Bitcoin

Signal is under suspicion for its association with MobileCoin

The integration of MobileCoin recently announced by Signal is controversial as users have raised concerns about the links between the founder of Signal and the cryptocurrency., the opacity surrounding the issue of the coin and the suspicious revenue that led to the association’s announcement.

Signal is an encrypted messaging application that has been adopted from the privacy and security conscious community since it was launched as Open Whisper Systems in 2013 and renamed two years later.

MobileCoin was founded in 2017 and has given around 15% of its offer to private investors After all, your stock is shaped at the start.

Signal is under suspicion for its association with MobileCoin
Signal is under suspicion for its association with MobileCoin

The messaging app announced that it launched the payment functionality via MobileCoin on April 4th Signal founder Moxie Marlinspike said he chose MobileCoin because it requires little storage space and enables fast transactions without compromising privacy on mobile devices..

Signal’s decision to incorporate MobileCoin appears to have been made some time ago. Jonah Edwards from the internet archive, showsTo what The source code for the cryptocurrency integration was kept private for almost 12 months before it was published on GitHub.

Given that MobileCoin’s MOB token rose approximately 450% from March 28th to April 3rd and the news of the signal integration raised the price to $ 66 from April 7th, Some observers speculate that the price may have been affected by investors with prior notice of the announcement..

Questions were asked about Moxie’s relationship with MobileCoinMarlinspike appears as CTO of the MobileCoin project in the first copies of the project’s white paper.

While Joshua Goldbard, CEO of MobileCoin, tried to reassure the community that Marlinspike was only acting as a “technical advisor” to the project and never as an executive, Goldbard appears to have been inconsistent in his characterization of Marlinspike’s involvement in the project..

In the Reddit thread, Goldbard rejects the characterization of Marlinspike as one of the founders of MobileCoin. Yet, Goldbard also describes Marlinspike as one of the three people who “created Mobilecoin”..

Goldbard also appears to be avoiding questions about Marlinspike’s compensation for his role as the project’s technical advisor.. MobileCoin CEO also stated that the team is working with their attorneys to determine what information can be released about MOB’s circulating offering:

Regarding the pending offer, we’re still working with our attorneys to see what we can and can’t say here. The total number of coins is 250 million, all of which were minted on the first day. We have worked diligently to get the coins into the ecosystem as quickly as possible. “

Buymobilecoin, a website where individuals can buy MobileCoin tokens directly from the project, it has also attracted controversy.

On Reddit, Goldband states that more than 50% of the available MobileCoin can be purchased through the website. However, the buying process is opaque, no reference price is given and orders are arranged via email correspondence.

Individuals are limited to purchases of up to 1,000 euros per day and 5,000 euros per year. However, companies that can demonstrate that MobileCOin “must be used daily” can purchase up to 100,000 euros of the token every 12 months.. The website makes it clear that neither through the website nor as a peer within Signal is permitted to sell or exchange MobileCoins with US citizens.

MobileCoin also hides information about the number of coins being sold through the platform: “Regarding the number of coins sold on buymobilecoin.com, we do not publish this information out of respect for the privacy of our users.”

Cointelegraph contacted MobileCoin for comment on the allegations but received no response prior to publication. This article will be updated in case of an answer.

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