Best TruStories of the Week - #4


Claim: Oxybit Exchange pulled an exit scam.

Source: “Some people in our group have started complaining about Oxybit Exchange. Users are claiming that their funds are gone as the site is down and the app is no longer available while Anuj (founder) also is not responding to any messages.”

Source Link


Waiting for response from the Founder of Oxybit.

Status: Pending


Claim: AWS enters blockchain market with 2 dedicated services


Evidence/Argument: Looking at the original AWS website, they indeed did venture into providing Blockchain as a Service

Original Source Link -

Status: True


I wouldn’t say I “refuted” it so much as put it in the “not yet” column. Anyway, thanks for bringing my attention to that fascinating initiative!


Thanks, that makes sense!


Claim: Venezuela will be using their cryptocurrency, Petro, in global oil trade, starting in 2019.


Summary: Venezuela’s economy has been crippled in recent years due to the fall in oil prices, therefore, they are moving to the sale of Petro which will commence in 2019. Venezuela’s President Maduro said that the move is aimed at reducing reliance and minimizing the dollar’s dominance in the industry as well as diversifying the global market.

Maduro was quoted as saying to the press:

“In 2019, we have a schedule for [oil] to be sold in petros and in this way continue to free us from a currency that the elite of Washington uses.”

" Last month, Manuel Quevedo, Venezuela‘s minister of petroleum and the president of state-owned oil company PDVSA, announced that the country will present the petro to the Organization of the Petroleum Exporting Countries (OPEC) in 2019, as the “main digital currency backed by oil.”


"Venezuela’s foray into the cryptocurrency space has seen lots of criticism and negativity. With the country’s plummeting economic crisis, many residents sought digital currency as a means of survival. However, with the criticisms surrounding its oil-backed state virtual currency, Petro, the government is determined to give the cryptocurrency an international status.

Recently, the South American country announced its intention to use the Petro as a means of payment acceptable by members of OPEC. The government would present the proposal to the body in 2019"

Nicolás Maduro :heavy_check_mark: @NicolasMaduro

El Petro se fortalece como un sólido instrumento de intercambio financiero para consolidar nuestra independencia económica.

4:11 PM - Dec 5, 2018

Petro is strengthened as a solid financial exchange instrument to consolidate our economic independence.

Russia currently uses the Chinese crypto currency

Maduro was quoted as saying to the press:

“In 2019, we have a schedule for [oil] to be sold in petros and in this way continue to free us from a currency that the elite of Washington uses.”

Nicolás Maduro :heavy_check_mark: @NicolasMaduro

La Revolución Económica llegó con nuestra criptomoneda el Petro, para romper el cerco económico impuesto por el imperialismo. ¡Nadie nos detendrá!

11:30 AM - Dec 5, 2018
The Economic Revolution came with our cryptocurrency Petro, to break the economic siege imposed by imperialism. Nobody will stop us!

Verdict: True …yet still needs to be fully tested.

The Correct Implementation of Petro as Legal Tender is Not an Easy Thing To Accomplish

“Venezuela has not yet really implemented the use of cryptocurrency, the government’s efforts are focused on generating the necessary conditions for successful adoption. They have worked on the legal framework, changed the technological aspects, promoted private investment and in recent months have apparently increased their efforts on the geopolitical dimension.”

“Although the Petro is theoretically already available with verifiable movements in the block explorer, it can not yet be exchanged for fiat money, and there is no possibility of trading with the token. This has prompted skepticism and negativism among some members of the crypto ecosystem”

It’s an interesting thought that Venezuela wants to stay “afloat” in the crypto game on a global level and show the world that they do have a cryptocurrency (Petro). However, the token needs to gain national approval before it is valildated on a global level.

“Previously Venezuela had already expressed its willingness to present the Petro as a means of payment at a transnational level; however, the issue went unnoticed due to the series of delays it had at its launch.”


My Stake: Back claim (100 Cred)

Evidence: Crunchbase is reporting Grainchain’s venture fundraising round, Medici Venture’s Twitter with the announcement for 10% stake, and finally Medici Venture’s website linking it on their news page.