While all other cryptos are bleeding, Storeum is up 309%

Today, while all the major crypto coins are in the red, Storeum (STO) is up a massive 309% at the time of writing.

While this might seem like a huge gain for any cryptocurrency, it’s actually a comparatively small gain for the coin with no specific roadmap or timeline.

On November 14, it was up 1,550%.

However, those who want in on Storeum have been advised to tread with caution.

Storeum bares all the hallmarks of a scam

Of course, enormous gains like these do not go unnoticed. Already there is a growing number of hopeful investors looking to get involved, asking “where can I buy Storeum?”

The answer is not many places.

And it may not be a good idea. STO is only available on a couple of small, illiquid, and frankly obscure exchanges such as Stex and Vindax.

There also appears to be no apparent reason for the meteoric rise of Storeum and very little information available on the project itself.

In short, this looks like a classic pump and dump that will leave many hopefuls out of pocket.

The mystery team behind STO

A cursory glance at the project’s website should be enough to dissuade any would-be investor. The site is not secure and you can’t contact its “motivated team” of three via their LinkedIn profiles, as you’ll be met with three broken links.

They have no photos to their names and there is no information about where the company is registered or based.

Hop on over to their socials though and you’ll see the company’s Twitter is currently active.

It claims that Storeum is “the world’s first decentralised, peer-to-peer marketplace”.

However, anyone even vaguely familiar with the space will know of several projects doing exactly the same thing. OpenBazaar, for example, has been active since 2014.

The red flags keep piling up

If you haven’t run a million miles in the opposite direction yet, please proceed with caution. If you want to do your own research, best of luck. You won’t get much more information from either the whitepaper or website.

There’s no shortage of flowery rhetoric or vocabulary (typical of projects that want to pull the wool over the eyes of rookie investors).

Its value props are also woefully vague:

“Storeum is a platform created for buyers and sellers all over the world. With an easy-to-use online store builder platform, any seller is able to create their own storefront to sell their goods, while making use of the platform’s wide range of features for a minimal fee.”

To be clear, Storeum is nothing of the sort – not yet, at least. Currently, it is just a poorly thrown together website offering absolutely nothing of any value.

The company’s roadmap looks like it’s been put together by a 9-year-old. It includes detailed and specific milestones for 2019 such as “make more partnerships”, “big exchanges”, and “marketing and advertising”.

There’s not one word on how the team plans to develop this earth-shattering decentralised marketplace.

Last but not least, to really get the alarm bells ringing, Storeum is making price projections on its website of $100 a coin.

It’s also encouraging investors not to miss out on making massive profits:

Projects guaranteeing outlandish returns rarely end well for investors (OneCoin, anyone?).

While we’ll leave you to make your own analysis, Storeum’s going to have to do an awful lot more to win over serious investors (and it’s unlikely that it will).