While massive protests and riots are still ongoing in the United States due to the death of George Floyd at the hands of some cops from the Minneapolis Police Department, some unknown persons have decided to cash in on the tragedy.
These unknown persons have launched a token called the George Floyd Token or FLYD for short. In the website, it was stated that thanks to the George Floyd Token, George Floyd’s memory will forever live on. The primary pitch of the token is providing a secure way to fund empowerment.
The George Floyd token appears to be a standard ERC-20 with a vision to assist activist and protesters in receiving more than a single payment stream if assistance is needed. It is, however, not a fungible or a collectable token.
The numerous red flags
Just like the numerous initial coin offerings (ICOs) we witnessed in the years 2017 and 2018, the whitepaper doesn’t explain why activists will require a dedicated payment solution or why they would want payments made via a recently launched illiquid token.
In an attempt to attract buyers, a series of airdrops have been announced where a FLYD to ETH pair is incorporated. Proceeds from the scheme have been promised to the #BlackLivesMatter movement and also to the family of George Floyd.
Although the Black Lives Matter (BLM) movement is mainly decentralized, it has a centralized body in charge of receiving donations, organizing chapters and establishing guidelines. The George Floyd Token, however, does not explain the metric that’ll be used to choose recipients in the BLM movement.
It also appears that the website was designed in a rush as the T&C page as well as the privacy policy page returns “not found” when clicked on. Likewise, the email and contact form does not work.
Source: Cointelegraph
