A Facebook page is currently posting about this new coin called XUM or XUMCoins. It promises to be traded at a high value, posing as an investment or a business for all cryptocurrency holders in the Philippines. But is it a scam?
READ: Learn how to get Bitcoin in the Philippines
What are XUM Coins in the Philippines?
XUMchain, XUMcoin, and any other XUM nickname all refer to either the Ultroneum coin which hasn’t been active recently, or the United Masa Coin now known as XUM Coin.
Is XUM Crypto in the Philippines the same as Ultroneum?
No. Ultroneum has not been active for quite some time now. In fact, the creators of XUM exchanger or Xumchain in the Philippines could be deliberately misleading people since Ultroneum was known as XUM coin for a while.
XUM is Different from Canada’s XUMCoin
Masamart’s XUM crypto is definitely different from XUMCoin, which is based in Canada. They have their own XUM Chain and Xumex Exchange.
The Security and Exchanges Commission (SEC) of the Philippines has even rolled out a warning against XUM Coin. TLDR: The company or the creators behind XUM cryptocurrency (MMC) are not authorized to solicit investments in any way.
A lot of people are being enticed to “invest” in XUM from Masa Mart because of the promised 30% interest. If you do your own research, you will know that guaranteeing this amount is next to impossible.
RELATED: Pi Cryptocurrency in the Philippines
XUM Cryptocurrency Price Philippines
There is no current or standard price for Masamart’s XUM coin (previously known as United Masa Coin or UMC) since there is no crypto exchange available for the “coin” yet. Most of the people who buy and sell (if these are indeed true) all do so within their Facebook groups.
Their Facebook post has this to say about XUM:
“Ang XUM Wallet po ay Crypto Wallet na naka konekta sa ating XUMChain. Ang XUMChain po ay ang sariling Blockchain ni XUMCoin.
Ang XUM Wallet ay may XUM Address para ikaw ay makapag deposit ng XUMCoin.
Asan na ang XUM Exchanger? Bakit wala pa din? – As per Chairman’s updates sa telegram ay this month bago matapos ang April 2021 ito ilalabas para mapalitan na ang inyong mga XUMCoin at ma Encash na sa mga e-Wallet like Coins.ph, iba pa po ang XUM Wallet sa XUM Exchanger. Ang Staking po sa XUM Wallet ay isang paraan para madagdagan at tumubo ang iyong XUMCoin at ito ay malaking tulong din sa XUMChain at malaki ang papel na ginagampanan nito sa Blockchain. Pakipanood po yung post ko kung ano nga ba ang ibig sabihin ng Staking?
Ang XUM Exchanger ay connected din sa ating XUMChain. Dati po nasa Etherscan tayo kaya lumilipat na tayo ngayon sa XUMChain. Ang Etherscan ay Blockchain ni Ethereum. Masyadong mataas ang Gas Fee sa Etherscan kaya nag desisyon na gumawa tayo ng sariling Blockchain na tinatawag natin na XUMChain.
Ang gulo diba? kaya ka naguguluhan kasi bago ito sa’yo at hindi mo naman ginagawa dati, ang alam mo lang po dati ay yung FIAT (perang papel). Ang pagbabago ay nakakainis kapag di natin nauunawaan. Pero kung uunawain natin, malalaman po natin na nasa tamang track tayo ng transition ng company.
Ang tanging problema po natin ay Pay-out. Una marahil dahil sa pandemic at pangalawa ay ang sigurado dahil sa AMLA. Hindi na po nagtutugma ang Bank Withdrawals sa daily pay-out ni Company kaya po tayo naging XUMCoin payout na. Kung hindi po gagawin ang pagbabago na ito ay baka tuluyan ng magsara ang company sa dami ng reklamo ng delays sa payout. Kapag may Exchanger na po tayo ay kahit sabay-sabay po tayo mag pay-out ay wala pong problema.
From XUM Wallet 👉 XUM Exchanger 👉 Coins.ph or Binance 👉 Bank mo or Gcash.
Yung XUMCoin mo ipapalit ng ETH or BTC or USDT sa XUM Exchanger. Tapos tsaka mo siya ililipat sa ibang Wallet like Coins.ph or Binance para ma encash mo na sa iyong Bank or Gcash.”
Is XUMCoins a scam?
So is it a scam? Other sketchy crypto coins include Pi Coin and even Xian Coin, from the famous Xian Gaza.
Answer: Most probably a scam.
Their only resource is a Facebook page and a sketchy Telegram link. There is no crypto exchange that accepts Masamart’s XUM coins. Consider also the SEC warning against them. Those who invite or recruit other people to invest in XUMchain, XUM exchanger, XUM coin, and any of its monikers to the public may be held criminally liable under Section 28 of the SRC. You could be fined Five Million Pesos and/or imprisoned for up to 21 years.
Invest wisely. Others are already investing through Axie Infinity in the Philippines, a game that can help you earn money through NFTs.
You might want to just find a work from home job or start with a good business idea instead this 2021 to earn money.
For those who still want to earn money through crypto, you can always go for the legit coins. Here’s how to earn money using Bitcoin in the Philippines.
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