What is LockPay and is it a pump and dump scheme?

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What is LockPay and is it a pump and dump scheme?

lockpay crypto
Image source: © Stevanovicigor | Megapixl.com

Highlights

  • LockPay claims that its vision is to give financial freedom to people through the law of compounding.
  • The LockPay crypto was introduced as a rebase token to protect people from the Pump and Dump schemes.
  • LockPay’s whitepaper mentions that a person can turn an investment of US$ 100 into US$ 1.6 million within 14 months.

Amid the declining crypto market, LockPay crypto appears to be gaining attention. As of writing, the global crypto market cap was down by 4.1 per cent to US$ 1.26 trillion.

The data of LockPay crypto is not tracked by popular cryptocurrency websites like CoinMarketCap and CoinGecko. However, according to a website named Nomics, the price of the LockPay crypto was up by 51 per cent, and it was trading at US$ 0.015457 per token at 9 AM EST.

Meanwhile, the volume of the LockPay crypto soared 48 per cent to reach US$ 459,265. As there is not much information available about the LockPay crypto, let's find out more about it:

What is LockPay crypto?

According to the official whitepaper, it is the world's highest-earning reward token and is not a part of the big dumps. It also mentions that LockPay is a lock-to-earn token, and users can earn a fixed interest rate of 2.35 per cent, and they are eligible to convert the crypto back to cash.

Also Read: Bitcoin SV (BSV) crypto records surge in price and volume. What's next?

LockPay claims that its vision is to give financial freedom to people through the law of compounding. The whitepaper claims to provide an opportunity of doubling the investment every month by giving 106.7 per cent interest per month.

The LockPay crypto was introduced as a rebase token to protect people from the Pump and Dump schemes. The official website claims that its auto-staking protocol can create a high fixed annual percentage yield (APY) of 409,600%.

LockPay crypto

Bottom line

LockPay claims it was designed to protect people from crashes that affect small-cap projects. Despite its official website and whitepaper claims, the LockPay crypto appears to be dubious.

It appears that the lock-to-earn token has made huge claims, and some of them are unbelievable. For example, the whitepaper mentions that a person can turn an investment of US$ 100 into US$ 1.6 million within 14 months.

Hence, exercising extra caution before investing in a cryptocurrency that makes tall claims is advisable.

Also Read: ANKR crypto price is down and volume is up 18%. What's next for Ankr?

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