ZoidPay TRC21 BTC to TRC20 BTC SCAM?

Good Day I have a client using ZoidPay. He has transferred 2 TRC21 BTC to me. He claims his BTC TRC20 was converted to BTC TRC21 when he put it in his Zoidpay wallet. I’ve tried to transfer a BTC to Binance and all I get is “wrong BTC address”. Has this guy been scammed ?

Hi,

Currently the only legit BTC token on TomoChain is TRC20 WBTC: Token 0x503b2ddc059b81788fd1239561596614b27faade Info

All other BTCs found on the TomoChain network are not issued by us.

and the TomoChain TRC20 WBTC is not supported by Binance. You should also check carefully before making any deposit.

Best,
Justin

1 Like

Thank you for the reply - The aforementioned TRC21 BTC tokens are capable of being transfered without any problem on the ZoidPay app.
Is there any chance these are still real ? Otherwise my client has been dupped out of Billions of Dollars US

Please check the token address as attached in the post above.

Being able to transfer the token on the ZoidPay app doesn’t mean anything.

new here looking to understand. If I got it correctly, if someone want to send me WBTC, i have to be sure they have the right token address (the one you posted above) then, if I want to unwrap to obtain BTC i have to first unwrap on Tomo Bridge and have them in ERC20 WBTC, and then find another bridge to have them from eth chain to BTC chain. Is it correct?

Just another question, can we know how many WBTC TRC20 Token (wrapped bitcoin in tomochain) are there?

Hi,

For the first question, yes you are correct. The TRC20 WBTC token supported by TomoBridge is the one I posted above (there is a blue check for tokens verified by our team, see image below). And if you want to convert it to BTC, you need to convert it to ERC20 WBTC via TomoBridge, and then convert it to BTC using another bridge. So you got everything correct.
image

But I just like to point out that:

  1. It is always risky to exchange cryptocurrencies privately with someone you don’t know. You can avoid all the potential risks by trading on credible exchanges like LuaSwap.
  2. In blockchain, everything is decentralized meaning everyone can issue and name any token as they wish. It might not be fair to say all other WBTCs are “fake”, because they might have their own value. For example I can issue a token for my shop and name it WBTC, and each token is worth a cup of coffee at my shop. Is it a real token and does it have actually value? YES. Another example could be that I created a bridge between TomoChain and Bitcoin, and issued a WBTC token which can be converted to BTC via my bridge. Then it is also a real token with real value. We can only say that other WBTC tokens on the TomoChain network are not supported by TomoBridge. If that makes sense to you?

If you clicked on the token link I sent above, you will see the total supply, currently is 2.2 WBTC. But the supply is not fixed, the TRC20 WBTC token would only be minted when there is ERC20 WBTC locked in the smart contract on Ethereum.

Let us know if you have any questions. We’re always here to help our users with their crypto journey. Good luck.

Justin

Hi Justin,

I am hiring a forensic bitchain investigation team to track down where our problem had begun. At this time, it appears as though the Bitcoin in question was switched when it was deposited with ZoidPay. Once we have more information we will explore our legal avenues from there. I appreciate all of your help.
Best regards
Farley Johnson

Thank you very much Justin, I really appreciate your exaustive answer, I understand all your information and I’m happy to know more of this part of crypto world I didn’t know about.

I also owe an apology for farley, I kinda used your post for other information, hope this haven’t bother you too much. But they are offering TRC21 Wrapped BTC on tomochain and the topic seem similar to me. Now I know tomochain supported TRC21 WBTC
where swapped for TRC20 WBTC first days of June…

Thank you all,

Snow.