Maybe it's true, the team showed itself from the bad side, no progress, no transparency in the work, no communication with the community. So yeah, it all looks like a scam, but I hope that this is not so, and we will see the full implementation of the project.
As soon as Jack posted his side of the story on Reddit and exposed these scammers for what they were, there was as "campaign" on part of the owners to try to step up and show they were "working" but it is a smokescreen to divert people away from the facts.
Here is the short story about MobileGO:
- some calculations show the ICO raised $53 million and some show up to $106 million was raised
- since the ICO ended over a year ago there has been no product and no income stream
- the owners moved away from the whitepaper proposals and diverged in to things not mentioned or important to the project
- now it has been leaked that the "owners" intend to raise more funds by creating another set of tokens to compliment the MobileGO
ICOs are a great way for genuine businesses to raise funds they might otherwise not be able to but at least investors can apply due-diligence and take chances knowing they might not get anything on returns as well as the possibility they might maybe have perks, benefits, bonuses and of course that all important profit.
At the same time you have to be aware that some investments are complete scams designed to fool people in to investing knowing there was no real project and some are borderline where they show working products or websites and claim the funds have been spent on making them but you could probably hire a dev from Indonesia, China or India and that exact working website made for less than $300 even though the ICOs raised millions. As long as ICO fund expenditure is kept secret the owners and team of all of them have the option to misuse the funds (without providing accountability and recourse) should they decide to scam.
Monaco ICO - The VISA cards were promised to be issued in August 2017 but over a year later there is no sign of the cards and those fools spent millions buying the crypto.com domain. CEO of Monaco (Kris Marszalek) is the same CEO of a failed company called "Ensogo" that was under investigation for fraud when it was shutdown so why believe him or trust him?
Betking ICO - Dean Nolan failed when trying to sell the website so he closed it down and re-opened 8 months later after raising millions of US$ in the ICO. Dean Nolan fooled investors in to believing new games would be added. Dean Nolan fooled investors by saying 50% of the ICO funds were for the bankroll. Dean Nolan fooled investors by saying 30 million of the 100 million Betking tokens would be used for "development, legal and promotion" but no audit and no proof was provided.
Crazybet - The whole project was a scam from beginning to end. They fooled investors by creating fake social media accounts and got away with million of US$ in Ethereum. After the ICO was over the "owners" and "dev" vanished taking US$ millions of the ICO funds with them.