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".The report is not completely useless. It is just an expensive way of saying "buy this".
ICOs think they can control FUD by having a self-moderated topic. To the experience investor that would already be a red flag. It is like an echo chamber. The real issues will be discussed elsewhere - over which they have no control and can often lead to the other extreme. - superFUD.