Financial Information Platform

Is Oz Finance, the DeFi that is advertised to obtain residence in the Philippines a Scam?

0 2

 

 

Is Oz Finance a scam? This company advertises itself as a DeFi platform to access the special economic zones (SEZs) of the Philippines. Especially, in the Freeport area of ​​Bataan, by allowing you to obtain a citizenship or residence permit for this country. Without a doubt, one of the most striking offers in the DeFi world. Is all this possible? The Bataan Freeport area exists, thanks to thepromulgation of the Republic of the Philippines Act No. 5490, published in 2010. The region is 172 km from Manila and has become an important economic zone in the country, thanks to its low taxes and a large number of resources allocated. In 2020, the zone reported an internal market of more than 2,500 million dollars, becoming one of the most important economic zones in the Philippines.

 

Is Oz Finance a scam?

 

How does Oz Finance plan to accomplish this? This is where the problems start and the alarms go off. Oz Finance (Oz) is a project that started its journey in January 2021, with the idea of ​​presenting a DeFi proposal very different from any other. On its website, we can see that we are not facing a DeFi platform, not even remotely.

 

OZ Finance, main website

The web gives us access to its “litepaper”, very light and with hardly any information. It also allows us to access its community and the link for registration and login of the centralized platforms of a lifetime. This is how the castle of wet paper toothpicks that Oz Finance has built begins to fall. Its slogan: “Oz allows people and projects to operate virtually or physically in DAP-compliant, privacy-protected, duty-free zones,  is a contradiction. The word “dApp” and the centralized world’s stration request collide.

What the lightness of his “litepaper” makes clear is that to participate in Oz Finance you need at least $75,000. In others, up to $200,000. If we thought that DeFi was expensive because of Ethereum fees, it is because we did not know about Oz Finance yet.

Oz Finance and its different participation options

 

The rules can change

 

The situation worsens when we read in its “litepaper” that “the information contained in this presentation contains only an overview and summary of certain data selected by the Oz management.” That is to say, the founding document where the rules of the protocol are set out states that the information is not complete and that it can change without prior notice.

It further states that the ‘ presentation does not constitute advice on investments or financial products (nor tax advice, tax, accounting or legal advice). It is not intended to serve as a basis for an investment decision.” How does Oz Finance plan for its users to access Philippine nationality if it does not guarantee the advice of any kind?

 

TOTOz token is useless

 

Finally, we come to the craziest point of this proposal: “The TOTOz token is not a security or investment product, nor is it entitled to any income, profits, or assets from Oz or the project.” On the one hand, it asks you for large amounts of money (up to $200,000), saying that the platform assures you access to the personal or commercial residence, and, on the other hand, it tells you that the token is nothing.

It seems clear that the Oz Finance litepaper is a trap to legally protect the characters behind this project. The litepaper does not say how the decentralized identity system works, nor the platform on which the oracles will be made, nor the network that will be used for said smart contracts.

 

TOTOZ, a disparate token

 

Like any DeFi platform, its operation requires a token and in this case, it is the TOTOZ token. The token works on the BEP-20 network, as its creators, comment on the Discord channel.

 

Oz Finance Discord

 

When reviewing the Binance Smart Chain network, we find 4 tokens, none of them properly identified and with practically non-existent activities. Only one token stands out because it matches the data in the litepaper about its issuance of 8 quadrillion tokens. Which, at the moment, are distributed in 182 addresses.

 

TOTOZ token on the BSC network

 

More unanswered questions from the lite paper: For example, things like Oz Wallet (the wallet to enter the system) are non-existent. GTX Exchange is a generic exchange and its Twitter account, created in May 2021, has 13 followers. Undoubtedly, all these are warning signs that invite us to move away from the project.

 

 

TOTOZ Token

The nonexistent community

 

The other problem with Oz Finance is that it has virtually no community. In Discord, there are only 40 people and their activity is practically zero. Its Twitter account, despite being from January 2021, only has 6 tweets in its entire history. The same situation is repeated in the rest of the project networks.

 

DeFi is a world of opportunity, but it is also a space where many dangers exist. Ideas like Oz Finance are not impossible to realize. They are perfect to be applied in crypto, as they boost its reach globally. Countries such as Estonia have had great success with the application of their e-Card and the ability to obtain legal residence in this country to establish businesses under the protection of the laws of the country. If we add crypto to this concept, great things can be achieved, but Oz Finance lacks all the necessary elements to make it a reality.

 

Research before investing

 

This is a possible use case unique in the world, which DeFi can help exploit. However, not easy. Many countries still do not have clear policies regarding cryptocurrencies. To this must be added migration and financial issues. Solving these problems is not easy, but if solved, cryptocurrencies, DeFi, and, above all, DAOs, can transform these types of proposals into realities.

The lesson that Oz Finance leaves us is that you always have to investigate, to know the projects. See if they are what they say they are and analyze all possible scenarios. Oz Finance has presented us with something “great” and various media have echoed it. Remember: DeFi can give you many opportunities, but it also has dangers. 

Leave A Reply

Your email address will not be published.