[Exclusive] CRIPCO Denied Ties to Minicoin, but MiCA White Paper Listed It as Issuer

Gloowa had drawn a line, saying CRIPCO was unrelated to Minicoin

EU filing identified CRIPCO as Minicoin's issuer

Original document was replaced after controversy

CRIPCO also faces paper-company allegations

Official documents show CRIPCO, which has faced rug-pull allegations over an NFT business using intellectual property from IPX, formerly Line Friends, was responsible for the initial issuance and development of Minicoin's MINI token. That contradicts repeated statements from Gloowa, a supporter of Minicoin, that the project was completely unrelated to CRIPCO.

After the disclosure sparked controversy among investors, the original white paper PDF linked in the European Securities and Markets Authority registry could no longer be opened. The same address now leads to a June 2026 white paper with references to CRIPCO removed. ESMA's latest registry, however, still lists CRIPCO as the party that submitted Minicoin's white paper.

Claims that Minicoin is unrelated to CRIPCO come under scrutiny

CRIPCO operated an NFT and native-token business called IP3 using IPX characters including WADE and OOZ. In May, the company shut its official Discord channel without fully delivering promised token rewards and other benefits. That prompted rug-pull allegations because the business had effectively stopped and its main communication channel was closed.

At the time, CRIPCO said it would remove the existing Discord channel and move investor communications to the Minicoin channel on Creditcoin's Discord server. It also said it would provide separate follow-up guidance for holders of existing assets including IP3 tokens and NFTs.

Minicoin is a project that allows intellectual property such as characters and music to be created and traded as blockchain-based assets. It stores ownership and transaction records on-chain and settles related payments with its native token, MINI.

Minicoin currently says Minilabs oversees the business and IPX provides the license for the Minini character. Creditcoin, developed by Gloowa, provides the blockchain and settlement infrastructure that supports Minicoin.

Questions about the relationship between the two projects intensified after CRIPCO directly pointed existing investors to the Minicoin channel as their new communication venue. Because Gloowa supports Minicoin through Creditcoin, investors asked whether responsibility for the earlier NFT business was also being shifted into the Creditcoin ecosystem.

Oh Tae-rim, Gloowa's chief executive officer, rejected that interpretation. "Minicoin is a completely separate project that is fully independent from CRIPCO," he said. Creditcoin only supports Minicoin and has no relationship with CRIPCO, he added.

Minicoin white paper named CRIPCO, then the reference disappeared

The earlier Minicoin white paper linked in ESMA's registry under the European Union's Markets in Crypto-Assets regulation told a different story. The document identified Singapore-incorporated CRIPCO Pte. Ltd. as the issuer of the MINI token and the lead developer of the Minicoin platform.

The white paper said CRIPCO was responsible for developing Minicoin-based services, managing the ecosystem and building partnerships. The name Minilabs, now presented as the operator, does not appear in the earlier version. CRIPCO also appeared to have participated in the initial security audit of Minicoin's smart contracts. According to blockchain security firm CertiK, Minicoin underwent an audit of the relevant smart contracts in March 2025. The MiCA white paper at the time said CRIPCO handled issues identified during the audit.

After those details became controversial among investors, the Minicoin white paper linked in ESMA's registry was replaced with a different document. The earlier PDF that named CRIPCO as MINI's issuer and the platform's lead developer no longer opens. The link now leads to a white paper marked June 2026. The new document describes Minilabs as the operating entity and defines MINI as a crypto asset used for payments and settlement on the platform. IPX is listed as the licensor of the Minini character, but there is no explanation of CRIPCO.

CRIPCO's record has not been removed from ESMA's registry. In the latest MiCA registry updated by ESMA on Aug. 18, CRIPCO Pte. Ltd. remains listed as the entity that submitted Minicoin's white paper. The white paper link is unchanged. That means the entity listed in the latest registry does not match the entity described in the document now opening at that address. It is also unclear whether the new white paper is an official amendment to the earlier MiCA filing or a separate business-introduction document.

MiCA rules require amended white papers to be kept in a way that distinguishes revised documents from prior versions that have lost legal effect. Published white papers are also generally meant to remain accessible while the crypto asset is being offered to retail investors. It could not be confirmed whether the earlier document was separately archived or whether the change was reported to the relevant authority. It also has not been disclosed when operating rights and development assets were transferred, how the transfer was carried out, or whether rights and obligations tied to the earlier NFT business were transferred as well.

Bloomingbit requested comment from Gloowa but did not receive a response.

Paper-company allegations resurface as IPX's plan remains undisclosed

The episode is also reviving earlier allegations that CRIPCO was a paper company set up for IPX's NFT business.

Singapore corporate registration records show CRIPCO was established on March 18, 2022. That was about three months before IPX signed a strategic business agreement with CRIPCO to expand its NFT business. Paid-in capital was S$1,000, and its registered address was listed as 38 Beach Road, South Beach Tower, #17-12.

That address matched one used by Atoz Singapore Consulting, a firm that helps set up Singapore corporations. Public corporate records also show multiple companies registered at the same office. Posts on Blind, an anonymous workplace community app, also alleged that Line Friends had withdrawn from the NFT business and that CRIPCO was a paper company established in Singapore.

Investors are focused on the fact that CRIPCO closed its community after failing to deliver rewards promised in the earlier NFT business and then shifted its communication channel to Minicoin. With the earlier Minicoin white paper identifying CRIPCO as the issuer and developer, some investors question whether the company abandoned liabilities from the old business while moving the technology and community to a new project.

IPX's response has also come under scrutiny. IPX previously granted CRIPCO the right to use characters including WADE and OOZ, and now provides the Minini license to Minilabs. Because it participated in both businesses as the IP provider, critics say IPX should explain how the intellectual property was used and what will be done to protect existing investors.

After controversy over CRIPCO's community shutdown in June, IPX said it would work with relevant parties to handle the matter responsibly and provide separate guidance to asset holders. It also said CRIPCO was a separate company that had conducted NFT-related business using IPX's intellectual property. But more than two months later, it has yet to disclose specific measures, including who would be protected, how support would be provided and when it would be carried out.

In a statement to Bloomingbit, IPX said detailed guidance for CRIPCO asset holders is being prepared and will be announced through official channels once it is ready.

One investor said the earlier white paper described CRIPCO as the issuer and developer of Minicoin, but those references have now disappeared from the current document. The investor said the companies need to explain how the operating entity changed and who will take responsibility for the rights of existing NFT holders.