Student Coin review – An unregistered security? [BEWARE]

Student Coin review

In this review we have a look at the Student Coin (STC), which is a cryptocurrency allegedly designed for universities and students.

Before we dive into our review, you have to know that it contains only personal opinions. Although based on a substantial experience with cryptocurrencies, this review is not legal advice nor investment advice.

What is Student Coin

Student Coin is a platform that aims to popularize blockchain technologies and cryptocurrencies among students at universities throughout the world. The main function of the platform is to allow students to launch their own cryptocurrency tokens.

The platform also has an educational section and there also is supposed to be an exchange that will facilitate trading of all the tokens.

Student Coin has its own cryptocurrency STC that is currently being sold to the public via an initial coin offering (ICO). The price of STC is in the current phase 0.0114 USD.

If you purchase the STC coin, you allegedly will earn dividends, you will get your share of fees that are earned by the exchange that has not been launched yet. You will also own parts of every token ever created through the Student Coin platform.

Student Coin problems

When researching about Student Coin, we came across several important problems that we will explain in this review. In our eyes they are far too important to be ignored. Every potential investor into STC should know about them.

Unregistered security?

One of the biggest problems of the Student Coin is the way it is sold. Because it is sold to the public and the official website literally says that the coin will earn you dividends and that it represents shares of other tokens. Again, we are not lawyers, but in our opinion this makes the Student Coin (STC) a security.

When you sell something that represents a share in anything valuable and will earn you dividends thanks to managerial efforts of others, it is a security in every major jurisdiction (EU, USA, Canada, Australia, Japan, etc.) we can think of.

And securities offerings are heavily regulated, you need authorizations from financial regulators in every country you want to sell your security in.

But Student Coin has not been registered anywhere in the world as a security, so we believe it’s ICO is an unauthorized security offering. There is a great danger that regulators will come after it and shut it down.

We are aware that Student Coin is saying that their cryptocurrency is not a security, they base their claim on a legal opinion from a lawyer. But when you study that document carefully, the disclaimer says that the lawyer has not looked at any materials about STC, he has not studied it himself, he just answered questions based on facts stated by Student Coin.

And, as you can see in our picture, Student Coin provided the lawyer with statements that are factually wrong, because they said STC is just a utility coin. Which it is not, because on their website they say it will earn you dividends and it will represent a share in other tokens.

Since the lawyer was provided with wrong facts, his conclusion has no weight at all. In reality, STC has all the hallmarks of a security.

If you are considering investing in Student Coin, we strongly recommend contacting your national financial regulator and consult this project with them.

STC token

Supporting universities?

Student Coin claims that it is supporting more than 500 universities in 36 countries. But what does it mean? Does it mean that more than 500 universities are using Student Coin? Certainly not.

In fact, we searched for the connections between a few universities from their list and Student Coin, and we found none. We did not find a single university in the world declaring any kind of relationship with Student Coin.

So Student Coin is perhaps supporting 500 universities, but this looks like a declaration that is not based on any factual relationship. We only found a few students from different universities that claim to be supporting Student Coin, but this does not represent any connection to their universities.

It is like if an employee of Apple would say that he is supporting our website and we would say we are supporting Apple, that would absolutely not mean that we have any kind of relationship with Apple.

For obvious reasons we could not go through all of the 500 universities and make a deep search about their potential cooperation with Student Coin. So if you know about any real cooperation, please let us know in the comments.

Universities

Partnerships?

We encountered the same weirdness when searching about partnerships that Student Coin claims to have with these entities: Tamid Group, Harvard Polish Society, Polish Business Society, Investment Club at Kozminski University and Blockchain Capital Group.

First example – Tamid Group. Student Coin declared a partnership with Tamid Group on their Twitter account. But we did not find a single mention from Tamid Group about a partnership with Student Coin. We looked at their website and their social media accounts, there is exactly zero words about Student Coin.

Second example – Blockchain Capital Group. We did not even find what Blockchain Capital Group is, it does not even have a website. Only the LinkedIn profile of the COO of Student Coin says he is a major shareholder in Blockchain Capital Group, but what it is?

Logos of the Student Coin’s partners on its official website are clickable, they should contain links that would prove the partnerships, but they are empty. This really does not raise any credibility for this project.

Partnerships

How Student Coin really works?

This really is an open-ended question, because we can only speculate about the real intents of people who run Student Coin.

One staggering thing that they started the project more than 3 years ago and it still is not fully functional.

In fact, the only thing they did is to create their STC token, which is an ERC20 token in Ethereum. Anybody can launch their own ERC20 token in Ethereum in a matter of seconds and for free, see for example here.

It seems that their achievements are a website with some educational texts in beta version and a token that anybody can create in 20 seconds. And they are selling this token with promise of future earnings (dividends) and shares in other tokens.

It is obvious that Student Coin is raising capital for its project through its initial coin offering. But why would anybody invest? For the dividends? That makes it an unauthorized security that can be shut down any time. The platform does not need a token that will be sold to the public, if it is really meant for universities.

To us, it does not seem like a project that we would invest our money in. We see no real value, no real use cases. We did not find a single university saying that they have plans to deploy Student Coin.

Roadmap

Student Coin review – The Conclusion

Student Coin is promising returns on investment in their token STC, you will allegedly receive dividends and have shares in other tokens. To us it looks like an unauthorized security offering. If you are thinking about buying STC, we strongly encourage you to consult your decision with your national financial regulator.

If you want to trade cryptocurrencies, do it with established coins and preferably with a regulated company.

As always, if you decide to invest real money, please make sure you understand the risks and have good plan.

Student Coin

0.114 USD
3

Website

5.0/10

Ecosystem plans

3.0/10

Business model

1.0/10

Pros

  • Website

Cons

  • Potentially an unregistered security
  • No proofs of partnerships
  • No real connection with universities
Please share this review to help inform other people.

Comments 217

  • Agree!
    @James Pinion
    Part of the scam
    Delete my comment if you want. The project still works and all is good in them. My money still working. So you are posted this article because you wanted money from STC to delete this article and they do not pay you??? True? @James Pinion Please answer

  • STC is such a genuine project guys, plz don’t miss this chance and invest some money in it. Major launches ahead. Who is asking to put all the money put some and please give it some time ilke you give time in share market

  • I went to telegram and they banned me for saying that now that they are launching a new token (smt), it looks like they are starting the cow milking process again. These guys are scam pros!

  • Go to their telegram and raise the issue. There were various problems with credit card payments and all were handled individually

  • I bought 500 STC and I never received them. Don´t buy. Don´t lost your money. It is a SCAM. I bought only USD10 to test on credit card. Be aware.

    • Have you contacted their support? They always help with any situation!
      1. Check if money debited from your card
      2. Check the transaction status in your Advcash account
      3. Contact Advcash support, maybe need complete verification
      4. Contact STC support and provide all payment details
      Done

  • A major long-term elaborate scam is happening here.

    On top of all the above controversy, they have screwed up the bounty. They say they paid 1/3 of the bounty tokens that were owed to the hunters yet 30 ETH and possibly much more after an audit have been funneled back into the wallet of STC that then proceeds to pocket them into Binance? I will link the multi-send tx from ethscan below.

    So that’s just the base of this recipe, the icing on the cake is they really distributed 5% of the bounty tokens that were meant to hit the hunter’s hands. Pocketing the other 95% of the coins is straight-up fraud.
    STC has tried to blanket itself by using Bounty Detective as the shield and has tried to lay blame on them saying that not enough members joined but I can tell you they knew the numbers, just took at translation and you can see they have 34-34 languages and a pool of 15 million, not I’m not a mathematician but I’m sure I can work out what they were going to receive, right at the beginning. So they cannot play that game as if they are so incompetent they didn’t notice something so blatant then they have no right running such a business.

    tldr; STC Stole 150,000,000 Tokens earned by others and is going to sell them themselves.

    • Caroline | STC Bounty Supervisor, [24.05.21 00:02]
      ℹ️ Dear STC Bounty Participants ℹ️

      We are happy to announce that Bounty Team has reviewed all the participants and their work. The work reviewers took into consideration the bounty participant’s involvement, devoted time, originality of work, movement generated to the website, and the total STC Stake value summarized in the Bounty Manager’s spread.

      All the legitimate members have just received their salary that was sent in ETH to the addresses provided at the beginning of the STC Bounty. The total pool, that was distributed, was equal to 300 000 USD sent today in ETH + ~150 000 USD in STC, and ~100 000 USD in ETH priorly awarded to the STC Bounty participants from February to April.

      We would like to thank you for all your work and involvement.

      You can check the awarded ETH value at your address, that was provided in the Bounty registration.

      You can check your ETH and STC bonuses if you have generated reflinks to your work during the STC Launchpad ICO at:
      https://app.studentcoin.org/wallet

      ℹ️ BONUS POOL NOTE: Please note that ETH and STC bonuses have been automatically awarded to all users that have been using reflinks in their activity, not all users were legitimate to receive the additional pool. The pool was automatically distributing accordingly to the effectiveness of movement generated from the reflinks.

  • I wish I had not discredited your post earlier. These assholes are just worthless scammers. I got ripped off a good couole hundred bucks in their ICO

  • Update to my previous posts.
    I have sold all my 1m STC w/o any problem 11/5 through bithub global.
    Even they told for 72 hours delay to my withdrawal they released it after 48 hours.
    I have put 19k$ and I took almost 27k. Not bad, and I’m think that definitely it is not scam.
    What will happen to STC is depended 100% on their next steps:
    Development, security, marketing in a very weird market with Elon etc.

  • Since this article first came out:

    We’re listed on Kucoin now, one of the top 5 global exchanges. I’m staked for 180 days earning 13% APY. I’ve 10X my initial investment. And it seems the author has not come back to update this article in any way, even though 90% is outdated by now.

    Seriously pathetic to not to your due diligence and scare 100’s away from a great project. Hope you enjoyed the web traffic.

  • LOL. Even binance freezed all ERC20 transactions because of ERC20 network problems. Tokens are already released thought and many people already received it.

  • May 9th supposed to be coin release date. They pulled the liquidity on their contracts address. Im not Providing address because u can check by youself. Withdrawals are scam. 6 hours past and not even 1 withdraw is done. They say within 72 hours lol, maybe they have more traffic than binance who knows?. Exchanges are cointiger and some others in its level, would u ever do an exchange there? lol
    End of the story, people should seek a lawsuit or byebye. Correct me if im wrong.

    • The withdrawal tooks 51/2 hours today. I got all my coins including the bonus- coins.

      TX-Hash

      0x3726f48ebe06b8a023b4389e1179bef63b640a568a66e0e80cb4899320d02277

    • I got my coins, all 100k of them. Already transfered to KUCOIN. People are receiving coins everywhere. Whats wrong with you people? Why this hate? Why do you lie to people?

      STC is legit, followed every step on the roadmap and now coins are released.

      Bye bye fudders, wont miss u.

  • My transaction shows confirmed but no coins show up in my wallet on STC site?

  • TBBOB tried their best with a comment fanboys, and yet, they were all wrong. These kind of sites and posts are good WHEN BASED to actual data and facts. If there at the moment is not any facts, YOU CANT STILL MAKE THEM. This was made by bad people with bad intentions. I feel sorry for STC, even i dropped out from ICO because of these fudders.

    • You can’t deny the misleading and false statements about connection with universities (Check their ridiculous paid press releases). Their marketing department is a joke, but seems the CEO doesn’t mind about it…
      For the rest, seems a serious project (despite the improvised decisions the team have made).

  • They are not going to do it, because there are bad intentions behind. Soon, Student Coin will go out in it owner exchange and they will be more quiet!, they will shut up!

  • Hi guys! could you update the information on this topic? Do you still think it is a scam? Thank’s

  • I bought 20 000 token at $400 USD. Atm it’s showing my investment (gamble) at $442.

    But for me to buy 20 000 more token they want $998 based on the current value of the token.

    My point is shouldn’t my investment be that same value?

  • I bought stc via credit card , the tokens after 1 second of transaction were added to my wallet .also I took reward from award. The stc price on wallet works excellent after deposit

  • After searching for “Is Student Coin A Scam?”. Can no longer find TBBOB in search results. Someone wanted this page to disappear from the first search results

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