There is never a shortage of new tokens appearing on the market. Most of them are legit but fail because of different reasons. Also, many turn out to be just scams. Is this the case with the recently-launched Floyd token (LYD)?

LYD was issued by anonymous people claiming that the purpose behind it is to support the BLM (Black Lives Matter) movement. However, we do not know much about the intentions behind the project. The biggest problem is that there is no white paper, although on the project website it is said that this will be done in the future. Obviously, before this happens, it is a very bad idea to invest anything, even if there are already 363 addresses associated with the token.

The coin broadcast honoring George Floyd was created with the use of the Ethereum blockchain, with the ERC-20 standard. Originators did not mention anything about their identity but the project did call for activists and protestors that fight racism and the way in which the police abuses power.

The most important thing is to understand whether or not this is a scam that was built by cheaters. When thinking about information, it is pretty obvious that the website is very poor. Not much is present on it.

It is very possible that the people behind the project want to take advantage of the emotions of people. The owners say that funds are going to be transferred to Floyd’s family and a relatively shade organization known as Black Lives Matter.

Please be advised that you should never invest into any project related to blockchain technology or cryptocurrencies without a proper research. At this moment, we simply cannot recommend investing in anything that mentions the name George Floyd, except NGOs that fight for the rights of people and against discrimination.

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