KEY POINTS

  • The George Floyd Token Project aims to provide the Black Lives Matter movement with an alternative payment scheme
  • The project raises red flags, including the lack of a whitepaper, a road map, and the names of its team members
  • The project's intentions look nothing more than simply to take advantage of the current movement and make money

A new cryptocurrency created in memory of George Floyd is raising suspicions.

According to its newly registered website, FLOYD Token ($FLYD) was created in memory of George Floyd, whose death sparked protests in the United States against racial discrimination. There is currently an outpouring of support, including donations, to the Black Lives Matter movement.

FLYD, the website said, is “a new cryptocurrency that will be used to send value easily using Ethereum”. The token’s “whitepaper” said its goal is to help protesters and activists accept a new payment stream, and to be available to anyone looking to diversify their payment options.

Under the hood, the domain name for FLYD token -- GeorgeFloyd.io -- was registered on Namecheap on June 2 and will expire within 1 year. The Blockchain Explorer Etherscan revealed a supply of 612 million FLYD coins available for distribution. The Floyd Token Twitter account announced airdrops to give FLYD to participants, and users can also exchange Ethereum for FLYD on Uniswap.

The Floyd Token website raises suspicions, however, because of its rushed design and the lack of a “whitepaper”, a serious red flag. The website also does not explain why there is a need for an FLYD token when there are many alternatives available, including Bitcoin. Numerous donation drives have also been set up to help the movement. The website does not have a privacy page, a terms and conditions page, and a page describing their road map and the names of its team members. All of those are standards in any legitimate cryptocurrency project.

All in all, FLYD token appears to be taking advantage of the current movement and its intention could be nothing more than to make some money. Unfortunately, based on Etherscan, the George Floyd Token has around 356 holders already, although there is still no monetary value attached to each token, and the website’s contact form is inoperable. At the moment, nothing is lending to its credibility.

A man kneels in front of military police near the White House to protest the death of George Floyd
A man kneels in front of military police near the White House to protest the death of George Floyd AFP / Olivier DOULIERY
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