SCAM ALERT!! ADAB EXCHANGE - So Called Islamic Crypto Exchange is Haraam

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Quote from: JollyGood on July 03, 2020, 05:57:20 PM

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Here is the latest with Adab Solutions. Even their domain has expired.....

Even their bounty program was a scam, their whole premise about scamming people under the guise of religious investment was a farce. They deserve jail time for their scam.

You are very right about these scammers. When I first encounter this project, I had the same impression also that they were just using this Islamic stuff. Users should learn their lessons about this religious-related projects. Because the truth is, they don't really care about whether its islamic/catholic, etc. But it's all about the money that they can rip off from those naive religious "devotees".

JollyGood

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Here is the latest with Adab Solutions. Even their domain has expired.....

Even their bounty program was a scam, their whole premise about scamming people under the guise of religious investment was a farce. They deserve jail time for their scam.

Quote from: aioc on July 02, 2020, 11:36:06 PM

I was one of the participant on first part of the bounty campaign, but when I saw your post about Adab I di not think twice to take out the signature and find another one, they send the rewards to bounty hunters but bounty hunters only got 40% of the bounty hunters and majority did not get there share, half of that Adab is still stuck in my wallet because the price is a sore to the eyes.
After Adab I stopped doing ICO bounty and join Bitvest i don't want to encounter another ADAB again.

aioc

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Quote from: JollyGood on July 02, 2020, 05:04:21 PM

Yes nutildah I was shouting from the rooftops about this scam from day one but sadly those taking part in the (useless) bounty campaign were championing the cause and allowed the scam to fester.

I feel sorry for investors, both those that invested thinking this was some religious project and those that were purely interested in investing regardless. Thinking about $0.000034 per ADAB token is beyond a joke considering these fools were promoting multi-billion potential investment portfolios in the coming years.

I was one of the participant on first part of the bounty campaign, but when I saw your post about Adab I di not think twice to take out the signature and find another one, they send the rewards to bounty hunters but bounty hunters only got 40% of the bounty hunters and majority did not get there share, half of that Adab is still stuck in my wallet because the price is a sore to the eyes.
After Adab I stopped doing ICO bounty and join Bitvest i don't want to encounter another ADAB again.

JollyGood

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Yes nutildah I was shouting from the rooftops about this scam from day one but sadly those taking part in the (useless) bounty campaign were championing the cause and allowed the scam to fester.

I feel sorry for investors, both those that invested thinking this was some religious project and those that were purely interested in investing regardless. Thinking about $0.000034 per ADAB token is beyond a joke considering these fools were promoting multi-billion potential investment portfolios in the coming years.

Their whole "FICE" concept was trash from the start.

If their Facebook has been deleted and their website is dead, if their Telegram is abandoned it means they must have tried to pocket as much cash as possible before they carried out their scam. Considering they registered in the UAE where long jail sentences are common for financial fraud (and the UAE have extradition treaties with many countries), I hope the Uzbek/Kazakh trio of brothers that started this scam are the first to get very long jail sentences when investigators start to pick through what happened and how the scam was facilitated.

Quote from: nutildah on July 02, 2020, 07:58:36 AM

Yep, you called it from the beginning: it was all a big scam. I took a look at the Telegram group and people were pretty pissed all the way back in December. Its token price had dropped from 10 cents at ICO to $0.005 by December, and it is currently at $0.000034 cents. LOL.

I think the moderator of the channel abandoned and hardly anyone posts there anymore. The Facebook group has been deleted and their Twitter hasn't posted anthing since Dec. A particularly vile scam as it was preying on the religious... But then again the whole thing looked scammy as fuck from the getgo.

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Yep, you called it from the beginning: it was all a big scam. I took a look at the Telegram group and people were pretty pissed all the way back in December. Its token price had dropped from 10 cents at ICO to $0.005 by December, and it is currently at $0.000034 cents. LOL.

I think the moderator of the channel abandoned and hardly anyone posts there anymore. The Facebook group has been deleted and their Twitter hasn't posted anthing since Dec. A particularly vile scam as it was preying on the religious... But then again the whole thing looked scammy as fuck from the getgo.

JollyGood

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Right now their website is down. I have not looked in to their scam for many months but when I visited their website just now I found an alert and their SSL is just not installed properly. Everybody who wants to deal with them should really proceed with extreme caution because Adab Solutions are scammers !

JollyGood

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Quote from: smyslov on October 26, 2019, 11:19:09 AM

Looks like a lost cause to me, Fice if I am right means First Islamic Crypto Exchange, they should have no problem establishing one if they adhere to the teaching of Islam, our Muslim brothers can easily set up one because they have the funds and they are guided by good teaching I don't think it deserves the name First Islamic Crypto Exchange run by the developer of this project.

But honestly they need one, here in our country we have one and we are a third world country, if another Muslim developers who adhere to Islam teaching can set up one it should be bonded by Islamic teaching.

I am not a Muslim but I have a high respect to Muslim for what they are bringing to the Cryptocurrency community.

You can read through the forum and you can visit their Telegram. The whole thing is a scam that was started with a view to making the trio owners from Uzbekistan/Kazakhstan rich overnight through the tokens sale regardless of whether the project was a success or not.

robelneo

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Finally, ICOBENCH is now doing their job as a review site they now tagged Adab as a suspicious ICO you can check it here

https://icobench.com/ico/adab-solutions, the reason could be the many excuses they are giving to their investors, it's been 6 months until now there are ow exchange or platform

smyslov

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Looks like a lost cause to me, Fice if I am right means First Islamic Crypto Exchange, they should have no problem establishing one if they adhere to the teaching of Islam, our Muslim brothers can easily set up one because they have the funds and they are guided by good teaching I don't think it deserves the name First Islamic Crypto Exchange run by the developer of this project.

But honestly they need one, here in our country we have one and we are a third world country, if another Muslim developers who adhere to Islam teaching can set up one it should be bonded by Islamic teaching.

I am not a Muslim but I have a high respect to Muslim for what they are bringing to the Cryptocurrency community.

JollyGood

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Quote from: robelneo on October 26, 2019, 08:51:07 AM

I'm still in their telegram channel maybe they will ban me in the future, still checking the development on https://ficemarket.com/ Adab is worth $0.11 but on exchanges where it is traded it's below 1 cent, they pegged the price at $0.11 in their own exchange, I've tried to login in their exchange, I have signed up some three months ago, but it's not sending me a link to change password and if you sign up, there is no verification coming.

Their developer and support are lagging in addressing problems with their exchange, there's a lot of risk depositing here, if you are a trader, be careful depositing here, it's not yet well coded.

Thank you for the post and information.

One of the problems is that they pushing a narrative that they will get a trading licence from Bahrain but how is that possible when an alleged Princess from the UAE who is listed as a co-founder (somewhat late) has not been able to give them a trading licence in her own country? They are pushing this story because they want to suppress the obvious resentment that will come their way when token holders eventually give up and fight back.

They will drag this nonsense out for as long as they can before they announce they will close the exchange project because of lack of licence and big legal issues. They will promise to return funds but will run-off and pocket a few million for themselves.

robelneo

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I'm still in their telegram channel maybe they will ban me in the future, still checking the development on https://ficemarket.com/ Adab is worth $0.11 but on exchanges where it is traded it's below 1 cent, they pegged the price at $0.11 in their own exchange, I've tried to login in their exchange, I have signed up some three months ago, but it's not sending me a link to change password and if you sign up, there is no verification coming.

Their developer and support are lagging in addressing problems with their exchange, there's a lot of risk depositing here, if you are a trader, be careful depositing here, it's not yet well coded.

JollyGood

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Quote from: robelneo on October 06, 2019, 06:41:36 PM

There's a possibility that there's not going to have an exchange at all they are still in the process of applying for a license and this can take longer, they should have done so even when they are in the crowdfunding stage, this is the announcement coming from their manager in their telegram channel, so what if their application is reject?

Quote

Brother, regulation in each emirate might totaly differ from one another, the company is registered in Ras Al Khaimah. Now we are applying for exchange license in Bahrain.

What is there to say apart from it being an absolute farce.

Think about it, a Princess of Ras Al Khaimah (Sheikha Fatima Ras al Khaimah) has been plastered all over their promotion work yet they did not get a licence from the emirate of the same princess they have added as a co-founder. The whole thing is as pathetic as their claim to be a "Shariah compliant" exchange. How can a crypto exchange be religious when the people that set it up are not religious themselves and they are happy to accept funding from any illegal and illicit source including those earning from drugs/narcotics and from pimps, prostitutes and anything else.

Can you spot the mistake they made when they added her details in the whitepaper? Very unprofessional, pathetic: https://adabsolutions.com/docs/wp/en_wp.pdf

Their whitepaper and website have seen many transitions when it comes to adding the "team" details. Sulaiman Al-Fahim has gone from being listed as an Advisor to co-Founder. And long after the 9 month long ICO started Sheikha Fatima Ras al Khaimah was added to the team list too.

robelneo

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Quote from: JollyGood on October 05, 2019, 08:29:40 AM

https://www.bitforex.com/en/spot/adab_btc

Since my last post around 24 hours ago the fact of the matter is some scammers pumping were selling/buying at 0.00000399 BTC but are now at 0.00000135 BTC

Typical pathetic scammers pumping and dumping even though they have no product, no exchange and no reputation.

There's a possibility that there's not going to have an exchange at all they are still in the process of applying for a license and this can take longer, they should have done so even when they are in the crowdfunding stage, this is the announcement coming from their manager in their telegram channel, so what if their application is reject?

Quote

Brother, regulation in each emirate might totaly differ from one another, the company is registered in Ras Al Khaimah. Now we are applying for exchange license in Bahrain.

JollyGood

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https://www.bitforex.com/en/spot/adab_btc

Since my last post around 24 hours ago the fact of the matter is some scammers pumping were selling/buying at 0.00000399 BTC but are now at 0.00000135 BTC

Typical pathetic scammers pumping and dumping even though they have no product, no exchange and no reputation.

robelneo

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Quote from: JollyGood on October 04, 2019, 10:19:02 AM

Quote from: robelneo on October 04, 2019, 08:11:48 AM

There's a massive pump of Adab in Bitforex right now https://www.bitforex.com/en/spot/adab_eth, time to dump your coin here could be a manipulation of the market or wash trading coming from Bitforex, but the so called Fice is not yet launching and I don't know when they will launch or they will not.

https://www.bitforex.com/en/spot/adab_btc

They are scammers. There is no exchange, no product. Even if the launch their very delayed exchange the fact is it is not a religious exchange because the owners are not religious and anybody earning income from illicit, illegal and immoral sources is free (without investigation) to send their crypto to Adab Solutions after the exchange opens just as they did when participating in the ICO.

I'm just surprised at the price I wonder will the coin command a good price if they finally release their platform FICE, we cannot control the enthusiasm of investors here, they are on a buying spree even before they launch their platform, this is a risky behavior, even if the developers of Adab guaranty the release of the FICE platform, they should at least wait than buy the news.

JollyGood

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Quote from: robelneo on October 04, 2019, 08:11:48 AM

There's a massive pump of Adab in Bitforex right now https://www.bitforex.com/en/spot/adab_eth, time to dump your coin here could be a manipulation of the market or wash trading coming from Bitforex, but the so called Fice is not yet launching and I don't know when they will launch or they will not.

https://www.bitforex.com/en/spot/adab_btc

They are scammers. There is no exchange, no product. Even if the launch their very delayed exchange the fact is it is not a religious exchange because the owners are not religious and anybody earning income from illicit, illegal and immoral sources is free (without investigation) to send their crypto to Adab Solutions after the exchange opens just as they did when participating in the ICO.

robelneo

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There's a massive pump of Adab in Bitforex right now https://www.bitforex.com/en/spot/adab_eth, time to dump your coin here could be a manipulation of the market or wash trading coming from Bitforex, but the so called Fice is not yet launching and I don't know when they will launch or they will not.

JollyGood

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Quote from: robelneo on September 27, 2019, 08:42:31 PM

Would like to give you an update since it's been 11 days and people here on Bitcointalk should also get an update because they are banning people who ask and very persistent in their questions, there is still no Fice market to talk about, it's still in the testing stage.

The testing stage should be after they get funded and they have been funded months ago, and I read from one conversation that some developers and administrators are on a business trip, I don't think it's a business trip it's more of a pleasure trip, but surprisingly some investors are holding on to their promises.

Yes they wrote on their Telegram that their team leaders had gone on a business trip, all that while they are behind schedule of their launch.

Even if the exchange is launched there is nothing religious about it, it is just a vehicle for the scammers to get rich.

In the end, it is a peatio based exchange which they hired a freelancer to code for them and nothing else.

robelneo

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Quote from: JollyGood on September 18, 2019, 08:25:55 AM

Quote from: nutildah on July 28, 2019, 07:50:00 AM

Good job JollyGood, your hunch has been correct so far.

Of course we still have to wait 33 more days to see if they actually deliver an exchange or not... My bet is its going to be a lot longer of a wait than that, if they ever do release an exchange.

The whole thing reeks of immoral ineptitude.

Yes "The whole thing reeks of immoral ineptitude" especially when you add to the mix that a bunch of imbeciles with a shady past decide to launch a "religious" project despite being non-religious themselves.

Well 30th August 2019 has come and gone but there is NO exchange. They are still pushing their MVP: https://mvp.adabsolutions.com/exchange

They made no announcement on their website or press releases about the reasons for delay. As of today they are 20 days over time and still have NO exchange Roll Eyes

Would like to give you an update since it's been 11 days and people here on Bitcointalk should also get an update because they are banning people who ask and very persistent in their questions, there is still no Fice market to talk about, it's still in the testing stage.

The testing stage should be after they get funded and they have been funded months ago, and I read from one conversation that some developers and administrators are on a business trip, I don't think it's a business trip it's more of a pleasure trip, but surprisingly some investors are holding on to their promises.

JollyGood

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Quote from: nutildah on July 28, 2019, 07:50:00 AM

Good job JollyGood, your hunch has been correct so far.

Of course we still have to wait 33 more days to see if they actually deliver an exchange or not... My bet is its going to be a lot longer of a wait than that, if they ever do release an exchange.

The whole thing reeks of immoral ineptitude.

Yes "The whole thing reeks of immoral ineptitude" especially when you add to the mix that a bunch of imbeciles with a shady past decide to launch a "religious" project despite being non-religious themselves.

Well 30th August 2019 has come and gone but there is NO exchange. They are still pushing their MVP: https://mvp.adabsolutions.com/exchange

They made no announcement on their website or press releases about the reasons for delay. As of today they are 20 days over time and still have NO exchange Roll Eyes

Topic: SCAM ALERT!! ADAB EXCHANGE - So Called Islamic Crypto Exchange is Haraam (Read 20799 times)