Punishment for ICO for being scammed. - page 10.

Red_Evil

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Quote from: Julunguul on June 18, 2018, 07:21:12 PM

Quote from: totoy4741 on June 18, 2018, 03:40:04 AM

Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not? And is there any bodies of law that would be able to punish them once they turn into scam. And what punishment should be given upon committing such the crime?

Recently, there's no such way to detect of scam ICO, the only way is we need to really watch the ICO that we want to invest. For me when there's a sudden change about the terms of those ICO, we need to be carefully, it might one of their way to scam people.

Punishment ? i think there's no bodies of law wanna do that, although if those country give a illegal stamps to "Cryptocurrency" which that means we take the risk and country can do anything much

I think this time the punishment for the scam ico is only in the USA. as has been done by the SEC against some ICO projects that are considered to deceive its investors like the centra project

Julunguul

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Quote from: totoy4741 on June 18, 2018, 03:40:04 AM

Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not? And is there any bodies of law that would be able to punish them once they turn into scam. And what punishment should be given upon committing such the crime?

Recently, there's no such way to detect of scam ICO, the only way is we need to really watch the ICO that we want to invest. For me when there's a sudden change about the terms of those ICO, we need to be carefully, it might one of their way to scam people.

Punishment ? i think there's no bodies of law wanna do that, although if those country give a illegal stamps to "Cryptocurrency" which that means we take the risk and country can do anything much

samcrypto

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Quote from: Encelad on June 18, 2018, 07:15:46 PM

As yet, the cryptocurrency is not recognized by the whole world as a means of payment and accumulation. The authorities of different countries are in no hurry to punish the criminals. After all, if the theft of tokens is punishable by law, then it is necessary to legitimize the cryptocurrency. I'm sure that someday it will happen. But now we can only hope.

Since cryptocurrency is not yet recognized by so many countries then I think we can't file any case to the scam ICO. Maybe someone should create a company who's business is to make ICO from its client so we can sue someone if the project turns to a scam, I hope this will happen so people will have the confidence to invest on ICO again.

parlerm

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We can't punish them. And it also which make SCAM ICO multiply. Also right now we're hard to different between SCAM or LEGIT. Maybe we have to make some improvement so, in the future there is no more SCAM ICO.

Encelad

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As yet, the cryptocurrency is not recognized by the whole world as a means of payment and accumulation. The authorities of different countries are in no hurry to punish the criminals. After all, if the theft of tokens is punishable by law, then it is necessary to legitimize the cryptocurrency. I'm sure that someday it will happen. But now we can only hope.

vrabac68

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One day it will be SEC who will check all new ICOs but i know that already there are plenty projects waiting for licenses and SEC permition for start because a lot of bounty projects stopped doing promotion and selling of tokens

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Quote from: totoy4741 on June 18, 2018, 03:40:04 AM

Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not? And is there any bodies of law that would be able to punish them once they turn into scam. And what punishment should be given upon committing such the crime?

I don't think to there is a way to pinpoint that an ICO is a scam because blockchain is very vast. Another thing why scammers cannot be punished is the anonymity of everyone using the blockchain technology. So to avoid or minimize the risk of being scammed, we should read thoroughly the roadmap and the real product of the ICO to determine the percentage of a legit and non legit ICO.

turagsoy123456

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Quote from: totoy4741 on June 18, 2018, 03:40:04 AM

Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not? And is there any bodies of law that would be able to punish them once they turn into scam. And what punishment should be given upon committing such the crime?

Actaully we can not directly punished the man who is behined the scammed ICO, because its hard to find them they are not visible. And there is no egency assign to monitor and evaluate who is the scammed ICO. The best thing that we can to prevent those scammed ICO.. Before we decided to invest our money in that ICO, we should do a certain reseach their team and the roadmap of their project. So that we will know that ICO is legit.

parkraol

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For now, there is no project that make investigation and filing the case against scammed ICO. I think any individual can file the case against scammers. So what we should do is to do further research and analyze the ICO if it is a scam or not. When the ICO is very transparent with videos, images or photos and have a genuine whitepaper, I can say that it's not a scam. Hopefully there's KYC to store their real identity in crypto world so that investors can avoid scammers.

rommelo24

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Quote from: totoy4741 on June 18, 2018, 03:40:04 AM

Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not? And is there any bodies of law that would be able to punish them once they turn into scam. And what punishment should be given upon committing such the crime?

It is true that there are scam ICOs that are running even right now but it is very hard to detect them as they are also evolving. The way they present their project it seems that they legit.

automail

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Unfortunately, there is a law of scammers but the question is they will get caught. A lot of people scammed investors on ICO's but I haven't heard anyone get in Jail or at least pay for what they have done. The law for online communities like crpto currency is being implemented by choice. The police can caught a scammer if they want to but they just won't do it because of the technicalities behind it. Try going to the police station and report a scam online. You will have a hard time talking to them.

If KARMA is real, maybe those scammer will get it someday....

dunfida

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Quote from: totoy4741 on June 18, 2018, 03:40:04 AM

Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not? And is there any bodies of law that would be able to punish them once they turn into scam. And what punishment should be given upon committing such the crime?

Filter? This is only possible thru regulations that why you can see of projects which do comply KYC because most of them do already comply on laws which this would really lessen possible fraud and scams but in other side scammy ico projects would always exist as long theres investors who do keep feeding em up then the cycle would continue. Catching them would be nearly impossible because they do scam out people into some indirect various ways and on the end you do realized as an investor that you have been robbed. Consquences? supposed to be the traditional ways.

ROB18

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Unfortunately, ICO's as it is still on the building stage and looking for investors, they are not yet regulated. It will be regulated only once the company will start the actual business therefore they have to acquire a license from the Government. I would highly suggest that there should be a governing body from the Government that should control the ICO's in order to validate there project and the team behind this project. That way, there is a sort of assurance that we are investing on a real project and real people.

OluwaTosin10

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Quote from: totoy4741 on June 18, 2018, 03:40:04 AM

Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not? And is there any bodies of law that would be able to punish them once they turn into scam. And what punishment should be given upon committing such the crime?

Except caught
I don’t think there is any punishment for ico scams and thief’s
But we have Karma and God to judge

For bounty managers, I think there should be some form of compensation for participants who fall victim to such fake projects and managers should check on the team often to figure out things certain projects hide

Then we can be a little safe

barlo357

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Everybody here has a responsibility to trace those scammers and I think the punishment is to post the name of scammers in forum so that people here will be aware for their activities.

rextoinsem

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At this point in time it is very difficult to come up with any punishment for fraud. The legislation of the countries will not soon make decisions on the regulation of the cryptocurrency market. At this point in time, it is only common sense and community opinion. I would also introduce a mandatory KYC for developers. And the video KYC and not sending photos and Bank statements.

juragankambing

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I personally really hope the filtering of ico because nowadays very much ico which leads to a scam,
I strongly agree if there is a legal body that focuses on ico scam because after all ico scam is a form of fraud

TerrorFromTheDeep

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I think it will be very difficult to prove fraud in the ICO framework. Especially if it's a good prepared scam, then most likely the organizers are ready for this and it is not able to identify right persons.

yslyv

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there is no an exact filter for scams. you should focus on the team. you should check their previous experiences, you should check their approach through questions asked. if they satisfy you enough you can trust and invest. if not you can just ignore.

btccashacc

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That's why the government is trying to control the crypto industry in order to protect their citizen even though it againsts the decentralized nature of the crypto itself. Too much scam ICOs out there since it's not hard to create ICO, we as an investors have to be more selective in choosing which project that we'll invest in, whether they are real or not and can bring benefecial to us in the future.

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