We should hear both sides on this and they must provide evidence to prove.
It happened before with CMA and IDAX.PRO and now all is well and they continue the service.
What we need to do is wait for the result after talking of both sides.
Topic: beware of IEO SCAM - page 4. (Read 778 times)
I'm sure this guy has nothing to do with it, because it's the fault of the exchange. Why do people still use similar exchanges? It looks like bullshit on all sides.
This is not the first case of fraud with IEO. Admittedly, participation in a non-Binance IEO can be dangerous for both investors and project founders. As a result, we get a monopoly business, which is formed by industry conditions? But this is the wrong way of the cryptocurrency.
Yep you’re right man, Binance has always been the most reliable platform for any one that wants to start up an IEO. Another Launchpad that is good for startups is the Huobi Prime, they are really good. These are the only two that I’m very sure are very good for every startups, though I once saw Coineal being listed on Hackernoon as the fourth best exchange but I don’t really about it. Only Binance and Huobi does it, for me.Scam is starting to become a normal thing in the cryptocurrency community. Any exchanges can indulge in scamming people, it is possible, you never know what’s going on and you only get to know the things that are shown to you and nothing else. So, I can’t really tell why they would show 56.% and at the end cook up another different story, maybe it’s a scam. The investors are very lucky that they were all paid back their invested money, the company would have signed for bankrupt.
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Yes, there's always two side in a story so let's what for Coineal's official response. As far as the questions goes, specially regarding the fake volumes, I did checked Blockchain Transparent Institute (https://www.bti.live/reports-april2019/) and didn't see Coineal as one exchanges who do some fake and wash trading, but let's see next quarter report.
We need more proof that they indeed fake the volume and artificially inflate in by 56.56%. Obviously, the $80,000 went to Coineal, but we don't know what's their TOS on failed IEO. This is an interesting story to follow, as supposedly IEO is the next business model to replace ICO. Although investors is not a victim here, but it is good to note that the CEO or Founder is the only one victim here.
Well. Maybe coineal dealt with him also after noticing that he also want to use the project to scam people, we should not be too quick to judge, I believe that coineal will have their own side of the story too.
Moreover, I do not know what their term and conditions says, because it could state that the listing fee is nonrefundable, if the listing fee is nonrefundable, then I don’t think they have scammed, the project simply was cancelled for a reason, maybe after doing due diligence more, they found something fishy, and the best way for them to settle this will be in courts, if Shawn key feels that he has been treated illegally, then he can take a legal action against coineal and let them do the hearing in the court, and then we can full hear their own side of the story also.
Moreover, I do not know what their term and conditions says, because it could state that the listing fee is nonrefundable, if the listing fee is nonrefundable, then I don’t think they have scammed, the project simply was cancelled for a reason, maybe after doing due diligence more, they found something fishy, and the best way for them to settle this will be in courts, if Shawn key feels that he has been treated illegally, then he can take a legal action against coineal and let them do the hearing in the court, and then we can full hear their own side of the story also.
choose palform that is already famous for the success of the project. New trends can not be denied the case of a scam. everything can happen in the crypto world, choose wisely with the chosen risk.
Maybe Coineal is one exchange that falsifies trading volume. Like p2pb2b. There have been many exchanges like that. Will CMC stay quiet by still displaying fraudulent exchanges? And hopefully, cheating that occurs in other exchanges will soon be revealed.
Many ico project scam.and now trend new project is IEO. Any IEO scam too.i think IEO will give promise about list of market they will succesfull project.i dnt know it can be scam project like ico scam
Con artists are always looking for ways to make money either on ICO or IEO, we must learn more from previous experience we must avoid exchanges involved fraud, some small exchanges that implement IEO will result in a higher risk.
There are still many other exchangers who scam an IEO project, such as Idax Exchange, according to one of the projects that did IEO on the exchanger, Crypto Market Ads (CMA), said that IDAX Exchange, has done a scam. although in the end the CMA kept listing the exchanger.
It is not logical to make generalizations about SCAM in IEOs. IEO or ICO does not matter. The SCAM project is SCAM. It doesn't matter where the token is sold.
yes you're right, a scam is still a scam. wherever they are will not change anything. so start to be more careful in having projects that you want to invest.
For me it is impossible that one of the biggest exchange will sell their reputation for 80 000USD.
They are earning more than 80 000USD a day, so I do not think it is possible.
They are earning more than 80 000USD a day, so I do not think it is possible.
Why is it not possible? is coineal exchange old enough to be trusted like other big exchanges?ive never used the exchange and i dont plan on investing in IEO projects from other exchanges than binance,i dont trust anyother exchanges
According to Mario Nawfal,
Did Coineal Exchange Scam an IEO or are they just incompetent?
Founder of Cybr, Shawn Key, was recently "scammed" of roughly $80K by the 16th biggest exchange as per CMC's (skewed) stated volume, Coineal.
Coineal originally listed Cybr for a "mere" listing fee of 11 BTC. It then artificially inflated Cybr token's sales volume up to a point of where it seemed (only seemed...) as if 56.56% of the total supply was sold. Everything was going well until token sales hit a halt and the IEO failed. When Shawn turned around and questioned the 56.56% Coineal sent him an excel sheet indicating that only $3,000 worth of tokens were sold.
This all resulted in the delisting of Cybr and a full refund for all IEO participants, with the founder getting $0 in return and a loss amounting to approx $80K.
Two questions come to my mind after reading:
1. What happened to that initial 80k?
2. Is Coineal also amongst the exchanges faking their trading volumes?
3. Did Coineal intentionally scam Cybr?
Source https://www.linkedin.com/posts/mario-nawfal_ieo-crypto-activity-6562286564657942528-7LJe
Don’t let others take advantage of you in this unregulated space...
For me it is impossible that one of the biggest exchange will sell their reputation for 80 000USD.
They are earning more than 80 000USD a day, so I do not think it is possible.
They are earning more than 80 000USD a day, so I do not think it is possible.
What if that's only for a show and the fee really get backed? That's absurd for Coineal to take that fee or not really give back even the 75% of it and Coineal take the 25% since the IEO failed.
The emergence of IEO's and the patronage it has enjoyed in most recent times will likely drop if this type of scenarios are allowed to continue! The crypto space clearly needs a regulatory mechanism to protect all parties involved.
well you're right, I see more and more new markets offering IEO / launchpad services. but investors must be careful.I'm sure many investors have started to be smart in choosing IEO
The emergence of IEO's and the patronage it has enjoyed in most recent times will likely drop if this type of scenarios are allowed to continue! The crypto space clearly needs a regulatory mechanism to protect all parties involved.
In my personal opinion, this is a big problem for some mid-range exchanges like Coineal, IDAX, Coinall, ...
exactly, they automatically bought tokens to create a strong buying effect so that other investors could buy more tokens.
When they fail, they will still get the start-up fee. But this is a wrong action of exchanges that we need to condemn.
exactly, they automatically bought tokens to create a strong buying effect so that other investors could buy more tokens.
When they fail, they will still get the start-up fee. But this is a wrong action of exchanges that we need to condemn.
I am so tired of such exchanges. Poor guy has nothing to do with this, because it is clearly exchange fault. They are just drawing random numbers in the token sale process to keep investors interests and once TGE ends, it comes out that only 3k was sold.
It is not logical to make generalizations about SCAM in IEOs. IEO or ICO does not matter. The SCAM project is SCAM. It doesn't matter where the token is sold.
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