Super Planet Token GDP Price "Zeroed" Issuing Convertible Bonds With Annual Interest Rates Up To 250%

Source of this article: Daily Economic News

Reporter: Pantene

Recently, the reporter of "Daily Economic News" noticed that the price of GDP of the digital currency project super planet "returned to zero", and the market software showed that the price was 0.009 yuan / piece, a drop of nearly 90% within one year.

Super Planet ’s official Weibo “Super Planet Hyperland” has many voices questioning whether it has run away. In addition, the project rights group has also been established with hundreds of members. Interestingly, the latest Weibo of the official Weibo was sent on January 25 this year. The reporter tried to add the WeChat contact information shown on the official Weibo a few days ago, but it has not passed the press release.

It is worth mentioning that the reporter downloaded the Super Planet APP and found that the APP has a built-in "financial management" function, and some financial management items have been sold out. The only item on sale turned out to be "convertible loan bonds". What exactly is this digital currency project? Are there risks? With these questions, the reporter conducted an in-depth investigation.

The super planet's GDP can be manipulated by the project owner to artificially control the production time and quantity.The official website claims that a token is worth 1,000 yuan

What exactly is "Super Planet"? The reporter found a description of the project on the official website.

The official website states that Super Planet is the world's leading blockchain investment incubation platform. It systematically builds an investment philosophy of “primary and secondary market linkage” with community ecological empowerment as its core, and builds a crypto asset investment matrix. The business covers project incubation, Venture capital, foundation restructuring, asset management, air school and offline training.

The functions listed on its official website include Planet Factory, Planet Financial Services, Mars Academy, and Mars House.

Among them, the introduction of the Planet Factory is: with community ecological empowerment as the core, investing in incubating blockchain projects with high growth space; Planet Financial Services: selecting encrypted assets for users with different income expectations to meet users' investment requirements for encrypted assets; Mars Academy: Super Planet Online Academy, covering nearly 500,000 users, provides users with systematic, forward-looking and practical knowledge of dry goods every week; Mars House: Mars House is a super planet focused on the popularization of blockchain offline Brand with training experience.

According to the official website, the Martian House alone has 10 million users and has opened nearly 30 Martian House experience centers in Beijing, Shenzhen, Chengdu, Xi'an, Taipei, Kuala Lumpur and other cities.

The reporter found through the Super Planet WeChat public account and community that the Super Planet has a “pulling head” revenue model, of which the direct push reward of the Martian House is 5%.

The Super Planet GDP community has also publicized the "team income" model. The user account can invest in 50,000 QC (a token) to upgrade the junior miner, which can directly push the team's 4% of the income; higher-level intermediate miners Can get 7% of the team's income; senior miners can get 9% of the team's income.

In addition, the WeChat built-in operation guide also teaches users how to purchase Super Planet GDP by recharging HC and QC (digital currency). In the promotional video, the price of a super planet's GDP is 1,000 yuan.

The reporter noticed that the first announcement of the official website of Super Planet was August 29, 2019, and the launch of the "Super Rescue" plan on September 2, 2019. Planet tokens.

It is worth mentioning that on November 20 last year, Super Planet released an announcement saying: "Because GDP is undergoing a mainnet upgrade, it is planned to go online to test the network and increase the destruction mechanism. To ensure network stability, the production of GDP is delayed by 15 days and the date of production It will be postponed for 15 days from 00:00 on November 20th to 24:00 on December 4th, and the total number of days of total currency production will remain unchanged. "Meanwhile, GDP will go online to destroy the mechanism, and 80% of the profits of the game sector business will be destroyed. The total GDP (maximum) will deflate from 1.6 billion to 800 million.

This also means that the super planet's GDP can be artificially controlled by the project party to control the production time and quantity, which runs counter to the "decentralization" of the blockchain.

Issuance of convertible bonds with annual interest rates of up to 250%

The super planet project party has publicly stated that the super planet's GDP was registered on the first exchange on July 6, last year, and the currency price is expected to be double digits at the end of the year; and the market software shows that as of press time, the price of the super planet's GDP is 0.009 yuan / piece, It fell by nearly 90% within a year, almost "returning to zero."

The reporter noticed that under the superstar's official Weibo "Super Planet Hyperland" post message, there are many voices questioning whether the project is running. According to the news, hundreds of people's rights groups have been established by investors.

It is worth mentioning that the latest official Weibo post was sent on January 25 this year. The reporter tried to add the WeChat contact information shown on its official Weibo, but it failed to pass the press release.

The reporter downloaded the APP of the project through the WeChat public account of Super Planet, and found the invitation code through Weibo. After registering and logging in, the reporter successfully logged in to the Super Planet APP, and the home page showed the user's asset list.

In addition, there is a list of "Apps" with two items "Super Player" and "Super Mall". Among them, the super player is a game, but the reporter can no longer play the game after clicking, and the super mall displays "Stay tuned."

The consulting page shows the related announcement of Super Planet. The reporter noticed that the announcement on December 26 last year showed that Super Planet launched the currency and wealth management project MOF Planet. At the same time, it said: "For the period of the event, old users can receive free 3000QC (QC is (A digital currency) to unlock the MOF planet. "However, activating the wealth management project still requires users to purchase 1000QC. After the event, you need to purchase 7000QC to activate the wealth management project.

It is worth mentioning that in the "Finance" project column, the MOF planet shows "sold out", and the GDP planet project is also sold out.

The only financial project that is still on sale is MOF Planet. After clicking the purchase, the reporter found that the purchase of this financial project requires reading and accepting the "Convertible Bond Agreement", which includes 11 sections. The agreement shows that the total bond principal is limited to 7000QC and the annual interest rate is as high as 100% -250%.

In addition, Schedule 1 shows that the convertible bond agreement was signed by Cobank Capital Pte Ltd, which is based in Victoria.

Lawyer: Issuing convertible bonds is actually a disguised ICO

Super Planet GDP openly manages wealth management products, issues convertible bonds, and promises daily returns of 0.5% -1%. Is there a legal risk in this digital currency wealth management model?

A senior lawyer in the blockchain industry told reporters: There is danger. Issuing convertible bonds is actually a disguised ICO (initial token issuance).

First, ICOs have no legal status. In the "Announcement on Preventing the Financing Risk of Token Issuance", it is clear that ICO is illegal: "Finance of Token Issuance refers to the financing entity raising so-called virtual currencies such as Bitcoin and Ethereum through investors' illegal sale and circulation of tokens. Currency, in essence, is an unauthorized and illegal public financing. It is suspected of illegally selling token tickets, illegally issuing securities, and illegal fundraising, financial fraud, pyramid schemes, and other criminal activities. "

The document also pointed out the risks of ICOs: "There are multiple risks of token issuance financing and transactions, including the risk of false assets, the risk of operating failure, the risk of investment speculation, etc. Investors must bear the investment risks themselves." It can be seen that ICOs in China The definition is a kind of illegal public financing behavior. Not only the operator violates the law, but also the investor has huge risks.

At the same time, regarding the "propaganda", "drainage", and "agent trading" of overseas ICOs in China, China has always taken a serious approach. After September 4, 2017, a large number of virtual currency exchanges have moved overseas, and have acquired the legal status of local countries overseas, but it is still difficult to say that legitimate business in other countries has a legal status in China.

Second, convertible bonds may not be protected by law. And "Platform Coin" recognized Bitcoin as a "specific virtual commodity" in 2013. In judicial practice, Ethereum gives the same "property attributes" protection as Bitcoin; Currency is not really regarded as "property" in judicial practice, but it is considered as "a bunch of data". Whether it can be combined into valuable fair commodities is doubtful.

Thirdly, illegal situations cannot be ruled out when the project is on file. At present, the attitude of the law is very firm. Issuing coins and issuing coins in disguise are illegal public financing. Currency-related exchanges are not allowed to exist in China. Once found, they are immediately banned. If the project is a blockchain project, after filing, then it may appear that the project is already in full swing. However, it should be noted that the filing is not a permission, and it is not possible to obtain a "legal golden bell cover" for this. If an illegal crime is suspected, it will never be softened.

So, how should investors protect their rights in this situation?

The above lawyers stated: 1. Improve the risk awareness of relevant investments and stop losses in a timely manner; 2. Adjust the mentality and calmly deal with the problem to solve the problem of rights protection at the lowest cost; Agreements; when necessary, lawyers can be entrusted to negotiate and draft related agreements on their behalf. 4. An agreement cannot be reached, or the agreement cannot be fulfilled; rights can be defended through legal means such as civil arbitration and civil litigation. 5. Criminal prosecution is the last resort. On the one hand, it is immediate; on the other hand, both parties need to pay the most. If it is possible to solve it by other means, it should be resolved through consultation and mediation.