OEN's dodgy website and video

Cryptocurrency OEN's legitimacy is questionable, data scientist Wong Ho-wa says.

Founded in 2019, OEN says on its website that it is a financial platform aiming to build a "unified, inter-operable and extensive financial network" based on a decentralized system that does not rely on central financial intermediaries such as banks to offer financial products.

But there is little to prove OEN's credibility, Wong said, it has a video that "only explains the general concepts of cryptocurrencies, such as a 'decentralized system.' It also says OEN can guarantee investor income, which is really weird."

He said cryptocurrencies, like any other financial products, are not supposed to guarantee investor income.

And OEN's "whitepaper" that explains the purpose and technology of a cryptocurrency does not appear to be genuine either.

"A whitepaper normally mentions stuff such as a cryptocurrency's concepts, history of developments, ecosystem, value in the cryptocurrency market, smart contracts and issues with existing cryptocurrencies," he said.

"But you cannot see OEN's whitepaper explaining those things Some effort can be seen in the whitepaper, but it is half-baked."

Asked if police should be responsible for investigating any scam, he said it is an "awkward situation" as little is known about the scam websites and fraudsters' physical location and none of the victims are Hong Kong-based.

"Victims should always report the case to police of their native countries first, but then you should report to Hong Kong police as well if they can be ascertained that the fraudsters are Hong Kong-based," Wong said.

Wong appealed to investors to stay alert to similar scams, such as consulting friends familiar with cryptocurrencies.

erin.chan@singtaonewscorp.com