successfully purchased by investors usually need to be locked for 6-12 months and a long linear release period, that is, such a high book return rate is difficult to quickly realize.

Taking into account the uncertainty of the secondary market, many successful investors are more willing to resell the CoinList account at a discount. Sellers obtain future futures at market discounts, and sellers obtain certain high returns through discounts. Therefore, the over-the-counter market surrounding these successful CoinList accounts has also been very hot this year.

The winning account number grabbed by the Menglu team is usually resold ten times. In June of this year, the public offering of the decentralized storage protocol Swarm project token BZZ on Coinlist was hot. The Menglu team won the lottery with more than ten numbers out of the 100 numbers, and finally sold 10 numbers at a cost of 500 US dollars per account. The winning numbers were sold at 7900U, which was nearly 16 times the price.

Meng Lu is relatively indifferent to holding the tokens he has grabbed. He believes that he should try his best not to leave himself unstable and “sell it if it can be sold.” “Can I see how the market will look like next year or the second half of this year? No one knows.” He said.

Recently, with the decline in market conditions, the higher token prices of most CoinList public offering projects have fallen by more than half. Among them, CSPR has fallen by more than 95%. This has also caused the market demand for CoinList tickets to drop significantly, and the discount rate Also expand further. Of course, this also means that most of the buyers who had previously purchased and changed CoinList accounts at high prices have also suffered huge floating losses.

According to the reporter’s understanding, the current market for reselling the lottery numbers in CoinList has been sold from the previous 10-50 times cost price to 1-2 times the cost price.

At the same time, the token market price of some public offering projects has fallen back to the public offering price, or even lower than the public offering price. According to data from CoinMarketCap, the current price of the Covalent token CQT, which was publicly offered at the end of April this year, has fallen to US$0.34, which is slightly lower than the highest public offering price of US$0.35; the social token platform Rally publicly offered US$0.6 in early April, and its current tokens RLY has fallen to $0.37, a loss of nearly half.

Taking into account the current market conditions, professional “newcomers” are also increasingly demanding the popularity of projects, instead of snapping up projects as soon as they are listed on CoinList.

Lin Fei said that he will not participate in the recent two CoinList public offerings. “You also know that you can’t grab one account for one account. If you grab one account for ten accounts, or even one for 20 accounts, the cost of your 20 accounts will be much higher. Thousands, and then you win the first lottery and invest $500. If the off-market premium is doubled and you get back $1,000, you will lose money.”

Before the project was sold, Lin Fei exchanged the pre-judgment price of a project token with the big investors to decide whether to participate in the panic buying. The core indicator is to look at the current market conditions and the popularity of the project. “Some coins can be grabbed, and some currencies can’t be grabbed. Both periods are not very cost-effective.” Lin Fei said.

Several sellers told reporters that a considerable number of accounts on the CoinList platform are now controlled by mainland investment. Some of them are personal accounts registered with the help of overseas IP and residence certificates, and the remaining ones are for bulk purchase of accounts and large-scale snap-ups. By”.

They have made huge profits in this way, but they have also raised questions from overseas CoinList users. Many overseas users complained on CoinList’s official Twitter, believing that the phenomenon of “multi-account” snap-ups is detrimental to the fairness of the platform. Up to now, CoinList officials have not issued any targeted statements regarding this situation.

Under the vortex of wealth, gray production has been accompanied by the development of the encryption industry for a long time. It also harms the fairness and normal order of the industry. How to minimize the impact of gray production will be what the entire industry needs. Right long-term propositions and challenges.

(At the request of the interviewee, Lin Fei and Meng Lu are pseudonyms)

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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