Topic: ICO scam!! (Read 655 times)

You need to be careful right for that first you need a safe by checking the white paper of the project first. Then you need to check the project developers team. Mostly if you convienced on those things itself you can go ahead an invest on it mate.

Still you have slight doubt with them means that you can check their Twitter and LinkedIn profile of the team members especially CEO. Tlif you find new accounts there then you can directly confirm them as scammy people.

The scammers are everywhere and the cryptos are not immune to this reality, on the contrary, there is a propulsion of ICO scam and projects that will not work.
We have to be careful not to fall into the trap of many ICOs.

hello my friend
I have experienced the incident Scam ICO. Always be careful if in the telegram someone is claiming to be the admin or manager of the ICO. He asked for some money to me.

I don't.now on the contrary, all projects seek to do better and better and scammers are very, very little as I see at the moment

fake ICOs just make their own thread very wonderful and pleasing with big allocated bounty for each kind of campaign we join and through us sharing this ICO people that reads the ICO program might invest in scammers so the discipline should start on us who joins the campaign or else many will suffer

many projects are really scams. but not everything, right?there are excellent projects in which it is necessary to invest or participate

Everywhere scattered scam,so better to be careful not to scam out ICO,BITCOIN,ALTCOIN and others crypto.Well we have to alert for everything to avoid scam.Keep safe always.

Yes i do also have read some experience of other members here in the forum that could relate on the possibilities that you could be scam with an ICO after all those activities you mention on somehow that could get you to assurance on your investment. He came to join a bounty program which he think was a good ICO they offer digital copy and tv channel for crypto. Indeed a good concept however after the couple of weeks in his campaign the management had came to an announcement that all 15k bounty hunters should take part on contributing 0.1 eth per bounty hunter. They also implement KYC so he leave that ICO for good. Now all of a sudden some of the ICO like what happen to that memver will relatively could also happen on to you. Anyway if you want to invest a good ICO try BITSCHOOL ICO i am happt to ve with this ICO and private sales had gone to almost 4m of sold tokens. Good enough to invest.

However, we should also remember that not all ICO scams were actually a scam when they launched an ICO. Some projects and dev team are actually hoping for their project's success but some of them may have found a hole or something during the course of the ICO (e.g lack of funds, cannot deliver as what they promised, no investors, etc) Due to these reasons, some "real" ico may have no other choice but to exit as a scam. There is a difference with an ICO that turned into a scam and a scam ICO.

Yesterday, I think, investors had a savedroid , the pressure jumped. The news yesterday was not very much that the founder ran away with $ 50 million.
And today, as it turned out - it was a joke !!! Now people are having fun.

Ya, you still have chance scam by them because even if everything look fine, token sale successful raised fund, maybe they will run away after collect ICO money, but it's cryptocurrency world and high risk investment, high profit return or loss, but I still invest in ICO

Try to double check every single details to make sure by yourself that you are not in scam. It will help you no boost your confidence if you join the pillars manager in crypto. With their management scam couldn't be able to enter. Try to search some managers who are active here for a long time until now. You are more safe to invest in their campaign.

i think the only way to know is when it hit on any exchanges and dump after a while and no chance to recover. So if you doubt that the ICO is scam but it hit in any exchanges sale it while it is alive to save you.

Most of the companies that carry out the ICO, it is possible to raise money investors. Scammers rarely come across.

ICO is an unregulated way of raising funds is harnessed by legitimate companies to get direct access to broad network of investors. Having said that, this void in regulation attracts all kinds of scammers which can pretty easily create a fraud business and take advantage of the hype around ICOs.
All the scammers need is a wallet, a Whitepaper and a working website and they are good to go.

as being bounty campaign participant since last year, most of us were joined on scam or failed ICOs because this generation it's very hard to figure out until they show suspecting and irregularities regarding their project road maps and the people behind the ICO and the crypto projects.
At least on my side, I only lost time and effort and not the same with other members in this forum that they are getting scammed by some fake ICOs and Crypto projects that are too good to be true.

    30 ICO projects in total are going to participate in Descrow Platform testing as of today. We welcome 7 new projects!



                           

Medicohealth — project for improving healthcare system by creating doctor — patient environment based on blockchain. Application creates possibility for fully anonymous, safe, and efficient communication with world’s leading healthcare specialists and provide own tokenized and secure payment system. Decentralized ledger technology enables traceability, data immutability and creation of secure methods for privacy protection that makes such platform perfectly fit for using in healthcare system.

International Charity Exchange BCharity. Platform allows to bring together individuals, funds and organizations from across the globe, providing an opportunity to help people in need. Decentralization will transform the modern systems of charity, removing unnecessary activity, barriers and regulators that decrease the effectiveness of charitable foundations and organizations, while evolving global charity to a new qualitative level. BCharity will open new opportunities in the field of charity by facilitating philanthropic donations via digital currencies and increasing charitable activity with no borders.

INSPEM — blockchain based artificial intelligence that able to recognize faces and objects using mobile phones and static cameras. At the moment, the platform develops several areas of activity. The service will be useful in missing people search, bystander or witness search, and in criminal search –it can help to recognize the faces of thieves or terrorists at mass events. The system operates as follows. After the biometric analysis of the face (for example, from the photo), artificial intelligence looks for a coincidence on the tracking cameras, and in case of a coincidence, the user will be able to buy a record from the camera and find the right person.

Hybrid Betting is an Ethereum-based betting game without a mandatory house edge. The advantage of Hybrid Betting is a profit model totally different from models of other betting platforms. Hybrid Betting profit model is based on the number of shifts played: each sport event can be a shift and platform will take a small fee at the end of the betting phase just before the event starts. Fee was considered from 0.5% for bigger events to 2% for smaller events. Hybrid Betting can allow users to bet against each other without considering odds and the bookmaker edge: new game will allow punters to take care just of other punters in a game with no stronger parts.

FrYa Crypto is a platform for the future of business to powering that through new equity blockchain. While existing solutions offer to solve just one problem at a time, FrYa is up to build a secure, useful, and easy-to-use product based on private blockchain. It will include easy cryptocurrency payments integration, and even a digital arbitration system. At the end, FrYa aims to integrate companies, employees, and business assets into a unified blockchain ecosystem, which would make business truly efficient, transparent, and reliable.

Wixlar is a digital currency and payment system based on the blockchain technology. System advantages are in using Hybrid POW/POS and applying enhanced secured hashing algorithm what makes transactions instant and more secure. The system provides opportunity to use Wixlar coins for buying and selling products online and offline and more than 12 other services for private persons and companies such as: Wallets, Master Card, Exchanges, Smart Contract, Letter of Credit, Cloud Storage, E-Shop, Academy, Rewards, Partnerships, Lottery and Free-Lancing.

LibertyLance — Gig based marketplace where freelancing meets blockchain. LibertyLance is a platform for both clients and freelancers, where freelancers can post their gigs and clients can select from those gigs based on their reviews, pricing and delivery. Platform will be self-regulated by using Smart contracts — it will be used to ensure smooth transactions and act as an escrow medium between the two parties without involving any other middleman.
We will be glad to welcome your project on testing the platform, you can apply by filling out the form below
https://goo.gl/forms/PaYT3MoieB0l9YC72
We also invite experts, specialists, analysts in the field of crowdfunding for further partnership, please feel free to contact us
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https://medium.com/@Descrow/30-ico-projects-in-total-are-going-to-participate-in-descrow-platform-testing-as-of-today-bcd9b698544b

Join now:
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I dont think so that all of ICO was scam but maybe some of themThe only knows that ICO is one of the biggest help to make it earn from bounty and investment.

Of course, some scammers lie behind seemingly legitimate projects I think. There are a lot of professional scammers and they mostly get away with it.

The highest probability is that hackers will crack the smart contract code of this project and withdraw all crypto. So developers and investors will end up with nothing..

If you choose the right company, you can find a good decent option that will not let you down and bring money.

Descrow is actively looking for partners for the project development

Dear Descrow community members and everyone who is interested in our development! We advise you that Descrow is actively looking for partners. We need IT developers, advisors, and experts in various fields of crowdfunding. If you have your own project in marketing, legal or fin tech field, if you do care about the development and improvement of the crowdfunding market, we invite you to cooperate with us.

Descrow is an infrastructure project, changing the common principles of investing in the cryptoeconomy and blockchain technology! It is an international crowdfunding platform of a new type with the central service of decentralized escrow and a set of tools for safe investments in ICO and professional implementation of ICO projects.

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In addition, you need to check the project team. Now many scammers are making fake profiles of influential people to raise more money. You also need to carefully study the possibility of implementing the idea.

You have taken a step to find out more about the project and that is what makes you different from others who they just look at is the website, the graphics without even bothering to take the necessary steps in finding out more about the achievements already done by the team.

Also, you have to understand that the team is also very important, so you may need to always add it to your list. With all this and when you are very certain, there is no way you can get scammed.

you should be able to determine the Scam or not,all good, isio appear on Aiko the drop,and if the rating is high,it is unlikely that the project will be Scam

These scam companies have a fraudulent scheme. Everything is fake. Fake whitepaper, fake team, fake website etc.
Most of them have no available products or apps. Most ICO's were merely plans and papers where they would just start developing their application or product after raising funds. So, it is a positive sign for me if a company has an available app already that is tested in handling large volume of transactions.

It is really important to always check, read, and analyze the Whitepaper and look for the Roadmap. Is it a long term goal? Future development? When it will be list to external exchange, developing another application, and so on. Also, a good project has a very active community to support each other.They should have at least the three primary social media platforms such as Facebook, Twitter, and Telegram. Active and updated at Ann Thread.

Some people do legit checking by confirming the amount of Ethereum that ICO already collected. They do it through verifying the ICO contract address if the amount of Ethereum that the ICO already collected that usually showed in the website is correct and same on what you can see on Ethereum blockchain. It can be verify tru Etherscan for ERC20 tokens. (For ERC20 based token)

Yes.

They could forego all future development and give you an incomplete product.

You could still be holding the tokens, but all the promises that they had about how great their platform will be may just disappear into thin air. You have to consider that possibility and do your due diligence when you invest in any sort of ICOs.

Or, they could just collect the money and disappear. That's happened before.

Now, the ico scams are perfect, and I can't find out if they are a scam. I prefer the technical ico, and the application type is not very good.

Unfortunately, there are a lot of scammers in ICO at the moment. I hope that over time their number will be reduced, including the introduction of regulatory standards by the legislation

totally agree with you.project that already have a legal entity could  help us protecting our money.if they scammed us we could make report it.and now on much project that has legality standing

I've seen a big scam recently, it was monero gold. They used an exploit in Erc20 protocol for their own benefit and scammed many traders as well as a big exchange.

It seems to me that to 100% secure yourself from falling into fraud, you must invest in projects that already have a legal entity and a finished product. In this case, we can check all the team members and the legality of their activities. Obviously, it should be people from civilized countries who do not want problems with the law.

you should check it first before actually investing your money. there is much you can do to become a learning and research material. as a whole you have to learn it, and see what ico is potentially future and technological. it is all important to be considered and evaluated

Exactly, most ICOs do not even have any product, and all they have to show is some website and whitepapers and I wonder why people fall for that. I feel the most important thing they always end up missing out like the OP did not mention, is basically the team.

I leave all the other things on one side, and I focus more on the team, their past achievements, how good I feel they can deliver and that is where I make my decisions before going ahead with the whitepaper and some other things I really need to dig further on the project.

There are many criterias to look at, and even after analyzing deeply there is no guarantee that you will not get scammed by devs. As for me, I don't believe youtube, steemit, medium and other social media bloggers because they are interested in creating videos in order they participate in various bounty-campaigns and get stakes from them. I wanna write such article after testing my conception in several ICOs

I think so. Scammers nowadays have also made their quality a bit higher to legitimately compete with those projects that are truly legitimate. That is why telling which one is truly legitimate and which one is just wearing some masks is getting really hard to do. However, more or less, after reviewing everything thoroughly, you are removing a large portion of the risks involved. Of course, you cannot make your decision risk-free but at least you are investing in something that passed your screening. 

I do not know if ICO did a scam, but to anticipate it we should read the whitepaper and its roadmap thoroughly. may we all never be deceived when investing ICO

There are many scam coins in the market which disrupts the good image of crypto. This should be stop in order to support the security of the investors and traders.

If the ICO gtihub code keep update of the project, then you don't need to worry about too much, 99% of the projects are excellent, not deceive people, remember that open source code is the most important point.

Now the most common fraud among the ICO companies is not to pay the participants of the campaign the generosity of the tokens they have earned. To do this, after the ICO campaign is completed, they begin to demand that they pass the procedure for claiming their earned tokens and at the same time come up with such multi-pass options, switching from one page to another, which sometimes turns out to be impossible technically. Another method of fraud is the requirement after ICO to conduct a KYC check for something, requiring identification data and copies of passports and if the signatory does not agree to provide such data and copies of passports, they simply do not pay the earned tokens and these tokens are assigned.

Yes, it’s true that regulations are now being made because there have been many scams and people get victimized. The governments would want to avoid these scams from floroushing within the country so they become stricter when it comes to ICO. Some would want to avoid it altogether so I heard that there are countries that ban ICOs or plan on banning it in the future. If there is better regulation for ICOs this may be actually avoided.

Not even being able to find any of the team online is what amuses me. In fact, some of them go as far as opening a fake LinkedIn profile with one huge fake position they have occupied over the years and some fake pictures, and the account was opened just few weeks back. Seriously ? I cannot remember the exact project, but these guys lied about the team and office address and luckily one of the community members who lives around here ended up finding out. That is the extent at which some of them ends up going, which is why my main target has always been the team, and once I am okay with that, I can start asking other relevant questions.

In fact, scammers are everywhere, and everywhere there is a risk. There are really a lot of projects now and we need to be careful when choosing them. I saw the news that in Russia they create rules of regulation when creating a project, which would protect investors. Perhaps this will be an example for other countries in which projects are also being created.

There is, so to avoid that matter, you must investigate about that ico, about everything you have to learn, like their background and if that ico has a chance of being success after it launched. check the community who support that ico and decide for yourself if its good or not.

There are different scenarios which will determine if you got scammed by these greedy developers which normally occurs in a real life scammers when it comes to some investments programs or businesses, they get scammed by the devs when they abandoned the project after the ICO sale taking away the investors money without any sign or trace brutal right? some of them cloak themselves with a legit looking ICO's, they will show that they have a pretty good team, always responsive and helpful to their clients, the project looks neat and good, they have a good system for their advertisement then finally got successful with their crowdsale, able to release their coins on exchanges then suddenly dumps their coins when the time is ripe vanish from the thin air, there are tons of gimmicks and events when people got scammed from these ICO's.

After all you can still get scammed, because you dont know what the team is doing and if it is trustable. There is always a risk that you get scammed, you should watch out for some solid projects with solid team members behind it. If you can find some great information about the team you should be fine!

Not all ico is good, but there are also ico that fail and only fraud, their tokens are not included in the exchange. Be careful of investing in ico, first study their project, and then you can to invest in their ico.

They advertise and promote coin "1" as the ICO and wait for people to bite in. They usually spend months or even years doing this. When they get enough investment theyll create/mine coin "2" on their own and just leave people out of the air. They usually provide a very promising timeline or schedule(mostly short term until the ICO) but if you look hard enough on their whitepaper you should well see enough that they are scammy. This is only my own understanding and observation.

I know in a month about 5 projects Scam,but iceotope basically all projects are gaining cap,and no Scam

ICO scam is becoming very common now....So to sort out the legit ICOs is a very difficult task...Look for the team which is operating an ICO...the team must be responsive... then the whitepaper....then the reviews about it...All this only I can say...

I also had to meet some ICO Scam shortly after ICO finished dev immediately disappeared without any news at all, but now I know how to choose a good ICO and avoid SCAM.
Here is how :
Choose an ICO project in collaboration with AmaZix, as I have often joined ICO projects in collaboration with AmaZix and all have great success without SCAM

if you want to know more what is AmaZix you can visit : http://www.AmaZix.com

There is alot of ico scam now adays someone have to be very careful. Do your research well before you join any project.

I believe there are many people creating CON COINS constantly in this forum and some how they have a team of a large numer of boys, shit posting and making advertise of it.

You are absolutely right even the team shows their goal to improve the project after the Ico we will know the truth behind it. Yes the team's seriousness to provide the requirement in order the Ico to be successful. This is really helpful to us to investigate every project just to get rid of scam's Ico.

I do not think that ICO is still SCAM. Because now there are so many projects on CoinmarketCap and I can tell that of the 4 ICO companies in which I participated only 1 was SCAM. Here is a statistic only for me

if the people actually got their coins so there us no scam.

but lot's of projects disappear after they raise ICO. if you git your coins it's your business deciding when to cash it out.

very good action, they usually offer a profit and get you to invest immediately, in addition to a known person, maybe we move away if he offers an investment with empty clarity

Even if they have all the white paper, github, source code etc. you still prone to scam because scammers are also upgrading their strategy. What you need to look for is the team behind the project because the project or white paper will not scam you but the person behind the project will. Check  if this guys are real person or just a dummy names and copy paste images. If this are real person,verify their credibility and check if they have a history of past scam project.

The easiest way - they got your money and disappear with them.
Or they lock your tokens telling you can use them only after the ICO and that you have to wait and be patient. And then they're just relaxing at some sunny island when you're waiting like a fool for a letter.

It is normal because some of them are professional scammers and they take their time like they are in for the real business knowing it is for a good cause for their pocket. Most times, the only way to know is to find about their team.

It is not about a graphically well designed website, or a colorful and well written ICO or some github codes, the team definitely is just the best bet to be sure. You cannot have a team that has worked on several projects in the past outside cryptocurrency or probably have some relative experience with some top companies and a good position over the years, to spoil his or her name over scam.

Once you are sure this is a team you can assuredly leave your funds in their care, then that is when you can go find out about the project and analyze it yourself to see if it is something that can work before you invest.

I quite agree with you to some extent. However, there are projects which are intentionally dumped in the market by the devs. How do we explain the case of Swisscoin (SIC) whose total supply was increased few days after it came to coinexchange as the devs pushed more coins into the market. That act was a pure scam and many holders quickly sold off causing price to dip greatly.

you shouldn't invest money you not ready to lose. think about why ICO exists and why not to just put coin/token on the exchange. why developer setting price for you?

I will agree with you.Theres a lot of scammer in telegram sites its because they have a way to personal message on you.I've experienced that one but I've focused on the admin and not who directly pm me.In this situation we should be careful and keep up alert always.

We cant detect if the ICO was scam or not but if we joined the ICO compaign most of scammers locate on the telegram.I would say that because after you joined the telegram there was a person pm you and they like to invest you.This is the sign that they scammed on us so avoid it and try to point out if you invested was real or scam.

there is a site KICKICO

if you join ICO s which are on www.kickico.com, there is no way you can put money into scam ICO's

they also have a coin kick which is a promising investment  

I think to invest in a project or ICO, you should do some research, check on each, icoholder, icobench, news about the project, their team and check on linkedin.

I found one good page, icoguide.com, they have good reviews. As I understand the platform is newly launched and they have no reviews of many ICOs, but the evaluation is quite good.

 
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You should not underestimate the power of human's (founders') greed. I believe that the most projects turn out to be scam exactly because of greed and the absence of conscience.

yes there's still a chance, but if you did all the things you stated, it will give a lower chance for you to got scammed from an ICO.

If you have done your part which is researching before you invest to any of these ICOs,im sure you would be well informed what would be the possible outcome if you invest to the ICO,if your researching has some positive outcome your money will surely return with some gains,but if you are foolish enough to invest without proper research you could ended up investing to these scam projects that will runaway after they have gathered enough money from these fool investors.

You are welcome mate. As you see, they did invest $500,000 in marketing to SCAM people. So we must think twice and research deeply before investing in any ICO.

I do not understand with your question, maybe this thread can help you to get the best ico and how to choose ico safely.
https://bitcointalksearch.org/topic/m.28918031

There is a way for you to get scammed after you are doing a deep research about all of things that related to the ico. The fact that some project runs a shady business by changing the business plan at the middle of development process and that was just like a big lie to the investors. You might have seen the price drop a lot.

The best thing from amazix because the team was doing a lot of audit and verification to give the more security layer to the investors.

I think there are many ways they run scam in this space, I don't know if you followed the Confido exit scam, some can reached the level you painted, pumped their coins and they dump on the market for exit scam, this was what the team did then

Try to invest when there are amazix people. They are a professional who managed ICO's.
I think with them, scam will be difficult to occur. and we are investor can stay safe.

there are several ways to judge a ico is good or not you first notice the Roadmap and its White Paper ICO quality will have a clear roadmap and white paper. It's important to determine the journey of the coin in the future. Because the roadmap and white paper is a description of the future of the ICO and note the total supply of ICO coins
As per economic law, the more total supply of coins, the cheaper the price. And the less total coin supply, the higher the price. Surely this could be one of our reasons to see which prospective coins are good.
actually there are many more tips to see an ico.

Yes, not all ICO, you just need to learn how to analyze better, many ICO excellent team and finished products, the Main quality analysis, and not go into everything

If you encounter a scam ICO project, so if the tokens, does not have the list on the exchange, so the tokens, liquidity is always no, it means that you can not sell out the tokens, which means you cheated.

ICO is a promise, and if the promise is not delivered, you can call it scam, or otherwise
scam is when developers did not even planned to deliver promises...

They may just take your money and disappear. That's the easiest way to be scammed. 

@serguvan
I went through your article. Really need to be careful out there.
Thanks for sharing mate!

I disagree with this, scam isn't thrown around loosely, lot's of coins here are scams.
Maybe we should all copy some coin collect money disappear and just say it's a failed business venture.

you may experience something bad after invest to ICO, why did not you check the all details of the ICO before you join or invest in there? check details ICO from the team and roadmap or others, because it is a key whether that the project will be successful or not in the future. I have long joined the ICO world and everything end successfully.

Everyone should know that when buying into an ICO, you're putting a tremendous amount of faith into the project team.  Not that they just wont walk away with your funds (Benebit,) but that they can execute.  They have to build the blockchain technology, promote the coin, negotiate with exchanges, maintain a community, navigate government regulations, and finally... stay together as a team to upgrade the technology as the environment changes.

These things are difficult for centralized businesses with managers and paychecks to force cohesiveness... but even more so for virtual teams.  I'm actually impressed so many get the job done with all these challenges.

Signs of crypto projects to avoid:

1. Plagiarized white paper
2. Serial token creators
3. Lack of technical details
4. Can't find founders online
5. Lack of community support
6. Lack of real world use case
7. Obnoxious fundraising goals
8. Discounts / bonuses that sound too good

If all these things check out positive, you still have to be careful. You have to question yourself if the company is going to spend the funds properly, or that they just want to make a quick buck.

Also be careful of other scammers:
- Fake Mails
- Fake Websites
- Fake Telegram members

Always double check if the site/mail/person is the real one.

The word scam is thrown around too fast around here.

As far as what can be considered a straight up scam, those are actually pretty rare and easy to spot.
These are the kind where everything is fake, the team, the company, the website.
Nothing of it exists and the after the ico they disapear and run away with your money.
If you do even a simple amount of research, you can quickly see if it is a completely fake company or not.

What most people nowadays call scams, are really just failed business ventures and startups.
What is more common is that a startup raises funds through an ICO, and the business goes nowhere, and the value of the coin or token drops below ICO price and stays there.
The most common reason why ICO startups fail is because of an incompetent tech team.
A lot of these companies gain no benefit having blockchain and they can't even implement it well.
No progress is made and the whole thing just dies.

You have to realize, that tokens and coins are not stocks in the company, if they have no real use then the value will fall.

absolutely, except in few cases where privacy is concerned, we can check the actual product and move fwd

As stated, there are many ways to scam people during ICO period. Some scammers look very professional that you see their project as investible. They actually market their scam ICO very well to make you invest in it.

Let me share with you an article that explains one of the most recent scam projects, Benebit and how they scam their investors.

https://medium.com/@Descrow/the-organizers-of-the-scam-project-benebit-have-disappeared-with-2-7-mln-ba0ef4fb440b

I had joined their bounty campaign to promote their project, and guess what? I got nothing!

It is necessary to look at the most important thing about the team, so that they are all real people and not fake, do not be lazy to check out each member. Then you already switch to the product, there should be at least a working model, it is possible in the test version, it will be very good if the business is created long ago and this is a new direction!

there are many ways as ICOs are usually investments in very early phase of the companies, some of them have literally nothing to show for their work. Therefore some of them simply won't deliver and scam their investors.

If I ask I do not know the scam of the ICO but we are careful in the forum we may have a lot of scammer that is spreading over time so we beware of you bitcoin and thank you very much for the news.
 

How do people actually get scammed after an ICO sale? Let's say i've gone through the company's website, whitepapers and github source codes. I have decided to invest for some of their tokens. Is there a way i scammed after all this? Share your thoughts.