There isn’t a day that goes by in the cryptocurrency world without some drama. This time, the focus is on AsiaCoin, and not in a good way I’m afraid. After a statement from the AsiaCoin developer to “stop trading and withdraw coins from exchanges” , a mass panic ensued.
It all began when one of the forum members pointed out there were about 3 billion more coins than we currently knew about. That would mean there are ten times as many coins as there ever would or should be.
By doing some calculations and looking up block 1 on the AsiaCoin blockchain, it did show a transaction of roughly 3 billion coins which were sent to a certain wallet. Even though the original AsiaCoin announcement thread states there would only be 360 million coins in total.
So how can there be over 3 billion coins in one wallet, if there should only be 360,000,000 AsiaCoin in existence at its peak? A very good question, which we still don’t have an official answer to as of this writing.
Once the AsiaCoin developer read this message, he posted an odd comment, asking community members to “stop trading on exchanges and withdraw all your coins, we will release a new client asap”. Worrying, to say the least.
I honestly can’t tell you what is true, and what isn’t at this point. The transaction is there, and the developer is very cryptic at best. I’ve just sold my AsiaCoin at a big loss, but I can’t see it recover any time soon.
I’m not saying you should all sell your coins, you’ll have to decide for yourself on what to do. The situation could still turn around, but I’m not going to sit around and wait for the outcome.