Topic: List of fraudulent compaines and corporate failures (Read 8616 times)

They did have to ask for it I sent a few messages out if you want the reward add a *New company to the list with all the evidence and Pm me I am a man/woman of my word.

Did anyone actually get the reward?

 Dank Bank - unintentional investment scam

Coinex.pw - just up and took everyone's deposits (mine too )

Bitcoin  investments and trust - ran with the money, operator arrested

Cryptcominer - very successful ponzi scheme

Flexcoin - hacked; all deposits stolen

BitVegas - owner missing, wallet empty

Will elaborate further in a bit

Thanks for that keep adding I will be slowly adding this to a website as well. Put as much detail as you can any inks to news articles ect ect.

I guess we can add Moolah and mintpal to this list
Although the trail is still hot so hope they catch Alex Green or whatever his true name is.

https://blockchain.info/address/17ztgkcaZbs4VFrAswMQGvnNDEtn47rsmu
https://www.cryptocoinsnews.com/mintpals-3700-stolen-bitcoin-likely-in-hands-of-alleged-scammer-alex-green/

Just to mention a few, there was the three related scamstocks on cryptostocks a while ago firemine, mineco, digimine (listings 96, 104 & 105), hard to say exactly how much btc that was involved there as there was some stocks dumped at low price but i guess there must have been stocks sold for at least 50 btc & i don't think the issuer &/or cryptostocks ever cleaned up that mess.
I think there was under 1 btc in dividend payed out in those stocks so the one that listed those run off with most of the rest.

https://bitcointalksearch.org/topic/cryptostocksfiremine-another-listing-that-seems-to-have-taken-5-min-to-make-472265

I hope you're all well.

Thank you so much for helping with the list. I will be presenting at an event in November and December.

Kr,

M

Unobtanium - a cryptocoin
Mine's still stuck in coinex though

Minor detail, but worth correcting.  Havelock claims to still have 100 BTC of the funds raised, BTW.

S.NSA
BFL
HashFast
MintSpare

Top three missed shipping dates on various products.

Top one hasn't done pre-orders but because its publicly traded missing the expected shipping date, of late December is bad for shareholders.

Bottom one is also publicly traded, and the owner thought paying himself all of the profits was a good idea.

Dear Jonsi,

I hope you're well.

That's the second time someone has caught me out for that ^^.

Kr,

Malcolm O

Dear Little P, why do you keep scratching my ears? The corect form is: I hope you're well.
Thx.

Dear Taras,

I hope your well.

whats UNO ?

Kr,

Little P

What about coinex.pw? My UNO withdraw has been queued for months.

A few more companies first

But there will be a prize to each company provided that is proved to be actually fraudulent

Kr,

Malcolm O

What was the reward you were planning to give?

Wow, how could I forget?

https://bitcointalksearch.org/topic/m.861305

I'll throw in Binary fund

Amount unknown but there seems to be enough to show it was a scam
https://bitcointalksearch.org/topic/m.5069842

BASIC-MINING

After the btct.co shutdown, creativex promised to work on a solution but ran away with the funds instead, and he started living off them since then. AFAIK he hasn't used them up yet.

EDIT: found it already listed later on, my eyes must have skipped it at first

There is a similar list and since I don't want to check each one too many securities to sort the Major Hacks from the rest
Will add the link for as a cross reference if someone wants to calculate the total Bitcoins lost
https://bitcointalk.org/index.php?topic=576337.20

ASICMINER and Satoshi Dice are probably the biggest success stories. What they seem to have in common is competence in their team and from early on were very pragmatic in the way they responded investors (with the exception of when MP did the talking for S.Dice). They never promised the world to anyone.

I think Rental Starter is proving to be a champion in the space. It's shaping up to be a prime example in proving that Bitcoin investors shouldn't necessarily have their options limited. I think in the near future quality start-ups from many fields will take advantage of Crypto funding and technologies that are associated with that - such as the decentralized exchanges. Assuming Bitcoin continues to do well. And more serious projects would more likely be interested in P2P stocks rather than un(self)regulated centralized ones (that have like a 50% fail rate?).

Can someone come up with the ball park number of how much money was put up in total by the community to fund projects?

You would have a much shorter list compiling list of non fraudulent companies and corporate successes in bitcoin space

IceDrill / Cryptomex.io


1. keeping shares hostage
2. no dividend payed (aside of one testing occasion) after 4 months
3, funds moving from mining address without any explanations
4. unreasonable kyc conditions (change in contract terms!)
5. complete waste of investors money on scammish looking cryptomex exchange with only one listed security

Now they are basically copying COG scam. Building momentum in investor's anger to the point of liquidation and suddenly a sock puppet will appear in a form of a "liquidation manager" who will give investor's back a few cents on a dollar and disappear. They might address the public once or twice in the meantime.

Will For Cryptomex.

Investors cant buy or sell their shares with out filling out a KYC form,
that could be used to scam in future.

https://www.cryptomex.io/cryptomex/docs/CryptoMex%20-%20Account%20Opening%20Form%20-%20Individual%20%28140429%29%20Final.pdf


notice how they want to know if you have mental illness 

I nominate Icedrill.


They are doing the Hasfast Scam almost down to the letter,
Miners now missing and holding Shares entitlements hostage.

I would add KNC as "person of interest", http://www.coindesk.com/problems-plague-kncminer-broken-super-jupiters-arrive-doorsteps/

I'd suggest reading the comments...

As for success stories I guess the one at the top of the list would be ASICminer (at least for IPO investors who definitely achieved ROI, not sure about the ones who bought before the fall of Burnside's exchange - BTCT)

Somewhere where is it ?

Kr,

Malcolm O

Thanks for the heads up.  If you have specific companies with details post them here when i have time I will do my own additional digging but untill then if you find anything else let me know.

Thanks again for the heads up.

Kr,

Malcolm O

Very sad

I am trying and I think it will improve as we go along (I will get someone else to make it look pretty down the line) so please keep the suggestions coming in. In regards to frauds and failures at this stage when the crypto market is so new i think its viable to lump them together in many cases its difficult to separate both.   For example 50% of the cases showed to me displayed some kind of internal or external fraud that assisted with their companies failure.

Kind Regards,

Malcolm O

I agree, there is a posting somewhere with a list of all the bitcoin related thefts and losses it is presented in a format that is very easy to read.

Do you think that it is appropriate to list fraud with failures? One is the company intentionally stealing funds while the other is simply a failed business (most small businesses fail within 5 years).

It would be quite constructive to list success stories and study common characteristics of their approach, team, product/service, e.t.c.

HAHAHAH i didn't notice this comment one thing at a time. I like the challenge of this one more.  But it makes sense to do both.

Kr,

Malcolm O

lmao!!  How true is this statement?  I have a feeling this list wouldn't take him anytime at all to develop!

Hum, did you consider making a list of the successful ones? That would take no time

Let's not forget the three assets on CS run by fasbit as well.

FAS, FASBIT, and GRID

https://bitcointalksearch.org/topic/cryptostocksfas-fasbit-hows-your-math-you-made-on-the-dividend-457431

*Looks like user Thy had this fella pegged since the first part of February!

http://trilema.com/2012/the-bitcoin-drama-timeline/

trilema documents lots of the scams

there are also the scam asic manufacturers: BFL, Active/Virtual, HashFast, Cointerra, Bitmine...

Deprived Mining Speculation (DMS) - Operator of the fund ran off with the money / became a drunk
Link to thread:  https://bitcointalksearch.org/topic/btc-tc-deprived-mining-speculation-dms-228327
Lost BTC: ~415

BTCQuick - Hacked/Incompetence/Shut down without warning - Jerrod Bunce

Just a quick  one:

Ziggap (Bitfunder)
Stolen funds
https://bitcointa.lk/threads/either-ryan-schreiber-founder-of-ziggap-has-gone-off-the-deep-end-or.112868/

Asic Coop (GLBSE / Bitfunder
Stolen funds / equipment
https://bitcointalksearch.org/topic/asiccoop-asic-miners-cooperative-88008

http://mybitcointrade.de/  (which was in part also a "stock exchange")
Stolen funds
https://bitcointalk.org/index.php?topic=115572.5

Here are some links

Original Bitfunder thread:
https://bitcointalksearch.org/topic/bitfunder-asset-exchange-marketplace-rewritable-options-trading-130117

The fall of Ukyo:
https://bitcointalksearch.org/topic/weexchangewarningthe-fall-of-ukyo-ii-ukyo-digs-a-holewarningweexchange-316546
https://bitcointalksearch.org/topic/weexchange-issue-the-fall-of-ukyo-iii-updates-and-references-342122

The 94% con:
https://bitcointalksearch.org/topic/the-94-con-by-jon-montroll-337523

Thread started by another scammer, Danny Brewster (Neo-Bee) saying he would "solve" the case:
https://bitcointalksearch.org/topic/bitfunder-moving-forwardresolution-process-348468 

I think you should make a list of the various warning signs/traits that all of these scams share.

Dear River boat GOOD QUESTION.

I will reveal all once the list is mature.

At the moment it will serve as a warning and a reminder to prospective investors to do proper research on companies before they invest.

Kr,

Malcolm O

Feedzebirds.com
Ipo- may 24, 2012
Internal fraud ( funds used to fund own site, stop paying out dividends )
Bad management - focus on other personal sites
Joint project of erik voorhees and ira miller
Erik voorhees- currently being investigated

 Kenilworth Exploration (Australian Mineral Exploration):
https://bitcointalksearch.org/topic/kenilworth-exploration-australian-mineral-exploration-200701
https://bitcointalksearch.org/topic/bitfunder-kenilworth-real-world-mining-opportunity-with-bitcoins-222746

Bakewell: https://bitcointalksearch.org/topic/scam-ipo-bakewell-finally-a-transparent-investment-that-will-grow-104489

Bump

+1

BitcoinBourse:
https://bitcointalksearch.org/topic/problem-with-bourse-forced-buyback-on-cryptostocks-361852
https://bitcointalksearch.org/topic/invest-in-bitcoin-bourse-system-shares-346503

I was gonna mention it earlier but I got carried away with the other ones   

JDBIF from cryptostocks: https://bitcointalksearch.org/topic/cryptostocksjdbif-another-scammer-that-claims-to-have-lost-funds-504126

Please give details or a link I will add it to the list

Kr,

M

Again - that doesn't flip up to "fraud" or "failure". They are entitled to that.

The site's own shares are nearly its entire volume. What a sham.

Nobody mentioned WeExchange/Ukyo yet?

Hahaah oh welll!

I agree with you actually. Thanks for the feedback. I will still allow people to challenge bad practice but i'll just leave it in the thread instead of the list.

Kr,

Malcolm O

Sure, here's a starting point: https://bitcointa.lk/threads/bmf-has-lost-access-to-its-wallet.321036/

I don't know if I can agree with this, as my MPEX trades (around the 5-15 BTC mark) have immediately shown up in the order book and have been relayed by the IRC bot.

Regardless, proving false trade volumes is exceedingly difficult, if this thread continues it should be outright and blatant fraud, not a list of "people who were mean to me".

what are you gonna do with this info you are collecting by the way?

Dear Fluff any more details on BMF for me ?

Any minute now Usagi is going to accuse you, too, of not having the mental capacity to understand is great masterful plan.

Dear River,

I just meant a post or two with others highlighting the same thing and I just made a new category in your honor!

Kr,

Malcolm O

Well in that case you need hard proof for all of them or it is slander and a crime.

Owch.

But for my list that's fantastic im begging you if you have any of the posts please give them to me so I can add them here. I want to create a detailed list I think that way people will be more likely to avoid fraudulent companies in the future or do additional due diligence before parting with there money.

As I said I will reward everyone that makes an effort to help me build this list.

Kr,

Malcolm O

Thanks in advanced.

Dear Damiano,

Please give me as many as you can find , pref the date , owners , amount lost as well.

I will give you a reward for each one you find if the list is endless you will get a much bigger reward as thanks!!!

I really appreciate it.

Kr,

Malcolm O

Dear RiverBoatBTC,

U need some basic proof for me so i can add it to the list.  Also many exchange tinker with volumes so I don't know if i can count that as fraud in such an unregulated market its just bad practice.... hmmm Bad practice... I will make a new category ^^

Dear Anasazi,

Please give full details for your reward.

We are listed on Cryptostocks ourselves but I have heard that they lost over 2000 btc on Vicurex to be edible for the prizes u need to be the one to give the details.

Kr,

Malcolm O

Vircurex maybe, definitely a screw up though.

Cryptostocks, while has a lot of scams on there is a generally functional site.

Cryptostocks/Vircurex. Accusations ranging from shady business practices too outright scam. It's more or less clearly documented in various threads on this forum.

Since those 'active' stocks are all gone now, it means exactly that.  A small handful of them refunded investors, a couple are still in the process of bleeding their investors dry.  The rest wiped out their bagholders.

A list of active stocks doesn't always mean fraud or mis management.

Thanks for the heads up on mining bonds ^^ ill take a look.

Thanks if you find the list for me or the post i would really appreciate it.

I will give you each a reward for each company you find. As much detail as possible must be provided.

Kr,

Malcolm O

Use the search feature.

Someone made a list of active stocks and their market caps about a year ago.  Run through the list and you will find that the operators of nearly all of them defaulted and ran with the money in some fashion.  Then go back and find all the listings for GLBSE from the year before that, again you'll find that 95% wiped out their 'investors'.

Then you can search for mining bonds; basically every operator of mining bonds defaults at some stage.

After you are done your research, you might as well fold up your exchange as you will realize that all you are doing is enabling fraud.

Kylemax Studios - Owner gambled away IPO money.

Also btc invest ? I think


The list is endless

coinlenders- tradefortress as well I belive

Inputs.io - trade fortress

bASIC-Mining - CreativeX ran off with funds

COG - Garr mismanaged

Mpex exchange fruad

They fake trade volumes, no way they are doing 700btc a day in trade.

BMF - incompetence

I'd update active mining and add just "incompetence"

Please give details name of operator - location - amount lost ect - date set up anything u can remember

Active Mining - internal fraud

LABCOIN - internal fraud - 7000 to 10,000 BTC - Alberto Armandi, Fabrizio Tatti, Alessia Tatti, Daniel Larsson (aka theSwede75 who is presently press officer at Cointerra) - Reference

Dear Bitcoiners

I hope your well. My name is Malcolm O and I am running the start up Cryptovest Financial Services https://cryptostocks.com/securities/126

The disclaimer

This list is for educational purposes only. It is not intended to cause slander upon any of the companies , businesses or people listed here. Cryptovest, Bit4ME and the Little Phoenix Investment Group have no views or opinions in regards to the validity of the accusations posted here. The list is user generated and users of bitcoin talk are the accusers or defenders of the companies listed here.
All users are encouraged to do their own research before coming to a decision on the companies found in this list. Where possible that will be available in the details section.
This list is intended to encourage crypto investors to take more time before making investments into companies.
While I will do my best to moderate the list with the little spare time I have but I take no responsibility of its accuracy or claims. You must use your own brain: caveat emptor. Watch out for Ponzi schemes. Do not invest more than you can afford to lose.

The disclaimer

Other lists
https://bitcointalksearch.org/topic/hall-of-shame-leaderboardawards-vote-for-your-favorite-worst-crypto-ceos-ever-651315


I am trying to compile a list of the companies that have failed in the crypto space specifically ones that have raised funds and then had a problem loosing their investors funds.

Thank you in advanced ill give a reward to everyone who adds a new company to the list. One reward for each company found and details of the incident or links to the details provided.

I would appreciate the help I know a lot of exchanges over the years, mining companies and small businesses have gone under  or forced buy
backs.

Please give details name of operator - location - amount lost ect - date set up anything else u can remember ( This is a working list I will update it weekly as you give me more suggestions)

examples of corporate failures ( more suggestions welcome)

(long start - over 1-2 years and still not operating)
corporate failure - Bankruptcy
Investor fraud (forced buy back below market value or Forced buy backs
Internal Fraud - stolen funds
Poor management
Bad practice  
poor ethical practice/standards


Company Name    -    Type of Failure -  details -        -accused                    Source

NEO & BEE      - Fraud/ loss of holdings  audio note on NEO
MT GOX  - Fraud/ loss of holdings

LABCOIN  - internal fraud          - ( details 7000 to 10,000 BTC  -accused Alberto Armandi, Fabrizio Tatti, Alessia Tatti, Daniel Larsson, aka theSwede75 who is presently press officer at Cointerra  reference) -            Reported by user E Sam

Active Mining - internal fraud - incompetence                                                    Reported by user steyehn updated by damiano

bASIC-Mining - CreativeX ran off with funds                                                       Reported by user damiano
COG - Garr mismanaged                                                                                  Reported by user damiano
Kylemax Studios - Owner gambled away IPO money.                                             Reported by user MrWDunne
Vircurex - miss management - loss of more than 1000 btc                                     Reported by user anasazi

JDBIF from cryptostocks - miss management / fraud -( details  https://bitcointalk.org/index.php?topic=504126.0)    Reported by user jonsi

BitcoinBourse: - Forced by back BitcoinBourse/ miss management ( details  https://bitcointalk.org/index.php?topic=361852.0
https://bitcointalksearch.org/topic/invest-in-bitcoin-bourse-system-shares-346503 )                                              Reported by user jonsi  +1 by user MrWDunne  

Bakewell: -(details https://bitcointalksearch.org/topic/scam-ipo-bakewell-finally-a-transparent-investment-that-will-grow-104489  )                    Reported by user jonsi

Kenilworth Exploration (Australian Mineral Exploration):  https://bitcointalk.org/index.php?topic=200701.40    
                                                                                                                  Reported by user jonsi

Feedzebirds.com   Internal fraud ( funds used to fund own site, stop paying out dividends ) Bad management - focus on other personal sites      Ipo- may 24, 2012 Joint project of erik voorhees and ira miller Erik voorhees- currently being investigated  
                                                                                                                Reported by user steyehn

WeExchange/Ukyo    -(details https://bitcointalksearch.org/topic/the-94-con-by-jon-montroll-337523)
                                                                                                              Reported by user thehun

Ziggap (details (Bitfunder) Stolen funds -https://bitcointa.lk/threads/either-ryan-schreiber-founder-of-ziggap-has-gone-off-the-deep-end-or.112868/                                                                                              Reported by user the Newar


Asic Coop (GLBSE / Bitfunder   (-details Stolen funds / equipment https://bitcointalksearch.org/topic/asiccoop-asic-miners-cooperative-88008)
                                                                                                           Reported by user Newar


http://mybitcointrade.de/  (-details Stolen funds - https://bitcointalk.org/index.php?topic=115572.5)      
                                                                                                         Reported by user Newar

BTCQuick - Hacked/Incompetence/Shut down without warning - Jerrod Bunce  
                                                                                                         Reported by user adept

Deprived Mining Speculation (DMS) - (-details  Lost BTC: ~415. Operator of the fund ran off with the money Link to thread:  https://bitcointalk.org/index.php?topic=228327.0)                                                                    Reported by user Bonam

FAS, FASBIT, and GRID
                                                       (-details listed on Cryptostocks Early warning signs https://bitcointalksearch.org/topic/cryptostocksfas-fasbit-hows-your-math-you-made-on-the-dividend-457431)
                                                                                                        Reported by user nwfella


Disputed cases


BMF - incompetence/ internal fraud  (DISPUTED)       - ( details  https://bitcointa.lk/threads/bmf-has-lost-access-to-its-wallet.321036/ )                                                                                                                                                  Reported by user damiano updated by user fluffypony
BMF - incompetence/ internal fraud (-details user claims to have only lost 800 usd of clients money ) originally reported by Reported by user damiano disputed by user Usagi
                  
        


pending details

Inputs.io - trade fortress                     Reported by user damiano
coinlenders- tradefortress                   Reported by user damiano
 btc invest                                        Reported by user damiano
WeExchange/Ukyo                              Reported by user thehun