Just read what happened to Minerone, the person behind Pranas was active till couple months ago where he was giving progress reports to investors that in the end proved to be all fake and the business never existed it was all stories and lies. Now the criminal investigation has started against the person and i hope he will be given strict punishment by the authorities for the frau, he has not only defamed himself, his city, his country but also the blockchain and crypto industry. Secondly i hope the authorities will refund the investors and mio token holders with whatever amount that will be recovered from pranas.
Last year there were loads of scams and i hope all the people behind these scams will be punished so crypto can move forward positively.
Topic: ICO owners and their dubious character. (Read 514 times)
If you have previously done an ICO, one of the owners and previous ico failed on a bad note. Of course the future will certainly affect the ico project. Let alone that, a team that is less professional or experience will certainly influence investor confidence. So the ico team is actually very important for one of the beliefs.
The main thing is that large investors would not fall for money on trust in experts. After all, everyone can be an expert. Or do you think not to deceive them? It's hard to trust camuto to create your own unique list for review. And you can train by participating in the bounty.
If you have previously done an ICO, one of the owners and previous ico failed on a bad note. Of course the future will certainly affect the ico project. Let alone that, a team that is less professional or experience will certainly influence investor confidence. So the ico team is actually very important for one of the beliefs.
Nothing last forever ,there dubious ways will vanish into thing air soon as every crypto investors are getting wiser ,I as a person I don't dare invest in ICO projects any how without proper investigation
We indeed need some help in this industry. Scammers and lairs are taking advantage of the decentralized and anonymity features of this industry in order to hoard other people's money and run with it leaving many dismayed investors both big and small with empty bags. What is surprising is that it is so easy to get away from the fraud? In fact, scammers are using fake names and information so that it can be difficult to track them once they are gone with the wind. I am suggesting that the industry come up with its vetting system...or akin to KYC requirements for project proponents or owners. Scams are damaging this industry in the bad way but I am seeing no concrete actions done yet.
We indeed need some help in this industry. Scammers and lairs are taking advantage of the decentralized and anonymity features of this industry in order to hoard other people's money and run with it leaving many dismayed investors both big and small with empty bags. What is surprising is that it is so easy to get away from the fraud? In fact, scammers are using fake names and information so that it can be difficult to track them once they are gone with the wind. I am suggesting that the industry come up with its vetting system...or akin to KYC requirements for project proponents or owners. Scams are damaging this industry in the bad way but I am seeing no concrete actions done yet.
I am expecting something new and people's should not lose their fund.
It's already developed in the name of IEO. IEO is ensuring security to the investors by launching raise funding campaign on their launchpad. However, this has positive and negative effect both. Many new exchange will pop up and start to raise fund which can be a good reason of scam project to be raised.
I am expecting something new and people's should not lose their fund.
It's already developed in the name of IEO. IEO is ensuring security to the investors by launching raise funding campaign on their launchpad. However, this has positive and negative effect both. Many new exchange will pop up and start to raise fund which can be a good reason of scam project to be raised.I see no explanation for people being scammed again in IEO if they really go through the proper channel. If anyone still gets scammed in IEO too, then the blame now should be on the investors for not picking the right platform for investment. Any investors should strictly rely on IEO from the 10 top exchanges.
I am expecting something new and people's should not lose their fund.
It's already developed in the name of IEO. IEO is ensuring security to the investors by launching raise funding campaign on their launchpad. However, this has positive and negative effect both. Many new exchange will pop up and start to raise fund which can be a good reason of scam project to be raised. The number one solution is that people need to do their own research before investing in such projects. Maybe request a Face to face Ask Me Anything and don't believe ratings from paid websites like ICO Bench and the others. Podcasts are good tools too. Since you can actually here the people's voice. Or maybe conferences as well.
I am agree, we should always believe on rating from website like ICO bench or others. ICOs should be good for start up to carry the project and make a good product but seem many scammers trying to disrupt ICOs and make investor fear investing in ICOs.
Its because many government still not regulating ICOs or crowdfunding and i think thats why regulation needed in this industry. Crypto growing more bigger and become billions dollar industry and i think its normal if government regulating cryptomarket
The number one solution is that people need to do their own research before investing in such projects. Maybe request a Face to face Ask Me Anything and don't believe ratings from paid websites like ICO Bench and the others. Podcasts are good tools too. Since you can actually here the people's voice. Or maybe conferences as well.
ICO as we all know is an avenue for developers to request for funds in order to carry out their project or their plans. As much as we have seen lots of scams in this crypto business, many more are coming.
i think the latest means by which these fraudsters scam people of there money is by creating multiple projects and launching it separately. Example. a project owner launch an ico project in January. the ico failed to reach soft cap, maybe raised a little amount of money. the owner declared a loss and shut down down the project, informing investors about the update and promise a refund.
there is every probability that 40% to 20% of investors has forgotten about this project and may not request for their cash back. simply because the tokens has been send to their wallet.( sh**t coins). they are plenty.
watch the next move: the owner launches a second project maybe late july or august changing all information and using the funds generated from the first project to facilitates the second project.
Guess what, if the ico turns out to be successful, we might move to the next stage(exchange launching, project development) but we all know the outcome of an inferior projects.
Or the same initial process may continue if project failed to reach soft cap, I.E shuting down, promise payback which they can't fulfill and come back again with an entire different story.
so many ICO owners has tried this pattern many times stealing peoples and knowing fully well that they have nothing to offer.
we need serious help in this crypto community.
i think the latest means by which these fraudsters scam people of there money is by creating multiple projects and launching it separately. Example. a project owner launch an ico project in January. the ico failed to reach soft cap, maybe raised a little amount of money. the owner declared a loss and shut down down the project, informing investors about the update and promise a refund.
there is every probability that 40% to 20% of investors has forgotten about this project and may not request for their cash back. simply because the tokens has been send to their wallet.( sh**t coins). they are plenty.
watch the next move: the owner launches a second project maybe late july or august changing all information and using the funds generated from the first project to facilitates the second project.
Guess what, if the ico turns out to be successful, we might move to the next stage(exchange launching, project development) but we all know the outcome of an inferior projects.
Or the same initial process may continue if project failed to reach soft cap, I.E shuting down, promise payback which they can't fulfill and come back again with an entire different story.
so many ICO owners has tried this pattern many times stealing peoples and knowing fully well that they have nothing to offer.
we need serious help in this crypto community.
That is a very popular scheme in many kinds of projects - investment ones especially.That works perfectly - that's why people are using it. So, the only way to stop this is to stop participating in such a shitty projects. This will barely happen, people are too greedy and dumb
Choosing ICO is actually not easy, but we must be careful. What we have to check for a new ICO is a real Team and has a real product. The team must have a very strong character and they must be solid in developing the ICO project.
ICO as we all know is an avenue for developers to request for funds in order to carry out their project or their plans. As much as we have seen lots of scams in this crypto business, many more are coming.
i think the latest means by which these fraudsters scam people of there money is by creating multiple projects and launching it separately. Example. a project owner launch an ico project in January. the ico failed to reach soft cap, maybe raised a little amount of money. the owner declared a loss and shut down down the project, informing investors about the update and promise a refund.
there is every probability that 40% to 20% of investors has forgotten about this project and may not request for their cash back. simply because the tokens has been send to their wallet.( sh**t coins). they are plenty.
watch the next move: the owner launches a second project maybe late july or august changing all information and using the funds generated from the first project to facilitates the second project.
Guess what, if the ico turns out to be successful, we might move to the next stage(exchange launching, project development) but we all know the outcome of an inferior projects.
Or the same initial process may continue if project failed to reach soft cap, I.E shuting down, promise payback which they can't fulfill and come back again with an entire different story.
so many ICO owners has tried this pattern many times stealing peoples and knowing fully well that they have nothing to offer.
we need serious help in this crypto community.
That's true we need help to stop what every projects doing like scamming and stealing every money of investor. I think they need to consider what people's welfare. People needs help from the higher like sec and so on. i think the latest means by which these fraudsters scam people of there money is by creating multiple projects and launching it separately. Example. a project owner launch an ico project in January. the ico failed to reach soft cap, maybe raised a little amount of money. the owner declared a loss and shut down down the project, informing investors about the update and promise a refund.
there is every probability that 40% to 20% of investors has forgotten about this project and may not request for their cash back. simply because the tokens has been send to their wallet.( sh**t coins). they are plenty.
watch the next move: the owner launches a second project maybe late july or august changing all information and using the funds generated from the first project to facilitates the second project.
Guess what, if the ico turns out to be successful, we might move to the next stage(exchange launching, project development) but we all know the outcome of an inferior projects.
Or the same initial process may continue if project failed to reach soft cap, I.E shuting down, promise payback which they can't fulfill and come back again with an entire different story.
so many ICO owners has tried this pattern many times stealing peoples and knowing fully well that they have nothing to offer.
we need serious help in this crypto community.
Indeed so many ICO who scam people who invest i think this affect the price of most coins including bitcoin because this who got people funds, after sell them and make the price drop very low.
The truth is that everything that has a beginning has an end, and i am very sure that the end of fraudulent ICO's is very close at hand, especially with the introduction IEO which will be a very difficult part for projects like the ones you describe above.
Yes you are right about such dubious character
And that’s why researching is emphasized almost every hour on the forum if not minutes
Most icos as such as scam icos and belittle can be done by investors
And that’s why researching is emphasized almost every hour on the forum if not minutes
Most icos as such as scam icos and belittle can be done by investors
I think the main issue is to be able to get the right information about the project team which will let one know about past records and capacity to work on the project. This will require deep research which will go beyond the information that the team gives about themselves which may not be wll true.
We just need to start avoiding them at all cost. The more we talk about them, the more we are promoting them (even when talking about their negative aspects). If you do really want to join an ICO, look for ICOs with very well known developers and team. Make sure you understand what the project is about. Evaluate it and see if it is actually feasible. Developers that hide their identification are likely the ones who will be scamming. So don't think about joining those ICOs.
No ICO or IEO projects will get my money again, I have learnt my lessons, Almost all of them are scams, the level at which retail investors are being scammed not is huge, can you imagine these teams selling something for retail investors at 100X the VCs, so when their is almost not price they dumped their tokens that they don't make money. People need to wise up now
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