Topic: Punishment for ICO for being scammed. - page 7. (Read 922 times)
I've heard of an application software which helps to eradicate and filter scams from the crypto market. I hope this will have a great impact on the investors.
There have been cases where arrests were made because some ICO's scammed people. One example is Onecoin, which had 119 team members arrestrd in China. You can read the article here: https://www.businessforhome.org/2018/05/chinese-authorities-arrest-119-onecoin-leaders-7-1-million-sized-from-sebastian-greenwood-2-4-billion-involved/
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?
In order for ICO projects not to be fraudulent or minimized, it is necessary that such projects and the ICO team be regis- tered by authorized state bodies that carry out certain checks and supervision of such activities.If the ICO team escapes from the collected money, it commits a criminal offense - fraud. In the criminal code of my country, it is defined as deception or abuse of the citizens' trust for the purpose of capturing other people's property and is punished with imprisonment up to seven years.
As far as I know there is not straight guideline to check any ICO scam or not. But one can trace that by studying the documents and analyzing the team working behind the ICO. And since there is no legal paper with rules to control the sector, there is no legal body formed yet. I hope something like that will come very soon to monitize the industry.
I think no body has been set up for that purpose, except if one is going to be set up newly to scrutinize every proposed ICO. I think what we have now are the ICO listing sites whom we need to be very honest and discrete with the type of ICO they list on their sites.
We are really helpless here. There is no filtering method to filter out the scammed ICO. We will have to find it out by ourselves. You just need to be careful while selecting a project, Go through their website properly and see the team working behind. This may help you to find out the scammed projects.
even though we have been scammed, but we can not do much thing because they have disappeared from the rosters. On the internet counterfeiting is an easy thing, everything can be edited. It's need hard work to track them down. 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?
Law? I dont think that can do anything in the crypto currency project. If they start to make laws for it then surely it will become the centralised part of ICO and that wont be good for us - we will expose with it ourselves. Anyway thats not the point here but im sure making law suits applicable to them is not an option here.
If we were to do the punishment anyway then we can just demand our money back with some interest on it as we lost our time over their investment. They should pay it in the currency that we want or fiat if needed.
As the whole system of cryptocurrency is decentralized and those who are making scam are anonymous,it is quite impossible to find out and punish those who are making scammed ICO.
We are really helpless here. There is no filtering method to filter out the scammed ICO. We will have to find it out by ourselves. You just need to be careful while selecting a project, Go through their website properly and see the team working behind. This may help you to find out the scammed projects.
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?
that would be perfect, but i don't think it's possible at the moment. Maybe after creating some regulations, we'll see less scam ico projects. I would really like those scammers to get punished. So many people suffered from their actions, this is just no fair that they can get away with the whole skin.
If you want to trace a scam ICO before making investment, you have to do a lot of research and study on the project. You also have to check the team working for the project, their roadmap, their response in TG group, their project acceptance to people. Considering all these things, you will be able to trace an ICO scam or not. However, there is no authorized body to trace the scams and punish them if scam proved.
Cryptocurrency is solely speculated, few initiatives are honestly worth it! but buddy try and study their whitepaper and ask them about github that is the area to be in which you can see developers are absolutely have thier product. if you actually need to join their undertaking. Github and telegram is the answer
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?
This kind of people must not consider as human,because what they are doing is cruelest for human race and must be punished by death.imagine the hard earned of a people that has been gather for long time and in a single moment that invested in their fake project suddenly gone and leave them waiting and asking whay is this happen.i hate them earning with scamming and dont break their bones for living
I reason with your opinion, that why people have being clamoring for regulations on crypto, but it would also have a negative impact on the profitability of crypto
Punishing ICO scams is a necessity for the cryptographic market to gain the trust of the community. But now, only a few countries can crack down on these fraudulent ICOs because their digital money is legitimate. Many countries can not do anything about them. Investors expect governments to soon be able to manage the market and have proper penalties for this fraudulent ICO.
As of now, I think there are no punishments for scam ICO. In fact, even an ICO is a scam, they can still make another ICO but different project name. For me it will be better for the community and crypto world if they there will be a clear punishments for ICOs that are scam. Maybe they should be banned in this forum, or even be in prison if they were guilty of scamming people. People invested their hard earned money, effort, and time in an ICO, so scamming is very unfair and unprofessional. There should also be an organization that will implement the punishments.
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?
actually like many others i wanted this to be implemented since I myself once become a victim by this damn scammers,i had worked for an ico project to advertising and with four straight months of working they never pay me even a single penny thats why i really hated this kind of humansI hope in the near future this must be addressed and must happen,to help others seek for justice and win back their losses
The fraudulent ICO has been one of the causes for people to lose confidence in the cryptographic market. Therefore penalties for fraudulent ICOs are very necessary. To do this, governments should soon have a policy of managing this secret market. This is what investors expect.
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?
One answer - DYOR. Thoroughly research the team, the company registration details, white paper and all the associated details published in the website. Validate the business model and see if it is a blockchain use case. Additionally check out details such as Working Product, Github, whether there is codified vesting etc.
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?
Yeah absolutely, if the money involved is large, then a regulator body like the US SEC might intervene. But it's not unusual that certain fraudsters manage to run ICO's under absolute anonymity and get away from any legal action because there aren't enough ways to trace back to them.
there is no regulations whatsoever on ICOs and when it comes to investing cryptocurrency in tokens (aka investing ETH in ICO) you can never regulate it so you can never expect any kind of punishments for when they scam you. the only solution is to not trust them in first place!
if you are so desperate for profit there are still a lot of other ways of making profit. trading altcoins is the most similar way to investing in ICO but with a lot less risk and a lot less scams.
if you are so desperate for profit there are still a lot of other ways of making profit. trading altcoins is the most similar way to investing in ICO but with a lot less risk and a lot less scams.
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