TURBO Describes Itself As

TURBO is a memecoin and community-based, AI-powered crypto ecosystem. The project’s founder challenged GPT-4 to create the world’s next great meme coin with a budget of only $69. 

TURBO describes themselves as a decentralized community powered by creativity and governed by AI. TURBO believes in the potential of collective intelligence and the fusion of human creativity with artificial intelligence.

How does it work?

TURBO is maintained by a decentralized group of community members, whereby any member of the TURBO community can help or take on a role. Governance is conducted through community votes, whereby ChatGPT is consulted when decisions have to be made.

TURBO Token Utility  

TURBO is an Ethereum-based ERC-20 token that may be used for secure, transparent transactions within the Turbo ecosystem. TURBO can be used to purchase art and other NFT projects within the TURBO ecosystem.

The TURBO contract address has been renounced, with the max supply of 69 billion tokens fully circulating. Unlike many memecoins, TURBO imposes no tax on token transfers.

About the Founder

Turbo was launched by Rhett Mankind, an Australian digital artist with a background in branding, advertising, and digital art. Mankind has emphasized the role of decentralization in the project’s success, stating, “everything I've done is to try and just make it decentralized. So I'm not in control. And I think that's where the beauty of this came from. It sort of blew up because I'm not running things. Everyone else is coming up with ideas and how to do something and they're just implementing it way better than I could even do myself." 

Risks of TURBO

Like an investment in other crypto assets, there are some general risks to investing in TURBO. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in TURBO is subject to the following specific risks:

• Any potential success associated with Turbo is reliant on the growth of its decentralized community, and their continued trading and enthusiasm for the asset. These factors are difficult to predict, and could result in very high volatility.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with TURBO. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The TURBO community and Turbo founding team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of TURBO have no recourse to the TURBO community, Turbo founding team, or Uphold if TURBO declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing TURBO on the Uphold Platform, Uphold performed due diligence on TURBO and determined that TURBO is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of TURBO, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of TURBO.
• Any marketing materials put forward by the TURBO social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with TURBO, including any code defects, security breaches and other threats concerning TURBO and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with TURBO, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of TURBO.

General

Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on August 23, 2024.