QXMP (QXMP)
SUMMARY
QXMP is rated Haram primarily because it is a confirmed scam built on fabricated claims of $1.17 trillion in unmined assets and false regulatory compliance. Furthermore, its core Liquidity Providers Program offers a guaranteed return of capital plus a fixed token bonus, which constitutes Riba.
Verdict by Activity
How you can hold and use QXMP
Buy & Hold
The project is a confirmed scam operating with deceptive practices, and its core business model relies on guaranteed interest-like returns.
Liquidity Providers Program
OptionalGuarantees the return of original capital in full plus a fixed token bonus after a 12-month term, constituting Riba.
Enterprise Settlement Rewards
OptionalEnterprises earn QELT tokens from a reward pool based on their actual settlement activity volume.
Shariah Component Breakdown
Shariah Analysis
Infrastructure — where it runs
PassedThe asset operates on its own Layer-1 (QELT) and Ethereum, with BitGo for custody, which serve as neutral general-purpose infrastructure.
Application — what it does
FailedThe project is categorized as a Confirmed Scam due to fabricated asset valuations and deceptive regulatory claims. Additionally, its core Liquidity Providers Program guarantees fixed returns on deposited capital, constituting Riba.
Asset — what you own
CautionThe primary utility includes enterprise settlement and network gas fees, but the token features an opt-in yield mechanism (Liquidity Providers Program) that is not limited to standard PoS validation and fees.
Property Status (Māl)
CautionWhile the token has genuine lawful use and exists on-chain, minting authority is discretionary_centralised and market adoption is negligible. Furthermore, QXMP is an issuer redemption claim rather than a native protocol position, meaning its value depends on the issuer's ability and willingness to honour it.
Revenue Purity
PassedNo explicitly haram protocol revenue share was identified. However, the project's liquid reserves are invested in interest-bearing U.S. Treasury bills and reverse-repurchase agreements.
Legitimacy & Security
project audits
PassedThe research indicates audit or security information was found, alongside BitGo integration for institutional custody.
social presence
CautionThe project has negligible actual market adoption and relies on unverified, astronomical claims.
whitepaper
PassedThe project provides an official website, documentation, and tokenomics.
Team & Ecosystem
team background
FailedThe core team includes pseudonymous members such as 'The Architect', and the project is fundamentally categorized as a confirmed scam.
Detailed Shariah Report
Overview
QXMP operates a stablecoin and a Layer-1 blockchain (QELT) designed to tokenize real-world assets, specifically unmined "in-ground" resources. The QXMP token is intended for enterprise settlement and treasury operations, while the QELT token is used for network gas fees and ecosystem rewards.
Why This Verdict
To determine Shariah compliance, we evaluate the asset across three layers: infrastructure, application, and the asset itself. The underlying infrastructure (Ethereum, QELT Layer-1, and BitGo) is neutral and permissible. However, the application layer fails critically: QXMP is categorized as a confirmed scam built on fabricated claims of $1.17 trillion in unmined assets and false regulatory compliance. At the asset qualification layer, a digital asset must be recognized property (Mal)—meaning it presently exists, is ascertainable, transferable, and carries lawful use. While QXMP exists on-chain, it is an issuer redemption claim rather than a native protocol position, meaning its value relies entirely on a centralized issuer with negligible market adoption, weakening its status as Mal. Consequently, simply buying and holding QXMP is rated Haram due to the project's deceptive practices and fraudulent nature. Regarding optional mechanisms: The Liquidity Providers Program is Haram (opt-in) because it guarantees the return of original capital in full plus a fixed token bonus after a 12-month term, which constitutes Riba (usury). Conversely, the Enterprise Settlement Rewards program is Halal (opt-in), as enterprises earn tokens from a reward pool based on their actual settlement activity volume rather than a guaranteed return on capital.
Permissible Aspects
- The underlying infrastructure (Ethereum and QELT Layer-1) is neutral and general-purpose.
- The token has a theoretical lawful utility for enterprise settlement and network gas fees.
- The opt-in Enterprise Settlement Rewards mechanism distributes tokens based on actual network activity rather than interest.
Points of Caution
- !The project is a confirmed scam relying on fabricated asset valuations and deceptive regulatory claims.
- !QXMP is an issuer redemption claim, meaning holders do not own a native digital asset but rather a claim against the issuer, exposing them to severe counterparty risk.
- !The protocol's liquid reserves backing the QXMP stablecoin are explicitly invested in interest-bearing instruments, including U.S. Treasury bills and reverse-repurchase agreements.
- !The core team includes pseudonymous members, further elevating the risk of fraud.
Purification Note
Not applicable. Because the project is a confirmed scam and holding the token is rated Haram, Shariah-conscious investors should avoid the asset entirely.
BOTTOM LINE
QXMP is rated Haram primarily because it is a confirmed scam built on fabricated asset valuations and deceptive regulatory claims. Furthermore, its core Liquidity Providers Program offers a guaranteed return of capital plus a fixed token bonus, which is a clear form of Riba (usury). Muslim investors should avoid purchasing, holding, or interacting with this asset. Please note that this is an analytical report, and final religious authority rests with a qualified Shariah scholar.
How this verdict was reached
This is not an opinion issued by ShariaQuant. It is the output of a documented screening methodology applied to researched facts about QXMP (QXMP), and every row above states the specific evidence that drove it — so the reasoning can be examined rather than taken on trust.
The framework screens three layers — the infrastructure an asset runs on, the application it serves, and the asset itself — and separately tests whether the token qualifies as recognised property (māl): that it presently exists, has an ascertainable supply, can be held and transferred, and carries a genuine lawful use. A failure at any single layer fails the asset.
Revenue-purity thresholds follow the AAOIFI screening standard: non-compliant income below 5% of revenue is tolerated and purified, while 5% or above fails the screen.
AAOIFI has not reviewed, approved or endorsed this report or ShariaQuant, and no scholar named in our methodology has reviewed this individual verdict. This is analysis, not a fatwa — final religious authority rests with a qualified scholar.
Fundamental Analysis Report
QXMP exhibits multiple severe red flags that categorize it as a scam. The claim of holding $1.17 trillion in "in-ground" assets is mathematically and logically absurd for a newly founded crypto startup. The project uses this fabricated valuation to lure investors into a "Liquidity Providers Program" that promises guaranteed returns, and into a $10 million convertible security token offering. Furthermore, the project deliberately misleads investors by claiming regulatory compliance with the CLARITY Act, a piece of legislation that has not even been passed into law. These deceptive practices, combined with a pseudonymous technical team, confirm that the project is designed to extract capital from investors rather than provide genuine utility.
1. EXECUTIVE BOARD
2. THE DEEP DIVE
Fundamental Strengths
- The project has managed to integrate with BitGo for institutional custody and minting services, which provides a superficial layer of technical legitimacy to its stablecoin issuance process.
Critical Vulnerabilities
- The entire economic premise is structurally flawed and highly suspicious.
- Unmined "in-ground" resources cannot be accurately valued at $1.17 trillion and used to back a liquid stablecoin without unprecedented global regulatory and physical auditing, which this 2024 Wyoming-based startup does not possess.
- The "Liquidity Providers Program" operates on an economically unsustainable model by guaranteeing the full return of locked capital plus a bonus allocation of QXMP tokens.
- Additionally, the core team includes pseudonymous members (e.g., a CTO known only as "The Architect"), and the project is actively raising $10 million via a convertible token offering while simultaneously claiming to hold over a trillion dollars in assets.
Competitor Comparison
Compared to established stablecoins like Tether (USDT) and Circle (USDC), QXMP attempts to differentiate itself as a "dual-reserve" stablecoin backed by both liquid cash/treasuries and illiquid real-world assets. However, unlike USDT and USDC, which have verifiable liquid reserves and massive real-world adoption, QXMP relies on unverified, astronomical claims of unmined commodities and has negligible actual market adoption.
About QXMP
QXMP is rated Haram primarily because it is a confirmed scam built on fabricated claims of $1.17 trillion in unmined assets and false regulatory compliance. Furthermore, its core Liquidity Providers Program offers a guaranteed return of capital plus a fixed token bonus, which constitutes Riba.