There are cases, which have been taken to court as mentioned by members in this thread.
However, I don’t think you can do much to scam ICO that’s coming from country where regulations are fragile (let’s not name such countries). Most ICOs are anonymous and there is no physical presence of the project. In those cases it’s not possible to take them to court. It’s because of this reason many central governments have issued advisories regarding investment in ICOs.
Topic: Do scam ICOs really taken to the court? - page 2. (Read 648 times)
legendary
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If the scam originated from the USA then it is easier to pursue with court cases I think. But if it is outside the USA, I don't think it is that easy as laws are different slightly in other countries.
It then usually depends on each of the country. If the scam busters are from the same country of the project original country than it would be easy for them to file a case against such scam projects but it would be slightly difficult if the project is been operated over the nation boundaries but it is not impossible.There are a lot of trusted scam busters who are actively fighting scam projects and if there are huge cases for the same project than anyone of them might take it seriously and can easily file a case against the project which would make the project stand in court for an contempt to scam the investors. This is actively making the markets cleaner and scam free.
I saw some of the scam busters in the forum talking about taking the case to the court on scam ICOs, my question is, is it really happening.
Can you give me scam ICO that was already taken to the court and teams are being punished?
I know about Centra.. so give me others.
There are a number of cases that have been brought to justice, and I feel that something like this must exist in order to have a deterrent effect, but unfortunately this is not evenly distributed, where small cases are not heeded and easily disappear. In the future, hopefully there will be a legal follow-up on the scamm project so that they will be deterred and we will not regret it in the future. Can you give me scam ICO that was already taken to the court and teams are being punished?
I know about Centra.. so give me others.
I really wonder how about the decentralized ICO's or those that have team members that are anonymous, because for this reason, they couldn't possible be convicted when committed scam or fraud online, and will just continue doing these things with different name or kind of platform they will implement in the future. But if possible, ICO's should be regulated even further to have punishment for them to be limited to just provide legit services to people.
Is it really unbelievable that what you're saying is true? Is the ICO scam? Please verify the information as accurately as possible. I am very confused because of this.
right now the ICO must go to court immediately because if not handled there will be many more people being scammed by the ICO. We don't have to wait any longer. 
ICOs are cheating us, I have stopped playing with ICOs for half a year because I have also been a victim of it. I recommend you use it like me
I saw some of the scam busters in the forum talking about taking the case to the court on scam ICOs, my question is, is it really happening.
Can you give me scam ICO that was already taken to the court and teams are being punished?
I know about Centra.. so give me others.
It's very rare for a scam projects in ICO to get taken to the court because how will they get caught or get punished if you really don't know their real identity and location, that is why people who are a victim of these scam projects they don't have any choice but to do nothing and let it all go. Can you give me scam ICO that was already taken to the court and teams are being punished?
I know about Centra.. so give me others.
The biggest I know so far is Envion and Bitconnect. I've seen Envion marketing during their ICO and there had been a conflict between management and one of them stole the funds. It seems legal actions were taken and they are trying to make a refund, but it has been a few years now.
No, very rarely.
This is not because people don't want to, but because of the cumbersome protocols that are involved especially with international cases such as ICOs, since most ICOs are incorporated overseas or not regulated by any entity whatsoever.
Also, a lot of the times a scam ICO can't be judged from face value. Perhaps the team simply abandoned development, but there is no proof that they're a scam since there is no legally binding contract saying that they need to further development in the future after ICO is over.
It is generally difficult to know who is behind the ICO projects because they are very anonymous and cannot know exactly what will happen when the project ends. I think no one has the right to arrest them because before investing you take all risks so when investing in this market, you need to be more careful. For me, I will stay away from ICO because most of these projects are scams. This is not because people don't want to, but because of the cumbersome protocols that are involved especially with international cases such as ICOs, since most ICOs are incorporated overseas or not regulated by any entity whatsoever.
Also, a lot of the times a scam ICO can't be judged from face value. Perhaps the team simply abandoned development, but there is no proof that they're a scam since there is no legally binding contract saying that they need to further development in the future after ICO is over.
I saw some of the scam busters in the forum talking about taking the case to the court on scam ICOs, my question is, is it really happening.
Can you give me scam ICO that was already taken to the court and teams are being punished?
I know about Centra.. so give me others.
Can you give me scam ICO that was already taken to the court and teams are being punished?
I know about Centra.. so give me others.
Unless the existing laws of the country can be applied to a person or the group, and their identities have been identified and the victims and witnesses file complain, many scammers can run away. That's why, it is important to know all the fundamentals of the project and its team so that when things go sideways, they can be held accountable.
Yes it happen because some of them are real registered and can be checked the identity of the team behind that ICOs and is good that finally this happen and they will bu judged, i hope investors will recover money from these scams. I also heard the news last week about on ICO dev that has been arrested.
Actually even if the project is not scam but registered under real name even than most of the ICO projects were held in court as using the blockchain/etherum network to develop and fund rise for the firms in not yet considered legal in most of the countries so they might never support the ICO sales. ICO sales were meant to boost the startup and convert it into a working individual firm supported by a number of investors participating in the sales.But, a number of scam projects participated into such sales which really made it difficult to identify a real and a scam project. This made a lot of investors lose their capital and most of them already might have filed a case against those scam projects which also made some of them being caught and are now facing the punishment.
No, very rarely.
This is not because people don't want to, but because of the cumbersome protocols that are involved especially with international cases such as ICOs, since most ICOs are incorporated overseas or not regulated by any entity whatsoever.
Also, a lot of the times a scam ICO can't be judged from face value. Perhaps the team simply abandoned development, but there is no proof that they're a scam since there is no legally binding contract saying that they need to further development in the future after ICO is over.
This is not because people don't want to, but because of the cumbersome protocols that are involved especially with international cases such as ICOs, since most ICOs are incorporated overseas or not regulated by any entity whatsoever.
Also, a lot of the times a scam ICO can't be judged from face value. Perhaps the team simply abandoned development, but there is no proof that they're a scam since there is no legally binding contract saying that they need to further development in the future after ICO is over.
It is true that we can take to the court every team that created a scam ICO projects but we cannot put them on jail unless there is already a proper regulation or laws about Cryptocurrency.
As of now, there is always loopholes and possible defense from their side according to the current law.
That is the fact. Several times I read news related to reporting and allegations related to ICO fraud, but I rarely found clear results from tracing the case. Either because the system is indeed complicated or because the evidence is less supportive. This looks less transparent. It needs strong support and commitment from the apparatus handling cybersecurity so that the inconvenience can be resolved properly. The hope, investor funds can be returned. As of now, there is always loopholes and possible defense from their side according to the current law.
I saw some of the scam busters in the forum talking about taking the case to the court on scam ICOs, my question is, is it really happening.
Can you give me scam ICO that was already taken to the court and teams are being punished?
I know about Centra.. so give me others.
Can you give me scam ICO that was already taken to the court and teams are being punished?
I know about Centra.. so give me others.
Not all of them obviously, the high profile cases when there's lot's of money involved. Envion mining comes in mind for starters. They really should make some hard example cases to scare the people who could try those again.
Envion is the biggest scam project but I did not get the information that the team and their founders received the right sentence (prison), whether this was just to frighten or not, obviously every country has different rules regarding crypto.
But with the punishment that has a deterrent effect, I personally believe the crypto market will get better.
Majority of them are never taken to the court, some of them just have a fake team and a fake address so they may be difficult to trace and be dealt with. However I think some can still be traced by the fund they raised via ICO, while IEO team may be trace with the help of the exchanges the IEO was conducted.
ieo is the same as ico , what if ieo will also use fake profiles ? still exchanges wont have a way to track them .
only those who have real teams that went bad are the ones that can be bring on court for appeal . this is sad because most of ico's and ieo's can freely scam how much they wanted to with a minimal risk of being caught and the sad part is that we havent taken too much action to filter or to stop them but others are seem to be encouraging more these scammers .
Majority of them are never taken to the court, some of them just have a fake team and a fake address so they may be difficult to trace and be dealt with. However I think some can still be traced by the fund they raised via ICO, while IEO team may be trace with the help of the exchanges the IEO was conducted.
AriseBank, as example
The FBI has arrested the CEO of cryptocurrency platform AriseBank after he was indicted over an alleged multi-million dollar scam.
The news was announced Wednesday by the U.S. Attorney’s Office of the Northern District of Texas, which states that 30-year-old Jared Rice Sr. tricked hundreds of investors out of over $4 million and has now been charged with three counts of securities fraud and three counts of wire fraud.
Rice allegedly lied to prospective investors, claiming that the firm, which he called the “first decentralized banking platform,” would offer FDIC-insured bank accounts and Visa-linked debit and credit cards, in addition to crypto services based on its own AriseCoin token.
https://www.coindesk.com/fbi-arrests-arisebank-ceo-over-4-million-crypto-fraud
The FBI has arrested the CEO of cryptocurrency platform AriseBank after he was indicted over an alleged multi-million dollar scam.
The news was announced Wednesday by the U.S. Attorney’s Office of the Northern District of Texas, which states that 30-year-old Jared Rice Sr. tricked hundreds of investors out of over $4 million and has now been charged with three counts of securities fraud and three counts of wire fraud.
Rice allegedly lied to prospective investors, claiming that the firm, which he called the “first decentralized banking platform,” would offer FDIC-insured bank accounts and Visa-linked debit and credit cards, in addition to crypto services based on its own AriseCoin token.
https://www.coindesk.com/fbi-arrests-arisebank-ceo-over-4-million-crypto-fraud
It is true that we can take to the court every team that created a scam ICO projects but we cannot put them on jail unless there is already a proper regulation or laws about Cryptocurrency.
As of now, there is always loopholes and possible defense from their side according to the current law.
As of now, there is always loopholes and possible defense from their side according to the current law.
I saw some of the scam busters in the forum talking about taking the case to the court on scam ICOs, my question is, is it really happening.
Can you give me scam ICO that was already taken to the court and teams are being punished?
I know about Centra.. so give me others.
That must have been a great scam, probably involving a huge amount and with reputable personalities, that would actually draw the ears of others and caution them. Country that can take up such to the point of sueing ICO scammer to the court must be the strong ones like China,USA....and must have gathered enough facts to face it. Well, unfortunately centra is a scape goat Can you give me scam ICO that was already taken to the court and teams are being punished?
I know about Centra.. so give me others.
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