Efforce (WOZX) Steve Wozniak token crashes 99.9 %. Concerns and class action chat

Hey folks, I’ve been digging into the Efforce / WOZX project for the past couple of years, which features Steve Wozniak as one of its co-founders. The token launched back in December 2020 at around $0.08, peaked at $3.62, and now it's sitting at about $0.002 that's a staggering 99.9% drop. Here are some red flags that have come up for those holding this token: - They claimed a $80 million valuation for the private sale, but later admitted only about $12 million was actually raised. There’s been no record of any sales in the company accounts. - A whopping 450 million tokens, making up 45% of the supply, were sent to a single wallet that allegedly made over $350 million. - Right after the launch, they transferred 42.5% of Efforce Ltd (Malta) for just €510, even though they touted an $80 million value and a $1.6 billion token treasury. - The so-called parent company, AitherCO2, had a tax liability of €319.9 million that was never disclosed to token holders (found this in Italian public records) and its revenue figures seemed massively inflated. - Malta's company filings from 2019 to 2024 show they officially had 0 employees every year and only pulled in €25,000 in total revenue. - There’s no legal documentation proving a relationship between Efforce Malta and Efforce Bahamas, despite claims in the white paper, and they transferred $68 million worth of tokens without reporting it to any entity. - Most things on the roadmap (like T1 listings, a working platform, staking rewards, NFT utility, governance) are just not happening. I’m leading a group of holders (representing about €2.8 million in losses we’ve documented) who are trying to look into recovery options, including civil claims in various jurisdictions. I’ve also posted about this for public interest under the Defamation Act 2013 Section 4 and all of this has gone unanswered by Efforce. If you ever held WOZX and want to catch up on the timeline or check out the public filings, let me know.

The one thing I'd echo for anyone stumbling in here is: don't let the "Steve Wozniak" label trick your brain into thinking you're buying Apple-grade governance. In every cycle we get a wave of celeb/brand coins where the token mechanics, corporate structure and basic disclosures would never pass even a half-awake VC due-diligence check, but retail sees the name and assumes someone else must've done the homework. What you're doing,  pulling company registries, tracing token flows, comparing whitepaper claims to actual accounts,  is the kind of dull, unsexy work that should've been done before money went in, but doing it after the fact is still useful if there's even a small chance of recovery. I'm not a WOZX holder, but I'd say keep everything as documented and public as you can, and try to get this in front of the bigger crypto media and legal Twitter crowd. Cross-border civil actions are slow and messy, but projects hate sunlight more than anything. Even if the legal route ends up limited, having a clean, well-sourced record of what happened is valuable for the next generation of star-struck "but it has a famous founder" investors.

Thanks for the reply. Yeah I agree I/we should have done more research before putting funds in, however most of the aspects were well concealed until 2-3 years after the event so regardless of intent it would not have been possible to uncover the extent of the deception here. For example company accounts have often been posted 1-2 years later than their filing dates, so information wasn't public about the mother companies severe tax liabilities €319.9m (Circa €120m in back taxes plus €200m in fines!) until 2022 - long after the anonymous insiders had dumped the token for minimum $350m+. Hopefully justice will be done regardless of whether we get our money back. Global tax evasion, corporate asset shielding etc, should all have long criminal implications once proven.

I’m not really familiar with the coins you mentioned was it popular back in 2020? It’s only now that I’ve read and learned about that coin. If its all-time high reached over $3 and now it’s down to $0.002, it really does come across as a rug pull. And I have no idea about its daily volume right now either. I don’t even see it among the top 20 altcoins in the market at the moment, so it’s really important for new investors entering the crypto space to always remain vigilant at all costs.

Popular? It raised $950M in 13 Minutes because Steve Wozniak was endorsing it. But popular in any other terms? No. People just thought that they can make fast gains because of the famous engineer would definitely build something worth while. I mean he did invent first Apple computer, so expectations were high. He also praised bitcoin at the time, even though he didn't own any. So that got some people believing in him. But project was just a money grab and nonsense that no-one needed. Most people saw trough the nonsense, and i think that even majority of the buyers didn't believe in that project. They were in in because they speculated that name (Woz) would carry it further.