Warning: This John McAfee-Pumped Cryptocurrency Has Major Red Flags
The latest dubious crypto token is called Apollo, an “all-in-one” cryptocurrency with supposedly-private transactions. However, according to crypto development firm Jelurida, Apollo’s so-called privacy features promoted are not so private after all. Essentially, the Apollo team wants to create small exchange-like stores where people convert fiat to Apollo, and from there to other cryptocurrencies.
More troublingly, as Apollo states on the one-pager, the coin should have IP masking and public-private transaction options. In a blog post, the Jelurida team explained that several of the privacy features promoted by Apollo did not actually help users obfuscate their transaction details. “After a close examination of the Apollo software, we feel it is necessary to issue a public warning, in order to prevent Nxt users who have accounts on the Apollo blockchain from being misled that the Apollo private transaction feature actually works, and wrongly assume that their transactions cannot be seen by others.
The reality is that all transactions on their blockchain, regardless of being labeled private or not, are easily accessible to anyone who downloads the Apollo blockchain, now, and forever in the future, due to the immutable nature of the blockchain”. To prove their point, Jelurida built the “snake-oil” project – a modified version of the Nxt Blockchain Creation Kit Software adapted to connect to the Apollo blockchain and display all transactions from it, ignoring any misleading “private” flags. It was possible to track all information regarding transactions, like addresses and amounts – which clearly shows there are no privacy features within the Apollo coin.
