By looking at the amounts of the fund the mining company scammed its surely a very serious issue about the fraudulent activities going behind the current ICOs.
Photoshopped photos, blockchain blunders, power and mining anomalies, removing information from the internet, key players trying to cover-up their involvement and other deception from Pranas set the wheels in motion for his eventual arrest in what appears to be potentially a $6,000,000+ elaborate scam.
I am just surprised to see even after such an harsh atmosphere in the crypto industry, people are still investing in the ICO shits. You could find thousands of examples of fake ICOs on the forum itself, some of them have fake teams and others are just MLM. It's pretty hard to find a legit project to invest in today's days.
Such fraudulent activities can only be reduced by warning peoples about the risk in any investment, many people are becoming rich by just sitting at home and making an ICO plans to attract innocent investors, by showing them greeds of huge profits in the future. Until now any smart investor should understand the risks in the crypto market and what are the best ways to invest in it. If I was a crypto investor, I would have always choose to go with Bitcoin rather than any other alt ( I see most of them as shitcoins).
The above article can explain how a person could game on an MLM scheme by just showing fake images of some mining hardware ( Most of them were rusted because of no use) and can it also helps other in avoiding more such projects.