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Bgogo Exchange raises suspicions due to the sale of tokens before launch

Algorand’s platform for digital currency and transactions refused to support Bgogo’s cryptocurrency exchange to sell unreleased tokens, executives confirmed on social networks on April 8.

Algorand, which plans to launch its product in June along with its own ERC-20 token, issued an official warning about plans, which, as Bgogo has confirmed, are genuine blog posts.

The Algorand event, known as the “initial exchange offer” (IEO), conditionally allows Bgogo traders to gain access to the platform token, even though it does not exist yet.

Bgogo will set an arbitrary price for tokens, in effect, trading a debt receipt before the official release.

However, according to Algorand, the exchange has not entered into any formal agreements with the company, and its efforts are not approved.

“To make it clear: the network (Algorand) has not yet been launched and there are no sales of tokens,” the executives wrote on Twitter.

Post continued:

“Any information to the contrary is false. We will constantly update our channels as soon as important announcements appear. ”

In the next post, Bgogo stated that it would now offer tokens in the form of futures contracts after learning about Algorand reservations.

Initial plans aroused suspicions in the cryptocurrency community, as Larry Chermak, head of research at the block news industry The Block, uploaded a message, it would seem, from Bgogo, who defended its decision to offer debt receipts on non-existing tokens.

"We are a market to support both parties," – says in part of the answer, comparing the situation with Bitcoin exchanges (BTC), trading cryptocurrency, without the direct permission of the creator Satoshi Nakamoto.

Chermak leveled public criticism against Bgogo, while others compared the sale to practitioners on the HitBTC partner exchange in 2017, when traders could bet on futures and cryptocurrency before they began to bargain.

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