Was there actually any cryptographic aspect to this, or was he even lying about it being a “cryptocurrency”? He’s taking money on Venmo and running an “exchange

Was there actually any cryptographic aspect to this, or was he even lying about it being a “cryptocurrency”? He’s taking money on Venmo and running an “exchange” that trades only in this coin. It would be interesting if “cryptocurrency” is now this entrenched as a synecdoche for any scrip-y scam.