Name: Dropil
Brand: Dropil
Rating: 64 (5 reviews)

Is this entity shady?

Sort by: Latest / Earliest / Upvotes / Downvotes

cryptoreviewerguy 10

rated:

cryptoreviewerguy posted on December 08, 2019 00:46:15

We're closing in on 2 years of existence for these guys, read that again with the crypto space in mind...almost TWO YEARS of actual released products for everyone to use.

I have tested their platform with friends and family who might not have been the most tech savvy, some increased their investment a lot after a few months, because they enjoyed what they saw, took on the 'token' mindset

olxacoin 9

rated:

olxacoin posted on March 27, 2019 06:46:36

looks like a very good project. all success Dropil for all your great efforts through the blockchain technology.

and looking forward to see you on more exchanges

Crypto Anonymous 224

rated:

Crypto Anonymous posted on March 26, 2019 01:42:42

I do agree that indeed the only aspect that would warrant for caution would be the DEX trading bot, other offered services seem reasonably legit and real. I do have some concerns:

basically the whole project is not open source and there is also no real proof of the AI trading bot actually existing, by default this is suspicious. I do like that there are no investment packages and users
the team doesn't seem capable to properly position and promote their service for what they claim to be an opportunity that no one should want to pass on. This is also very visible in the lack of traction for the token trading volume and price; 96% down from ATH. Price now is bouncing a lot near its bottom price.
Lack of focus of the team may be at cause here (even though they have been ongoing with developing new services), because the same team prominent members have founded another token project/ICO around KYC. Now this doesn't have to be shady in and out itself, but certainly doesn't make them seem very focussed on the success of DROP, which needs a great deal more of attention.
Eventhough the transparently published locked token addresses (50% of founders token allocation) are indeed intact, still the token holders have been burdened with quite a significant dilution of 25% increase of circulating supply in the last year, so tokens are being brought into circulation at the expense of existing token holders (by a higher inflation rate). So it looks like the team and founders have sold all their unlocked tokens and have completely cashed out with exception of the unlocked tokens (that have depreciated in value 90-95% since the early days). If this really was a successfully promoted and performing service, the price and volume of the token should somehow reflect this, despite the bear market. Team is underperforming on this aspect, and it certainly looks like they cashed out significantly and moved most of their attention to somewhere else (next project).

Dr. Doom 268

rated:

Dr. Doom posted on March 26, 2019 00:53:12

I have mixed feelings about this project tbh. On the one hand it looks like the typical suspicious HYIP "AI" trading bot which I would immediately reward with the highest red flag rating available! However this project has some interesting deviations from the usual ponzi trading bot scammer schemes, which makes me wanna give them the benefit of the doubt perhaps.

Pro:

existing reasonable whitepaper
reasonably fair ICO
Visible, existing team
available information is very extensive and transparent; besides the given profit projections, they do give a reasonable disclaimer on their website support documents: "Dropil is not a lending platform and shares no common grounds with these models. There is no hold period on your funds – you may withdraw them at any time, and incur no fees. We do not guarantee any specific returns. This is, after all, trading and it cannot ever be 100% certain. A strong full-time trader will be able to beat an algorithm trader most of the time, and any bot claimed to always be better is suspect. Dex System is not for the top 5% of traders, they don’t need it, our product is for the rest of the population that does not have time, skills, or interest in full-time trading but still wants the benefits of active, profitable trading." Ok, fair enough.
Indeed they don't sell any "packages" with lock up periods, in fact your principal (deposit) can be withdrawn at anytime; only realized profits need to have been in the system at least 15 days, or else will be forfeited on withdrawal of principal.
they claim that their services (such as the available bots) are free to use, the only requirement is that you HODL the token in their wallet, which is definitely a divergent method from most existing legit and scammy (bot) services. Premium services may be at a cost in DROP.
The given locked up founder tokens addresses are indeed in tact (late March19), first address is due for unlocking March19, wallet balance still there, but holders should be aware that the circulating supply may increase substantially in the short term)
Their 3 types of bots seem interesting to explore: their automated AI DEX bot runs a pool of funds from all participants compiled (only this tool would fall in the category of being potentially suspicious), there is another bot that just monitors exchanges and generates signals and another bot soon to release that can autotrade on the user's own exchange accounts (user control his own funds, so virtually no risk of Dropil team exit scam).

Con:

They do make a claim of projected high potential profits of 1-2% per month up to 4-5% per month, although they do make a proper disclaimer about that.
This whole project is completely closed source, only the Dropil token contract is published on Github
They only have an online wallet that serve to interact with the services, which I would argue is not the safest way to store larger amounts of funds, it is a very hot wallet! Recovery code sent per email and private keys per wallet are easily shown on screen. Also when the server/domain etc goes down, you won't have access to any of the stored funds, so make sure you do back up each and every private key in a safe manner. A DROP HODL-er that doesn't use any of the services of Dropil, is probably better off with a more secure Ethereum wallet, although Dropil also provides an online multicurrency paper wallet generator.

Like I said, I see enough positive things in this project to offset most of the suspicious elements, which would primarily be the claim of having a highly profitable AI trading bot. The fact that people can withdraw and get payouts are not necessarily proof that there is a bot though. So weighing pros and cons I would be kinda neutral towards this project, keeping some slight suspicion. Either way, best for users/investors to proceed with caution and as always don't invest more than you are willing to lose!

sabiansoldier 8

rated:

sabiansoldier posted on March 25, 2019 09:04:55

SEC is suing DROPIL for fraud.

The SEC alleged in a Friday announcement that Jeremy McAlpine, Zachary Matar and Patrick O’Hara, all California residents, lied about Dropil’s financial status and DROP token profitability to their investors, who they also misled by drastically overstating the success of their ICO.

Dropil’s founders said they raised $54 million from

Dropil (DROP)

Write your review

Join the CryptoCanary Flock