With this public call, the UMI blockchain development team once again requests CoinMarketCap to take notice of the unjustified alert on the UMI coin monitor page at https://coinmarketcap.com/currencies/umi/markets/ dated November 2021, which reads, “The Central Bank of the Russian Federation has issued a warning that the ROY Club (UMI) has signs of a ponzi scheme.” Here’s what it looks like:
It is unjustified because the ROY Club and UMI projects are equated.
UMI is not a ROY Club project, and vice versa — ROY Club is not a UMI project. These projects have different development teams, different beneficiaries and stakeholders.
The ROY Club used the UMI cryptocurrency as an asset along with, for example, the PRIZM coin (https://coinmarketcap.com/currencies/prizm/). Nevertheless, PRIZM does not have the same alert as UMI, with reference to the Russian regulator. Meanwhile, the official message of the regulator only references UMI and PRIZM in domain names “umi-club.ru” and “prizm-club.ru” which have never been owned or used by UMI.
Besides, the message of the regulator (https://cbr.ru/inside/warning-list/detail/?id=6823) clearly defined the “name, service mark, commercial designation and other means of individualization of a person” — “ROY Club” and “Roy Club”. The name “UMI” is not included in the warning issued by the Central Bank of the Russian Federation. This is how the warning of the Central Bank of the Russian Federation looks like:
The UMI team has repeatedly appealed to the CoinMarketCap Administration with legal requests, trying to resolve the current situation or at least get a clear and reasonable response. After all, it is only logical to expect an adequate response to official requests from “the world’s most popular website for tracking prices for crypto assets in the context of the rapid growth of the cryptocurrency industry” (as CoinMarketCap positions itself).
First, the above selectiveness of the CoinMarketCap aggregator in relation to the UMI coin is hard to comprehend since the aggregator must be impartial and avoid giving preferences to anyone, as CoinMarketCap declares on its website (for example, https://coinmarketcap.com/about/). It is obvious that an impartial and independent aggregator should not unreasonably post false information about any assets. In relation to the UMI coin, however, we can see that CoinMarketCap behaves contrary to what it publicly declares.
Second, in the light of the violation of all conceivable norms of international law by the Russian Federation and its unleashing of an aggressive war – an attack on the neighboring Ukraine – the Central Bank of the Russian Federation, as a financial institution that fully supports the criminal foreign policy of the Russian Federation, does not look (and has never looked, in the light of the oppression of the rights and freedoms within the Russian Federation) as a respected and trustworthy regulator. We believe that in this light, CoinMarketCap is not an impartial aggregator and acts under pressure from Binance Capital Mgmt and the Central Bank of the Russian Federation – this unfair abuse of centralization in the cryptocurrency sector does not only fail to strengthen the vision of promoting the idea of crypto revolution and ensuring transparency of the crypto industry declared by CoinMarketCap, but also discredits it.
Thirdly, the current collapse of the crypto market, including the fall of Terra (LUNA) by more than 99.9% (more than 1,000 times) in just a couple of days (more than UMI has ever seen) and the collapse of the UST stablecoin, which dropped below $0.17 at one point, vividly demonstrates the price vulnerability of the entire crypto market. Unfortunately, absolutely any asset can lose in value, and critically so — not only UMI. However, LUNA, UST and other collapsed assets do not have such a mark on Coinmarketcap, while we do. How is this fair? Quite unfair, at the very least.
We, the UMI team, have done everything in our power to reach the CoinMarketCap Administration and are extremely saddened by the current situation. We believe that we have the right to draw the attention of the general public to this issue. We hope that this way we will be able to understand the real position of CoinMarketCap, to prevent unjustified actions on the part of popular and trusted aggregators of crypto industry data, which could potentially be directed to any of the blockchain projects in the future.