The Miss Universe Coin created a storm of controversy at the Philippine Blockchain Week (PBW) when it came to light that the coin, touted during the event and unveiled at a prior press conference, had no affiliation with Miss Universe, the brand and pageant owned by Thailand-based JKN Holdings.
What seemed like a promising venture took an unexpected turn, leaving questions and legal actions in its wake.
Earlier this month, PBW buzzed with anticipation as Donald Lim, the founder of the organization overseeing the event, proudly declared the launch of the Miss Universe Coin.
Miss Universe Coin: A Deceptive Unveiling?
However, the enthusiasm soon gave way to bewilderment when the official Miss Universe Organization, backed by JKN Global Group, distanced itself from the coin project, labeling it fraudulent.
Over the weekend, the Miss Universe Organization made its stance clear on its official Facebook page, unequivocally stating that it had no association with the coin project unveiled at PBW. They further vowed to explore “all legal options with regards to this infringement.” The once-promising Miss Universe Coin was now caught in a whirlwind of controversy.
PBW’s Response And Lingering Questions
In the wake of this revelation, Philippine Blockchain Week addressed the growing unease among its attendees. Initially, a statement was posted on Telegram but subsequently deleted, only to be reissued with notable modifications on both Facebook and Telegram.
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The updated message expressed the organization’s commitment to addressing the situation seriously. It stated that PBW was in contact with all relevant parties involved and pledged to keep the community updated.
Blockchain Reputation Tarnished
Despite this, the lingering questions remain. How did the Miss Universe Coin manage to pass the due diligence process set by event organizers? And what measures will be taken to ensure such incidents do not tarnish future events within the blockchain and cryptocurrency community?
Many are left wondering how the Miss Universe Coin managed to pass through PBW’s due diligence process, and what steps the organization plans to take to prevent similar incidents from occurring in future events.
The Miss Universe Coin had been positioned as a significant player in the cryptocurrency space, with Vincent Song, Global VP of XT Exchange, presenting it as a potential rival to the popular SHIB token. Now, its credibility hangs in the balance as the cryptocurrency world watches closely to see how this controversy unfolds.
In the realm of blockchain and cryptocurrency, trust and authenticity are paramount, and this incident serves as a stark reminder of the need for thorough due diligence and transparency in the industry.
The Miss Universe Coin may have shone brightly on stage at PBW, but its true colors remain uncertain.
Featured image from Sashesandscripts