After the EtherZero fork launched successfully this week many Ethereum holders are still waiting to receive their ETZ tokens. The EtherZero project is also throwing up a number of red flags that have many in the community (Twitter and Telegram) wondering if the project is actually a scam.

Current Situation With EtherZero

According to the EtherZero site, the snapshot of the block height was obtained at block 4936270, around 10.30am GMT, January 20.

The team was scheduled to release the official custom node and that would enable pre-sale participants and Ethereum holders to receive ETZ tokens at 8pm GMT, January 22.

However, despite ETZ tokens supposedly being compatible with Ethereum wallets such as Metamask, MyEtherWallet, Jaxx, Blockchain.info, and imToken, many ETH holders have taken to social media to declare that they still haven’t received any tokens. Prior to the fork, the team behind EtherZero promised to airdrop ETZ tokens to ETH holders at a 1:1 ratio in relation to the ETH they held.

In addition to this, the team at MyEtherWallet have released a warning regarding the project stating, “After looking into EthZero, we have no clarity as to (1) what the code is (2) who created it (3) if it is properly licensed. Coupled with multiple .exe's that are malicious, we recommend NOT INSTALLING NOR USING ANYTHING RELATED TO ETHZERO AS IT PUTS YOUR SYSTEM & ETH AT RISK”.

With this in mind, when looking at the project there are a number of key issues, for example, the team behind the project is still a mystery with the official website providing very little information and the whitepaper contains numerous mistakes.

97 Million ETZ tokens were also scheduled to be kept by private investors and the team as part of an improvement scheme, and the EtherZero site made a number of bold claims regarding finding solutions to the Ethereum scaling problems that have taken Ethereum’s core developers years to solve.

These issues make the project appear to be a cash grab and in order to stay safe it’s best to not open any files linked to the project or run any programs from the EtherZero project. Most importantly, do not share your private keys with anyone and do not enter your private keys into any sites that promise to pay out ETZ tokens in exchange.

If I receive more Information about this cause, I will update it as soon as possible.

Take care and have a nice day!