In what was seen as a sudden and dramatic move to many in the cryptocurrency community, the coin exchange service ShapeShift.io has announced it will be dropping support for GAW Miner’s Paycoin.
In a post on reddit, the company officially stated it would be dropping XPY because of “a high threshold of evidence as fraud.”
The company stated the following:
We’ve looked further into Paycoin, and while there are some criticisms that are superfluous (a coin being “premined” does not necessarily make it a scam, for example), there is one particular issue that we cannot ignore. Josh Garza and the Paycoin admins made a very clear promise – a guarantee – which is that when Paybase opened (a Paycoin marketplace), that Paycoins would be bought there for $20 each. That was a factual promise, made by the creator of the coin.
They also further elaborated with pictorial proof and links of the promises made by Garza regarding the Paycoin floor of $20.