5. Not proven. ☒
An Audit and a valuation are two completely separate things and different departments from Ernst & Young. Unless the valuation report is false (no evidence of such) then the valuation has occurred. So the accusation that worldcore lied about it is false / incorrect / mistaken.
The reliability of the report is questionable. "Reliance restricted" is a red flag. It means that worldcore paid E&Y to give them a valuation that they wanted for their ICO. It is as reliable as saying " someone who I paid a lot of money says my business is worth $xxxxx".
An audit is a series of tests done by an auditor to test the reliability of the accounting system. It checks that the data can be relied upon. It is of limited scope so it does not always pick up serious financial issues. It mainly checks that the accounting system is reliable.
An Audit and a valuation are two completely separate things and different departments from Ernst & Young. Unless the valuation report is false (no evidence of such) then the valuation has occurred. So the accusation that worldcore lied about it is false / incorrect / mistaken.
The reliability of the report is questionable. "Reliance restricted" is a red flag. It means that worldcore paid E&Y to give them a valuation that they wanted for their ICO. It is as reliable as saying " someone who I paid a lot of money says my business is worth $xxxxx".
An audit is a series of tests done by an auditor to test the reliability of the accounting system. It checks that the data can be relied upon. It is of limited scope so it does not always pick up serious financial issues. It mainly checks that the accounting system is reliable.
Here is what the company representative wrote about the Ernst&Young report before ICO.
B oтчeтe oб oцeнкe кoмпaнии и coфтa, кoтopый гoтoвят в Ernst&Young в дaнный мoмeнт, бyдeт пoнятнo, чтo вce нaпиcaнныe цифpы - нe вымыceл и тeм бoлee нe oбмaн. Coбcтвeннo этoт oтчeт и бyдeт являтьcя зaключитeльным ocнoвaниeм для пpинятия peшeния o пoкyпкe нaшиx тoкeнoв.
Translation: "From the evaluation report of the company and the software that is being prepared by Ernst & Young at this moment it will be clear that all the written numbers are not fiction and certainly not a hoax. Actually this report will be the final basis for making a decision on the purchase of our tokens".Many crypto related companies did see huge growth over the November 2017 to March 2018 period. I'd like to see Worldcore to provide some proof of those assertions. There does not appear to be any evidence that suggests that they have 300 000 customers.
I asked this and another questions in the Worldcore official thread but their manager is deleting my comments there.
