Topic: Has any scam ICO or IBO owners face legal action ? (Read 535 times)
Yes I saw in the the news that the bitconnect YouTubers who were promoting will appear in court soon
Yes, looks like SROs need to get organized ASAP.
https://www.sec.gov/news/public-statement/enforcement-tm-statement-potentially-unlawful-online-platforms-trading
https://www.sec.gov/news/public-statement/enforcement-tm-statement-potentially-unlawful-online-platforms-trading
The SEC is starting to crack down.
https://bitcoinmagazine.com/articles/sec-sends-wave-subpoenas-icos-including-overstocks-tzero/
https://bitcoinmagazine.com/articles/sec-sends-wave-subpoenas-icos-including-overstocks-tzero/
Munchee received a cease-and-desist order from the SEC after the launch of their ICO: https://www.sec.gov/litigation/admin/2017/33-10445.pdf
I don't know if they will face legal action. What I am thinking is that a lot of scam ICO's are getting away with it. They just keep on delaying the ICO progress until they disappear. So far, I have experienced one scam ICO. That is the TORQALL ICO. The managers just disappear and the project was left floating. I hate it when this happen. Hopefully, we will have a rating on this forum where we can check how legit the ICO is. There are a lot of websites for this but if its rated in our forum, much better.
My organization is working on a good set of objective standards that can be applied to rating a variety of ICO/ITO offerings as well as the quality of other crypto-related projects such as non-ICO cryptocurrencies, exchanges, payment gateway code, etc. All of these have some overlap in evaluation criteria but also some criterions that are specific to the type of project/entity being evaluated.
These standards will be fully public and open-source (code)/open-license (documents). It's important to have voluntary, baseline standards, it will help both new businesses demonstrate a level of competency in their projects, as well as existing businesses ensure they are following best-practices.
I've seen way too many hacks and scams. My organization is an incubator for projects to help them emerge as first-class businesses. While considering how to quantify the various factors that go into a successful project launch, we decided on standards development. Then it was pretty easy to decide that the industry as a whole could really make good use of these standards, which would evolve and be updated over time, with participation by any parties that want to be a part of the process.
Best regards,
Ben
I don't know if they will face legal action. What I am thinking is that a lot of scam ICO's are getting away with it. They just keep on delaying the ICO progress until they disappear. So far, I have experienced one scam ICO. That is the TORQALL ICO. The managers just disappear and the project was left floating. I hate it when this happen. Hopefully, we will have a rating on this forum where we can check how legit the ICO is. There are a lot of websites for this but if its rated in our forum, much better.
AriseBank getting into troubles https://www.coindesk.com/arisebank-ico-fraud-case-may-ensnare-additional-parties/?utm_content=buffer894d4&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
also https://www.coindesk.com/techcrunch-founders-crypto-fund-subpoenaed-sec/?utm_content=buffer037da&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
also https://www.coindesk.com/techcrunch-founders-crypto-fund-subpoenaed-sec/?utm_content=buffer037da&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
Upon reading the thread the answer to your question is YES. However, even if they are arrested, I still think that there's a lot of ICO scammers were not being caught YET. I was wondering if its ever been reported. The thing is, if its not reported, it never happened. No one will be arrested if no one reported it. If it is reported, there is a possibility that the suspect will got away because we know that there's lack of evidence. Hopefully, no one will be scammed on ICO's. No one deserved to be scammed.
It's too easy for the scammers to escape with no penalties. Most countries won't even bother to go after these type of criminal since cryptocurrency isn't considered real money by most governments.
That's probably true. It does seem, however, that the U.S. is making overtures for regulation. Just today, the U.S. chairmen of the SEC and the CFTC is testifying before Congress today. If you listen to them, you might conclude that regulation and enforcement will only increase in the near future.
https://www.banking.senate.gov/public/index.cfm/2018/2/virtual-currencies-the-oversight-role-of-the-u-s-securities-and-exchange-commission-and-the-u-s-commodity-futures-trading-commission
I invested in Filecoin and I'm starting to think that they'll never come up with the product. Not sure if such projects can be considered a "scam" and which timelines it takes to say for sure.
So I'm also wondering is there any prosecution and at which point it starts (and who starts it). But I believe the question is rhetorical as legislation for ICOs is only being developed
So I'm also wondering is there any prosecution and at which point it starts (and who starts it). But I believe the question is rhetorical as legislation for ICOs is only being developed
I have a feeling that with respect to Filecoin, they might be pretty far down the list on the SEC's action agenda. I say this because Protocol Labs took the measures to develop the "SAFT" concept, targeted (I'm pretty sure) accredited U.S. investors, and actually filed Reg D and Reg S with the SEC. So relatively speaking (meaning relative to all of the other ICO's out there) it would seem that the SEC would tend to leave them mostly alone.
That's not to say, however, that Protocol Labs is not immune from class action - which is a Civil complaint.
Also, I'm not sure how many people invested under the Reg S - which is foreign to U.S. And whether those jurisdictions would have a different approach. So maybe that depends. Are you a U.S. citizen, or did you invest as one? Just curious - it might be different if you are not.
I invested in Filecoin and I'm starting to think that they'll never come up with the product. Not sure if such projects can be considered a "scam" and which timelines it takes to say for sure.
So I'm also wondering is there any prosecution and at which point it starts (and who starts it). But I believe the question is rhetorical as legislation for ICOs is only being developed
So I'm also wondering is there any prosecution and at which point it starts (and who starts it). But I believe the question is rhetorical as legislation for ICOs is only being developed
Surprised AriseBank was not mentioned here. Apparently, this scam raised up to USD$600,000,000. Yea 600million dollars from 'Gullible' investors. I have no idea how this scam artists were able to pull this off so efficiently but they are there in the hall of fame together with the likes of Bernie Madoff , Ken Fitzsimmons etc.. People involved -Jared Rice Sr. and Stanley Ford.They apparently were going to buy 2 banks which did not exist, still how they raised $600million from 'accredited' investors who did not perform any form of due diligence beggars belief.
That is a lot of yatch and cuban cigars they could have brought
https://bitcoinmagazine.com/articles/sec-halts-arisebank-ico-calling-it-outright-scam/
That is a lot of yatch and cuban cigars they could have brought
https://bitcoinmagazine.com/articles/sec-halts-arisebank-ico-calling-it-outright-scam/
Wow 600 million..... its unbelievable the money involved in crypto. There must of been some big investors. People that steal such large sums of money must wonder constantly .... is this the day one of the investors pay me a visit.
Surprised AriseBank was not mentioned here. Apparently, this scam raised up to USD$600,000,000. Yea 600million dollars from 'Gullible' investors. I have no idea how this scam artists were able to pull this off so efficiently but they are there in the hall of fame together with the likes of Bernie Madoff , Ken Fitzsimmons etc.. People involved -Jared Rice Sr. and Stanley Ford.They apparently were going to buy 2 banks which did not exist, still how they raised $600million from 'accredited' investors who did not perform any form of due diligence beggars belief.
That is a lot of yatch and cuban cigars they could have brought
https://bitcoinmagazine.com/articles/sec-halts-arisebank-ico-calling-it-outright-scam/
That is a lot of yatch and cuban cigars they could have brought
https://bitcoinmagazine.com/articles/sec-halts-arisebank-ico-calling-it-outright-scam/
It is extremely worrying what is going on with Tether in the short term, but I doubt it's going to stop ICOs or hurt bitcoin's viability in the longer term. If it turns out that Tether was just one big scam then it's going to make it harder for people to scam with fake ICOs in the future as it will put people on their toes and will want much more transparency before investing.
I really hope so. It's just that there has been so many scams (plenty of honest ICO's too, of course), and despite one after another after another (Prodeum being the most recent example of outrageous behavior), people still continue to be taken in.
I belong to a couple of pretty decent Telegram channels, like ConcourseQ, that make an effort to research ICO's objectively, but it's a huge task to even try to keep up. One clever and relatively quick methods of ferreting out scams is using IMGUR to quickly scan the photos of "Team Members." This has yielded some decent catches, where Millenial-looking "Senior Blockchain Developers" living in Dublin are actually Veterinarian Lab Assistants working in some rural town in Kentucky .... no fault of the Vet Lab Assistant, of course - except to have a cool-looking Instagram picture!
I'm sure there are some other clever methods out there.
I am new to crypto-currency and notice all these different ICO and IBO offers here and else where. Ran into some that look scammy and read about past scams.
This leads me to the question,
Has any legal action ever been taking against any individuals involved in these scams. If so can someone link me an article or give me the name of the coin.
This market reminds me of the online poker market where these fly by poker sites open up and steal peoples money and sometimes big sites do as well ... with little to no recourse.
This leads me to the question,
Has any legal action ever been taking against any individuals involved in these scams. If so can someone link me an article or give me the name of the coin.
This market reminds me of the online poker market where these fly by poker sites open up and steal peoples money and sometimes big sites do as well ... with little to no recourse.
Here is one ...
https://motherboard.vice.com/en_us/article/qvzkx7/plexcoin-scam-founder-sentenced-to-jail-and-fined-10k
What's crazy about this one is the the site it STILL up - and you can STILL download their silly whitepaper here - https://www.plexcoin.com/whitepaper
In that whitepaper (which from a design perspective doesn't look too bad!) they explain that they need to hide their identity because if they reveal their identity people might want to look into their operations (and yours, as the investor!) ... " ... We don't want that!"
Haha ... yeah, I guess not. But what is also incomprehensible and a bit sad, perhaps, is that they managed to collect $15M. People, evidently, are so desperate to get into the crypto investing space that they will literally throw money at everything and anything, like spaghetti against the wall, hoping something sticks.
It's too easy for the scammers to escape with no penalties. Most countries won't even bother to go after these type of criminal since cryptocurrency isn't considered real money by most governments.
Scam ICO sites are everywhere and there are dedicated places you can always check out to
fish them out.Some of them start through the airdrop offer and try to attract unsuspecting
people into signing up.One of the hopeful sites is:http://cryptocreed.com/airdrop/.Once a particular
site has been analysed as 'unfriendly' they flag it off to alert the public for avoidance purposes.
With it, it guides one to always thread carefully.
fish them out.Some of them start through the airdrop offer and try to attract unsuspecting
people into signing up.One of the hopeful sites is:http://cryptocreed.com/airdrop/.Once a particular
site has been analysed as 'unfriendly' they flag it off to alert the public for avoidance purposes.
With it, it guides one to always thread carefully.
You can never underestimate scammers. Even when the coins they are giving out is free.
Scam ICO sites are everywhere and there are dedicated places you can always check out to
fish them out.Some of them start through the airdrop offer and try to attract unsuspecting
people into signing up.One of the hopeful sites is:http://cryptocreed.com/airdrop/.Once a particular
site has been analysed as 'unfriendly' they flag it off to alert the public for avoidance purposes.
With it, it guides one to always thread carefully.
fish them out.Some of them start through the airdrop offer and try to attract unsuspecting
people into signing up.One of the hopeful sites is:http://cryptocreed.com/airdrop/.Once a particular
site has been analysed as 'unfriendly' they flag it off to alert the public for avoidance purposes.
With it, it guides one to always thread carefully.
Facebook has banned all cryptocurrency ads
https://steemit.com/crypto-news/@rentmoney/breaking-news-facebook-is-banning-all-cryptocurrency-ads
https://steemit.com/crypto-news/@rentmoney/breaking-news-facebook-is-banning-all-cryptocurrency-ads
Quote
“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception."
"There are many companies who are advertising binary options, ICOs and crypto-currencies that are not currently operating in good faith.”
"There are many companies who are advertising binary options, ICOs and crypto-currencies that are not currently operating in good faith.”
This is what some people think Facebook's action to giving way to their own Crypto. Maybe it is for dual purpose? Who knows.
https://www.thesun.co.uk/tech/5274357/facebook-bitcoin-rival/
ICO has been very popular for free money, the government really have to step up with their stance. I have seen that one ICO end up with a word "penis" for the investors. I think its called Prodeum.
Have you invested in some "penis" ( sorry couldn't resist )
Facebook has banned all cryptocurrency ads
https://steemit.com/crypto-news/@rentmoney/breaking-news-facebook-is-banning-all-cryptocurrency-ads
Quote
“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception."
"There are many companies who are advertising binary options, ICOs and crypto-currencies that are not currently operating in good faith.”
"There are many companies who are advertising binary options, ICOs and crypto-currencies that are not currently operating in good faith.”
ICO has been very popular for free money, the government really have to step up with their stance. I have seen that one ICO end up with a word "penis" for the investors. I think its called Prodeum.
It is extremely worrying what is going on with Tether in the short term, but I doubt it's going to stop ICOs or hurt bitcoin's viability in the longer term. If it turns out that Tether was just one big scam then it's going to make it harder for people to scam with fake ICOs in the future as it will put people on their toes and will want much more transparency before investing.
Tezos Hit with Another Lawsuit in U.S. District Court ... - investFeed Edge
https://investfeededge.com/tezos-hit-another-lawsuit-u-s-district-court-furthering-legal...
27 Nov 2017 - Two law firms announced yesterday that they have teamed up to commence a class action lawsuit against Tezos. The case was filed in the United States District Court for the Northern District of California. The Restis Law Firm P.C. and Lite DePalma Greenberg LLC are handling the suit. The complaint ..
Syscoin Threatens Moolah with Legal Action Over Missing Funds - CCN
https://www.ccn.com/syscoin-threatens-moolah-legal-action-missing-funds/
17 Oct 2014 - The 250 bitcoins used to purchase those syscoins came from the funds Syscoin raised during its ICO presale. However, Moolah did not return ... If the BTC is not disbursed to the Syscoin team this amounts to theft- plain and simple; and no small theft at that (~$285k USD). If/when we enter into litigation we .
JUST BE CAREFUL ..Many are pyramid scams most of them are
..
A guy called GEVERS as destroyed the crypto world..WHY you ask?
Because this guy had BIG PLAYERS involved in a big SCAM ..MASSIVE SCAM ..
The developers are getting watched like a hawk just in case they are all in on it..
Tezos Trials: Foundation President Posts Update About Future, Deletes It Next Day
Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News) · 1 day ago
See what 1 man can do GEVERS ..
https://investfeededge.com/tezos-hit-another-lawsuit-u-s-district-court-furthering-legal...
27 Nov 2017 - Two law firms announced yesterday that they have teamed up to commence a class action lawsuit against Tezos. The case was filed in the United States District Court for the Northern District of California. The Restis Law Firm P.C. and Lite DePalma Greenberg LLC are handling the suit. The complaint ..
Syscoin Threatens Moolah with Legal Action Over Missing Funds - CCN
https://www.ccn.com/syscoin-threatens-moolah-legal-action-missing-funds/
17 Oct 2014 - The 250 bitcoins used to purchase those syscoins came from the funds Syscoin raised during its ICO presale. However, Moolah did not return ... If the BTC is not disbursed to the Syscoin team this amounts to theft- plain and simple; and no small theft at that (~$285k USD). If/when we enter into litigation we .
JUST BE CAREFUL ..Many are pyramid scams most of them are
..A guy called GEVERS as destroyed the crypto world..WHY you ask?
Because this guy had BIG PLAYERS involved in a big SCAM ..MASSIVE SCAM ..
The developers are getting watched like a hawk just in case they are all in on it..
Tezos Trials: Foundation President Posts Update About Future, Deletes It Next Day
Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News) · 1 day ago
See what 1 man can do GEVERS ..
I am new to crypto-currency and notice all these different ICO and IBO offers here and else where. Ran into some that look scammy and read about past scams.
This leads me to the question,
Has any legal action ever been taking against any individuals involved in these scams. If so can someone link me an article or give me the name of the coin.
This market reminds me of the online poker market where these fly by poker sites open up and steal peoples money and sometimes big sites do as well ... with little to no recourse.
Syscoin Threatens Moolah with Legal Action Over Missing Funds - CCNThis leads me to the question,
Has any legal action ever been taking against any individuals involved in these scams. If so can someone link me an article or give me the name of the coin.
This market reminds me of the online poker market where these fly by poker sites open up and steal peoples money and sometimes big sites do as well ... with little to no recourse.
https://www.ccn.com/syscoin-threatens-moolah-legal-action-missing-funds/
17 Oct 2014 - The 250 bitcoins used to purchase those syscoins came from the funds Syscoin raised during its ICO presale. However, Moolah did not return ... If the BTC is not disbursed to the Syscoin team this amounts to theft- plain and simple; and no small theft at that (~$285k USD). If/when we enter into litigation we
Syscoin Injunction Against Moolah Granted by UK Judge - CCN
https://www.ccn.com/syscoin-injunction-moolah-granted-uk-judge/
25 Oct 2014 - Syscoin did the right thing for its investors during its presale by entrusting its coins to an escrow service, and they should be rewarded for their responsibility–not punished. Hopefully, the injunction will prompt Kennedy to return the stolen bitcoins. If not, Kennedy will have to face the British legal system.
Mintpal scammer Ryan Kennedy arrested in U.K. over theft of 3,700 ...
https://siliconangle.com › NEWS
23 Feb 2015 - An investigation detailed by the site Mintpal Justice subsequently discovered that those very same “hacked” Bitcoins were being sold by Kennedy on Bitcoin sales site LocalBitcoins. SYScoin, which had 750 Bitcoins stolen from it from an escrow account held by Mintpal initiated legal action against Kennedy ...
I am new to crypto-currency and notice all these different ICO and IBO offers here and else where. Ran into some that look scammy and read about past scams.
This leads me to the question,
Has any legal action ever been taking against any individuals involved in these scams. If so can someone link me an article or give me the name of the coin.
This market reminds me of the online poker market where these fly by poker sites open up and steal peoples money and sometimes big sites do as well ... with little to no recourse.
This leads me to the question,
Has any legal action ever been taking against any individuals involved in these scams. If so can someone link me an article or give me the name of the coin.
This market reminds me of the online poker market where these fly by poker sites open up and steal peoples money and sometimes big sites do as well ... with little to no recourse.
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