MXC update - exit scam revealed, disguised as a "transition" by MXC Foundation

The TL;DR is that the MXC Foundation has converted without consent all user MXC tokens earned or deposited in DataDash app (DD) to xMXC tokens, causing an irreparable 75%+ loss in value. Further, there are no timelines or plans to return any of the BTC or DHX earned or stored on the DataDash app back to users. In my opinion, this is the final stages of the exit scam before the team abandons project completely and users who invested in mining rigs will be left with nothing (details below).

At the beginning of 2023, many users began reporting issues with withdrawing MXC tokens out of the DataDash app. MXC staff members claimed that this was outside of their control and enforced by their custodial wallet provider, Cobo. Staff said that there were new know your customer (KYC) / anti-money laundering (AML) requirements for withdrawals over a certain amount. The resolution was for users either to wait for a transition to a fully on-chain mining solution to be released (zkEVM) or to communicate with support to produce onerous amounts of documentation to prove they owned these coins. Many who tried to comply with this second method were eventually ghosted or ignored by support and never able to withdraw.

Image 1: example of a user (ozzy) having a withdraw issue, and staff blaming new Cobo KYC / anti-money laundering policies

MXC Foundation planned a solution: to migrate all centralized DataDash activity (mining, staking, depositing, withdrawing, etc) to a decentralized, fully on-chain experience. The team developed what was marketed as “the first L3 public chain on Arbitrum,” which would give “self-custody and freedom in YOUR hands…your tokens, your control.” Additionally, the zkEVM technology was promised to bring “ultra-low fees.”

Around the same time, MXC Foundation arbitrarily raised the BTC withdrawal fee in DD app from 500 MXC (~$6) to 10,000 MXC (~$120). This was described as a temporary measure until migration to zkEVM was completed. However, it had the effect of essentially blocking most users from withdrawing BTC because most users didn’t even “mine” enough BTC to cover the new $120 fee. Who would want to initiate a withdraw that would cost more than they earned?

Image 2: user & staff discussion around new, ultra-high BTC withdraw fee.

Furthermore, MXC Foundation quietly updated the Terms and Conditions on their website to include the following language: “by using the DataDash App you agree to transfer all rights of ownership of all and any of your crypto assets by storing, depositing, staking, holding, mining or any other form of usage within the DataDash App unequivocally to the MXC Foundation.” [emphasis is my own; note language has now changed from DataDash → AXS]. Staff blamed the required “legalese” change on DHX migration. (Note further that while they updated the website ToS, they have failed to update their market cap on their website from $220mm to current value of only $21mm…)

Image 3: unconvincing explanation of terms of service change by Aaron, co-founder/COO

With many users stuck in centralized token control limbo, everyone was anxiously awaiting the migration to decentralized zkEVM. In a marketing email ahead of transition, the team wrote: “as part of MXC’s commitment to a full–scale decentralized rollout of the MXC zkEVM Layer 3 blockchain, all DataDash accounts are eligible for a complete balance migration from the DataDash mobile application to the MXC zkEVM Layer 3.” [emphasis my own]. Even on the official migration form, the MXC Foundation states that “Upon withdrawal [from DataDash to zkEVM wallet], the MXC tokens will be converted into an equivalent form based on the MXC zkEVM blockchain…By filling out this form, the User agrees to receive all the tokens and waives all future rights.”

A reasonable person would assume that if they had 100 MXC tokens in the DataDash app, they would receive 100 MXC tokens in the zkEVM L3 wallet, as well as their DHX and BTC balances.

WRONG! First, MXC has delayed indefinitely any transfer of DHX or BTC from DataDash to zkEVM. Second, users were shocked to discover that they were given 1 xMXC token in their zkEVM wallet for every 1 real MXC token in their DataDash app. Further, the only avenue provided for conversion of xMXC back to MXC is a volatile asset swap (i.e. not a pegged / stable swap) with only ~$24,000 of total pair liquidity or approx 1,250,000 tokens each of both xMXC & MXC. This meant that only the initial few users were able to recoup a majority of their MXC tokens, as the swap price immediately plummeted to the current ratio of 5 xMXC for only 1 MXC. This means that a user with 100,000 MXC in DataDash is left with only ~20,000 MXC they can withdraw from zkEVM

Image 4: currently 100,000 of migrated xMXC is worth only about 20,000 real MXC, along with historical graph showing price is mostly in the 0.2-0.4 range, or a 60-80% loss to users

When confronted about this unexpected conversion to xMXC, co-founder and COO of MXC, Aaron Wagener, stated that MXC has no intentions of pegging xMXC : MXC at 1:1 even though they forced ALL USERS to convert at this rate. “We can’t cherry pick” is his excuse, although they randomly cherry picked this conversion without consent.

Image 5: co-founder’s response to concerns by users on forced conversion of MXC to xMXC at 1:1 ratio

Furthermore, the MXC Foundation has always tried to differentiate itself by marketing its Proof of Participation (PoP) Multi-token mining capabilities. They’ve historically discussed the ability to mine MXC, BTC, DOT, & DOGE, although DOT and DOGE were never implemented. With this transition, miners are no longer able to mine any of these well-known tokens, however, are limited to mining completely unknown tokens called SENSOR, GIN1689, CRAB, and/or MAXIS. There have been NO INFORMATION about what any of these tokens are or what utility they are supposed to have, even though the team encourages users to “DYOR.”

Image 6: staff communication around BTC/DHX balances not transferring, the end of BTC mining, and the beginning of ISO token mining

The team has further completely changed the PoP requirements as part of this transition. Users are required to manually “claim” their mined SENSOR + ISO tokens every 24 hours, otherwise, their earnings will be distributed back into the pool. On top of this, for the majority of users, the claim function has an associated gas fee of 100-250 MXC tokens = ~$1.00-2.50, which 1.) isn’t “ultra-low fee” as you would expect from a L3 solution and 2.) more importantly, is usually MORE in fee than is EARNED in the claim (when converting tokens to MXC at market swap rates). IT IS LITERALLY UNPROFITABLE TO MINE ANY TOKENS AFTER THE TRANSITION.

Image 7: a few samples of users noticing that the MXC gas fees are > value of the tokens mined

Finally, out of nowhere, Aaron Wagener–the co-founder & COO of MXC Foundation and the founder of MatchX–has deleted his entire Twitter profile page and his professional LinkedIn profile. This is a huge red flag :triangular_flag_on_post: and no team members on Discord will address why.

Image 8: Aaron Wagener is purging his online profiles

There were many other issues with the transition, including many users not initially receiving their full amount of MXC and others reporting discrepancies in mining rates for equivalent miners. But it seems clear to me that the MXC Foundation has begun to abandon their user base that has supported their proposed network, and in the process, has retained control of a majority of user MXC, DHX, and BTC assets. I hope to be proven wrong, but it appears that users who bought $2,500 m2pro or $500 NEO “mining” equipment will be left empty handed.



MXC Core Dev Sheen here.

What you write here is just totally non-sense.

xMXC is the value decided by the community, and this is the decentralized chain.

With a lot of utilities MXC created , you can get more xMXC from the swap like create your own token to swap for xMXC and also build ISO application for real-world sensors.

You just know nothing about MXC and you can’t mine like M2Pro and NEO like others since you don’t have it.

Don’t put blame on others, it is your chain!

hey if you are afraid why hiding my reply??

I don’t completely understand what you’re trying to say in your response. Can you explain what’s going on in detail? A lot of evidence was provided and if it’s incorrect I’d love to hear why.


Okay, I reread this a couple times and I really hope I’m not accurately understanding this.

Saying the value of xMXC is the value decided by the community is for lack of a better way to put it, stupid. If the value was decided by the community, they would naturally decide to increase it’s value. If that’s not occurring then there is some mechanism in place that’s preventing that from happening.

Utilities - so you’ve created a system where people can swap their own worthless coin for “extra” xMXC which also happens to be worthless if you’re not able to pull it. But don’t worry, it looks like I can build ISO application for real world sensors. Which has NOTHING to do with those that bought those miners wanting to simply get liquidity so they can ROI in exchange for supporting your chain.

Like I said, I hope I’m misunderstanding because you replied to a well documented argument stating you’re rugging with several sentences of ridiculous BS.


100% Correct.


Where is your partner Aaron Wagener? Why (or what) is he hiding?


VoskCoin better!


Who’s the one afraid here? Us or your co-founder that decided to disappear from the internet? Why don’t you address that?

Ironic, considering how you’re blaming the investors for your rug pull.

I’ve read countless ridiculous arguments poorly attempting to justify this scam of a move. I’ll start with yours:

The value of xMXC:MXC would not have been an issue if you had just given us our MXC tokens in the first place, which would have been the right thing to do. People would then have had the chance to decide whether to swap their MXC for xMXC in order to mine the shitcoins you just created.

You pretending that the rate of the swap is the problem is you being disingenuous at best. The real problem is that you stole our tokens and gave us some fairy tokens in exchange.

Another argument made by Seth from MXC (on telegram):

If we were to make MXC (gas) as the predominant token, it would lead to an oversupply of gas, of which gas is less of a need on our network than fuel or xMXC

This is trying to justify the automatic swap to xMXC.
So, what did this accomplish? An oversupply of fuel, which nobody wants because the miners are mining just shitcoins now, the mining mechanism of having to claim every day is bs, and this makes everybody want to swap their xMXC for the MXC that WE ALREADY PREVIOUSLY OWNED.

So yeah, put that on us investors as well.

This whole thing was a deceit from the beginning. You tried to push the narrative that xMXC was happening as a reaction to the (most likely) fake DAO proposal, when in reality you already had plans to introduce this token at least THREE WEEKS before the DAO was even published.

Evidence here:

  • Your proposal to introduce xMXC on MEP-2542 on August 3, 2023 on GitHub
  • Supposed DAO proposal by ElChonko to resume mining on August 23, 2023 on

You’re delusional if you think you can spin this around and save face. People were slow to realize how they were robbed, but every day more and more people are finding out that their investments are gone because you took everything away.


I was timed-out just for saying this. The reason I said that was because of the many bugs that were never fixed and each day they keep piling up. Today the bug was 15+ times of claiming and each time it turned out with an error ( but even with an error, MXC gets deducted from your wallet), So basically more than 100+ MXC went down the drain for nothing.

Another issue I’m facing with MXC is accessing their websites and AXS APP , I didn’t have any problems accessing them before the migration when it was only DataDash APP. But now I must always connect to a VPN outside my country ( Preferably Europe ) to be able to access my wallet aka. AXS app. When I opened a ticket in discord, their reply was bs. Instead of saying we will work with you to fix the problem and keep you updated, they just simply said it’s weird and that it works in every Country. Well news flash MXC, why would I open a ticket if it actually worked in every Country?? Now I wonder if my Country ( Kuwait :kuwait: ) has actually blocked all connections to this company as it finds it being a fraud company that has all the red flags on it. Also I bet you big money that this problem will never be fixed and I will have to always connect to a VPN to access my AXS Wallet.

1 Like

did you all know that Sheen is the founder of Match X?

absolutely true. I and many other experienced it. You took our MXC and gave us worthless xMXC. You should’ve gave us back what you took. See, greedy people like you don’t see the long term play. Your greed is going to be your downfall. You and your cohorts will be in jail soon and that’s if the thousands of people you screwed don’t get to you first. Now everytime you go in public you will always be looking over your shoulder.


(post deleted by author)

Thank you for saying it, because I was thinking of buying a neo soon.

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Seth’s censorship is wonderful. Only then will we post it elsewhere on the internet. That will be included in a Google search :wink: Censoring Discord works great to get more negative reactions about MXC on the internet. MXC the unreliable theft foundation.


I was kicked from Discord for simply asking: “Where are the MXC tokens that were previously held in DataDash? Who owns / controls them now?”

Apparently, according to billyboy, the coins were used to build the bridge to L3 zkEVM. So all users’ funds were forced to become bridge LP liquidity…

Stay far away from this project, and salvage whatever remaining value you can before it goes to 0.


You know what’s non sense Xin?

  1. Making changes MULTIPLE times that have left users confused, frustrated, with little support from your team.
  2. Banning people from Twitter and discord for merely asking where their coins in the data dash app have gone or calling for you guys to address the recent issues.
  3. Prominent team memebers dissappearing from the project and social media, removing linkedin, etc… (HUGE red flag)
  4. Instead of coming on here and apologizing, you come with the accusations that all of this is non-sense. Really? Because your users and investors are all fed up with your crap, they have provided plenty of documentation on the crap that your team has pulled, and many of us feel the same way.

If you feel some type of way about it, then start doing right by your project. Communicate, support, and STOP with these out of the blue changes to the project that leave your customers hanging. And also… since you want to be vocal here, how about explaining the best way to for existing users who just want to leave with their current losses on how they can get their mined mxc out, without having to do these swaps that wipe away the majority of their value, and just exit the project.



At the time of writing there are 4382 miners linked to 1363 unique wallets. Long gone are the days of a network of thirty thousand M2Pro which even then was too small to use. It does not take exceptional wits to tell the project is in a catastrophic tailspin, the community running for the hills.

If that is not bad enough I ask you to focus on what follows.

*** The MXC Foundation took YOUR MXC tokens and, so they claim, used them as liquidity for the ERC20-zkEVM bridge. On the zkEVM side they deployed out of thin air the completely separate and valueless xMXC token, set up an MXC-xMXC pool having negligible liquidity in order to create the momentary illusion of a 1:1 exchange rate AND manipulated you to ending up with xMXC in place of YOUR MXC from DataDash. You are left at the losing end of this bizarre arrangement by its very design, forced out of YOUR position in MXC, the only tradable asset which for selling does not require swapping through the illiquid pools the team set up. ***

You might want to read that again. It is the indisputable objective truth. If you still cannot see that you are the victim of blatant theft you are simply refusing to accept facts as they stand right in front of you. I am really sorry but you have been royally deceived. We all have.

You may think for you personally there remains a sliver of hope in mining obscure tokens including Crab, Tail and Maxis to recover some of what was TAKEN from you. Yet in light of what has happened you must understand there will never be a functioning network and all that is left is a silly DeFi game. Together we have the moral obligation to make sure Sheen and Aaron will never find work in blockchain again.


As of right now the whole thing in disarray. It’s one big cluster f**k!

lawyer.jpg | I have found this on Coinmarketcap. Thats how they are working with critic. Ban and censorship

of course, every serious project that has nothing to hide behaves like this