One value we hold so dear in our growing blockchain and Cryptocurrency industry is trust.
Yeah, you can be a subpar project and have other projects solve the problem better than you can. You can have ridiculously high transaction fees and complete transactions in snail-esque times. As we have seen with some of the projects in the space at the moment, you can get away with these things but one thing your community will neither condone nor forgive you for is when you betray their trust.
Trust in the Blockchain sphere is sacrosanct and I am not very sure the guys at Deeper Network understand this. I say this because it is one thing to go around pandering to the public that your ideals are providing a safer, more secure, more private and a secure Internet to the users of your product. And it is another thing entirely when you turn around and destroy every one of those values you're supposed to be championing.
A platform that positions itself as a pro-decentralization outfit with its Decentralized Private Network (DPN) product turning around to do the direct opposite isn't just ironic, it is hypocritical. When you have a CMO of a product going around promising things and signing deals he very well knows he won't live up to, then you know he has the confidence and backing of the CEO. So, it is all a premeditated and intentional scheme to scam investors of their money. And with Deeper Network, this is exactly what's happening.
The so-called champions of the decentralization theme have had public and private sales for their token and investors who went in thinking they were investing in not only a project with holistic ideals but a project that would yield good returns in the future have been locked out of their investments. The absolute gall of it all is what troubles me.
As a company/project (especially one in the Crypto space), when some of your seed investors come to you with concerns over some terms of their contract with you that they feel is being violated, you should try to make those investors understand what is happening and why certain clauses are being triggered or not. That has not been the case with the frauds at Deeper Network. Instead of calmly trying to sort things out, they are pushing undue narratives and making demands of their investors for a fault that isn't theirs, to begin with. Now, these investors feel almost helpless. It is clear now than ever that this is intentional and it is how Deeper Network operates.
Initially they claimed they were investigating and trying to solve the issue (which means they acknowledged there were issues), but for a long time now, there has been no response or announcements. When further enquiries are made, it is shocking to know that a lot of their team members do not know about this scam going on. None of their admins on Telegram know anything about this. A team member who one of the investors was redirected to said he knew only "little about these things" and that he works part-time.
This brings all of these shenanigans back to the doorstep of Eric Ma, the CMO for Deeper Network. At the start of this issue, he said he only handles communications and that it is the CEO's decision and he is just a mediator. This is a comfortable position to take because of course, the CEO is not freely accessible, so there's no one of authority who's willing to take responsibility for this nonsensical scam that's happening before the eyes of these investors. But Eric Ma is the person who goes around making commitments to influencers and KOLs. He is the one who controls every seed sale and the deployments. And he is the one who is not living up to all of these commitments and responsibilities.
Eric promotes every product that the company builds in the hope of attracting investment and sales. He's got team engineers who check these products under him, so he's something of authority and much of the buck stops at his door too. For Eric to say he is only a mediator here not only means he's trying to play on the intelligence of the investors but it goes to show how much of a scam artist he is.
The painful thing about all of these is that this is a platform that says they are a decentralized project and they keep pushing the idea of decentralization but in reality, it is a very centralized project with a centralized shitcoin that is scamming people interested in investing in it. They've arbitrarily frozen, unfrozen and frozen the wallets where investors involved in the private and public sale have stored their tokens.
These investors have been left to fend for themselves and they aren't being given any answers that remotely look like something is being done about this. The best they've gotten is that their tokens are "safe". Safe? safe? When they can't get access to their wallets? What a load of bollocks! It is even more annoying when you see how little the communication from Deeper Network has been. They speak to the investors like they are doing them a favour. One chat from a member of Deeper. Network ready, “we’re done talking”. What rubbish?!
This is a company that has several multi-billion dollar companies listed as partners on its website. The reputation of those companies is being dragged in the mud by being associated with a fraudulent outfit like Deeper Network. A look at most of the Amazon reviews (mainly negative) about their DPN product shows just how lackadaisical and ineffective their products are. To be honest, these investors just want what was contractually agreed upon and the obvious breach of contract with intent and malice to be addressed.
Until they rectify these issues with their investors and clear their names, Deeper Network is a fraud and Eric Ma is a scam artist.
Guest post submitted to the Crypto Vigilante Network.
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