Are The Rumors About LuxWorld Scam/Inlegit True?

Many crypto-conscious people recently accused LuxWorld of being a fraud in the days following its listing on Bitmart and Coinmarketcap. Coincu, hence, brings these rumors to light whether LuxWorld scam or not, with detailed explanations to help curb the FUD which has the crypto community’s negative sentiment.

LuxWorld Scam Rumors

Some rumors that the founder of LuxWorld tended to steal money from people in the past, and he would do the same thing with his newly launched Web3 Travel-Social app project. One of the most noticeable rumors was to accuse LuxWorld of being a scam based on evidence regarding the founder, investment funds, and auditing activities by a pseudonymous The Rug List.

Twitter “Extremely Low Engagement”?

The pseudonymous “The Rug List” claimed that LuxWorld’s former brand name known as Luxstay had a deficient number of followers on Twitter, where big firms tend to gain a considerable number of that.

However, such rumors can be countered by the already-provided data from native sources. According to a blog post on BBC Vietnamese, Twitter has few users in Vietnam. One of the main reasons Twitter is not popular in Vietnam is that the Vietnamese version of Twitter is a bit slow.

When Facebook entered Vietnam around the end of 2008, Twitter also began to penetrate Vietnam and Southeast Asian countries, at that time it was still in English, not Vietnameseized, so it was very difficult for people to use.

Vietnamese people’s characteristics are also a bit “talkative”, so they prefer the eight-way, two-way communication style, instead of going to social networks to track other people’s information, they want others to read it too. In the early stages when Facebook first entered, in Vietnam people had the habit of counting Likes and Shares, but Twitter did not have this.

Vu Ba Thuan, founder of media company Magic Lamp, lecturer in Marketing and Communication at many universities and colleges in Ho Chi Minh City said

Besides, some might wonder whether the former brand Luxstay left no footprint on other countries. As presented on the TV Show Shark Tank Vietnam, Steven Nguyen shared that Luxstay was born for the Vietnam people, in which, Luxstay’s strategy was first to make the Vietnam market the fundamental step before expanding itself globally. Therefore, it is understandable that the habits of using social networks of the Vietnamese populace potentially act as an eternal factor for the deficiency of Luxstay followers.

As analytically reported by another native blog spot, the number of Vietnamese people using Twitter was lowest compared to other social networks. Vietnamese tended to use Twitter for only searching K-pop stars, entertainment news, or adults contents.

LuxWorld Is Liquidity Scam?

Following the accusation, The Rug List also said that Steven Nguyen is looking to launch an exit liquidity scam for his fraudulent company, but that is not true.

As displayed on the now-idle main page, Luxstay’s slogan translated from Vietnamese to English was “Share more, Gain more.” It appears that the motto of LuxWorld goes on the same way, saying, “Earn to Travel, Travel to Earn.” This means the company keeps its business principle instead of attempting to launch a new project to defraud customers.

Steve Nguyen told VietNamNet that Luxstay was inspired by three main keywords: Tourism, Real estate, and Technology. According to the CEO, who was born in 1989, only technology can help firms expand and flourish on a large scale swiftly.

As for LuxWorld, Tourist attractions, Entertainment, and Travel are inherently related activities for all people. The project aims to bring added value to those activities and those that engage in them, incentivizing people to head outside and enjoy the world around them.

LuxWorld Web3 Travel-Social App is based on a few key elements. One of these focuses is ‘Social-Fi’ – a combination of social networking and financial incentives designed to create a decentralized social application and content creation community.

Community participation and empowerment of that community have been recognized as a means and an outcome of these technical innovations. The very foundation of LuxWorld and its Social-Fi is empowering people to earn money through check-in when traveling, mint NFTs, buy NFTs in the marketplace, and exchange them and their experiences with people on the platform.

Users have become an independent development community. Not needing to go through Financial Intermediaries (Fls) or other forms of direct management, and not being constrained by conventional rules.

This can be considered innovation and improvement for the firm, learning from its failures instead of taking this new project to raise fraudulent money.

The story behind LuxWorld is the desire to contribute to the recovery and promotion of tourism attractions and entertainment activities around the world after the Covid-19 pandemic.

LuxWorld Accused Of Being A Scam

As reported by LuxWorld, after receiving the accusations, LuxWorld initiated an investigation and realized that it was a true calumny & extortion case. The victims were LuxWorld and other new crypto projects. This site demanded 6.5 $ETH (worth $10,000 at the writing time) to remove all negative information related to LuxWorld.

We can be sure that this is not the first time these blackmails exploited the reputation and spread malicious rumors about the project to earn money, not excluding the possibility that these attacks could be aimed at generating FUDs, forcing devaluations and buying $LUX tokens cheaply.

These intentional acts had a significant impact on investor sentiment, causing them to sell out $LUX, making a big dump of 60% and bottoming out at $0.003361.

Presale Refund

All crypto investments come with a high risk-reward prospect, so research is crucial before parting with any funds. LuxWorld currently does not have a refund policy. However, they will still receive and consider processing specific requests if especially reasonable.

In this case, customers will be provided with forms to perform KYC (purchased LUX number, time, wallet information, passport upload…) that they send a Submit Form on Contact page or an email to admin@lux.world.

LuxWorld’s revenue

Fees derived from user transactions for in-game activities, NFTs trading, and Featured & Premium listing fees;

Advertising:

• Provides advertising space. Customers need to use LUX to gain access to LuxWorld’s customer base.
• NFT Membership: Brands will cooperate with LuxWorld to develop Web3 – a mutually beneficial cooperation. In particular, integrating NFT Membership will be a breakthrough in a business where brands can quickly provide membership incentives to customers or create marketing strategies quickly and effectively based on blockchain technology. At the same time, customers can also integrate membership cards of many brands in a single LuxWorld app.

Are Rumors True?

Luxworld is clearly a meticulously invested project, from the concept to the development plans. The project, in particular, constantly adheres to the defined roadmap, and all data is disclosed immediately and transparently.

The project’s token is scheduled to be launched on reputable exchanges. Aside from that, the project promotes an active community of users and developers who actively communicate with one another.

As a result, it is possible to conclude that LuxWorld is a good enterprise that shows no evidence of fraud and that investors may expect to profit from it.

Will LuxWorld Develop Long-term With The T2E Trend?

Travel-To-Earn is not a new concept. Some projects have been developed to catch up with this trend. However, these parties are primarily traditional – they integrate technology to connect existing brands and create user rewards programs. In other words, the “Earn” feature is not yet universal.

LuxWorld was born to bring the true meaning of the Travel-to-Earn trend to travelers. For the long-term, LuxWorld visioned to be the biggest Web3 social travel app & on-chain content network, and advertising network in the industry. Commercial and Booking Systems with crypto will be one of our Travel DeFi solutions. The firm also creates a connection between brands and customers by the mechanism of NFT Membership while they take part in our world.

Learn more about the project:

Website: https://lux.world/

Twitter: https://twitter.com/luxworld_

Discord: discord.com/invite/Mub4Qu6Rwg

Telegram: https://t.me/luxworldofficial

Facebook: https://www.facebook.com/luxworld.official

Medium: https://luxworld.medium.com/

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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Thana

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