SCAM ALERT!! ADAB EXCHANGE - So Called Islamic Crypto Exchange is Haraam - page 3.

JollyGood

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Quote from: khiholangkang on June 24, 2019, 09:16:28 PM

Quote from: adabsolutions on June 19, 2019, 03:25:08 PM

Adab token will be trade on Bit-M, Bit-Z, BitForex exchanges.

When ? the IEO has been pretty long over but the trade hasn't opened yet, and what about the bounty? Will it be distributed in the near future?

Everybody beware.... Scammers at Adab Solutions are deleting posts that are asking questions they find difficult to asnwer.

Adab Solution scammers will delete your post, they are scammers that just want to pretend to be religious to steal investor funds

JollyGood

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Quote from: ubay on May 02, 2019, 06:25:44 AM

Pay the first Bounty before you create another one.

https://bitcointalksearch.org/topic/bounty-adab-first-islamic-crypto-exchange-480-000-rewards-4722627

These Adab Solution super-scammers will not pay bounty to anybody.

They are now asking for KYC from all bounty participants just to avoid paying out Roll Eyes

They never made that announcement one year ago when they first started begging bounty hunters for help but only now are telling people their scam intent.

ubay

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Pay the first Bounty before you create another one.

https://bitcointalksearch.org/topic/bounty-adab-first-islamic-crypto-exchange-480-000-rewards-4722627

JollyGood

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Quote from: tmfp on March 22, 2019, 05:45:59 PM

Quote from: JollyGood on March 22, 2019, 05:37:46 PM

their own sock-puppet fake accounts

As a matter of information, this bumping service claims ADAB as a client.

Thank you for the information yes I see the Adab logo in their home page.

Another thing I did find was they post in the Russian thread just as 520bit and whitetoo (Russian/Ukrainian scammer group) did in the past too with their fake bounty manager and thread bumping scam.

Interesting. I am inclined to think they are the same scammer group but just changed their user names again.

https://bitcointalksearch.org/topic/russian-scammers-whitetoo-520bit-royalteam-vitaliiinvest-mari-royalteam-5077842

Might be the same set of scammers

tmfp

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"Common rogue from Russia with a bare ass."

Quote from: JollyGood on March 22, 2019, 05:37:46 PM

their own sock-puppet fake accounts

As a matter of information, this bumping service claims ADAB as a client.

JollyGood

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They claim their bounty campaign will run until 31st March 2019 and they will pay ALL bounty participants but 99% of the bounty participants are their own sock-puppet fake accounts and the remaining 1% will receive NOTHING in bounties

Adab Haraam Exchange are scammers !

JollyGood

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Quote from: Coinfan on February 19, 2019, 10:03:11 AM

Their lies about their "islamic nature" is a very low tactic to explore religious beliefs.

What are they going to say next? Do like the catholic church on the XV and XVI centuries and say that who wastes money on their ICO will go to heaven?

Yes their structure is based around religious law but they are willing to accept ICO funding from pimps and prostitutes and drug dealers and those people living of what religion would call "immoral" earnings.

The team behind Adab Haraam Exchange are major scammers because they contradict their own religious ethics and they are running a 7 month pre-sales ICO from August 2018 to March 2019 and then will run a 6 month ICO from March 2019 to September 2019.

A year long ICO Roll Eyes

Coinfan

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Their lies about their "islamic nature" is a very low tactic to explore religious beliefs.

What are they going to say next? Do like the catholic church on the XV and XVI centuries and say that who wastes money on their ICO will go to heaven?

JollyGood

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Quote from: Coinfan on December 30, 2018, 09:16:14 AM

The fact that the main promoter of this exchange was permanently banned by bitcointalk administrators seems clear confirmation that this exchange is a scam.

The profile of banned members should state that they were banned, but he hasn't login since 12 December https://bitcointalksearch.org/user/whitetoo-90601 and all his posts after 1 December were removed:
https://bitcointalksearch.org/user/whitetoo-90601;sa=showPosts

Thank you for your input.

Yes the OP of their main thread was banned but he was an alt-name multi-user of a much bigger group that are part of the Adab Haraam Exchange.

They are a bunch of scammers.

To run a "pre-sales" ICO for 7 months between August 2018 - March 2019 and then to run a 6 month ICO from March 2019 - September 2019 is a pathetic scam.

Making a 13 month ICO with all the excuses they made up is blatant scam. They have no knowledge or background in this field but jumped in on the religious bandwagon.

Little Mouse

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They might call it based on Islamic Shariah. But conducting a business based on Islamic Shariah is beyond possible. There is no mean of such kind of exchange too because you are here to buy/sell and make profit. What will be some extra option there which made them Shariah based?
Definitely a scam project.

intico2020

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Quote from: muncuss on October 11, 2018, 08:26:33 AM

Quote from: JollyGood on October 04, 2018, 02:00:56 PM

To answer your question I can safely say I am no expert on Shariah either but have learned enough to prove the Adab Exchange are scammers.

"Profiteering" itself falls under the ruling of business which is to buy/sell tangible items and products to make profit so it is definitely permissible, however charging your customers any form of interest or usury is completely and strictly forbidden. The idea of long or short term trading (buying/selling) on stocks is not universally accepted as permissible. Some scholars have said it is allowed and some have said it is forbidden.

When it comes to declaring something such as this Adab Exchange as being Halal or Shariah compliant when it cannot be is just not on.

The funds to sell ICO tokens might be or could be coming from illegal and immoral earnings such as

pimps
prostitutes
porn actors
those currently behind bars in prison serving prison sentences
those that sell drugs/narcotics
those that manufacture, test and sell weapons
those that own publications online/print media cursing Muslims and those that have anti-Muslim agenda
those that own, transport or sells alcohol

If the Adab exchange scammers are willing to accept investment from pimps, prostitutes, porn actors, those currently behind bars in prison serving prison sentences, those that sell drugs/narcotics, those that manufacture, test and sell weapons, those that own publications online/print media cursing Muslims and those that have anti-Muslim agenda and those that own, transport or sells alcohol as well as those that promote, participate or propagate to suppress Muslims then the exchange cannot be called "Shariah" exchange.

Simple, this project is a scam.

i'm also not expert in sharia law, but:
- this is exchange project, they give you service, exchange site (marketplace) service. and they charging fee, not interest. fee is permissible
- short or long trading depends on exchange users, it's their responsibility to do halal/haram trading. this exchange just want to provide "sharia compliant" exchange
- ICO is one thing and exchange (its product) is another thing. and how u can judge ppl a thief, or "this money acquired in haram way" in this blockchain world? but even if we know "she is porn star", u still can accept her investment, although better to refrain. https://islamqa.info/en/126486
- islam not seeing non believers as ppls who need to be avoided

i'm not adab team, i just want to give my opinion

I respond well, the opinions you convey

Coinfan

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The fact that the main promoter of this exchange was permanently banned by bitcointalk administrators seems clear confirmation that this exchange is a scam.

The profile of banned members should state that they were banned, but he hasn't login since 12 December https://bitcointalksearch.org/user/whitetoo-90601 and all his posts after 1 December were removed:
https://bitcointalksearch.org/user/whitetoo-90601;sa=showPosts

JollyGood

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Quote from: FaucetKING on December 28, 2018, 11:57:37 AM

Your points are really fine and countable. I found that exchanger ICO here in Btalk and tried to look at its bounty program/the team and etc..
What i found is typically what you just stated in your thread. These peoples are non muslims, if somebody want to do so, they have to be muslim right? I dunno but i've found that they bring some peoples to just Showoff that they are muslims but in full, the project has nothing to do with Islam.
I've heard a while ago about some Muftis agreeing that BTC Trading in full is HARAM, wtf are these ADAB TEAM doing?
I think that a business here is a business, they only care about money and not really providing a full product, they are playing with "religion'' as a good point to use in order to gain more and more users.
Finally, they did the project just to make more arabs use their platform, i don't think so, most of the arabs are using binance and will never use a platform using ISLAM as a key to grab a reputation and grab more users..
Their project is good enough in the technical side, the ethical side is missing alot.

I disagree because their MVP is an absolute disgrace, I see nothing positive in their technical side. The Kazakh owners are scammers, they are running a 6 month pre-sales ICO between August 2018 to February 2019 and then the remainder ICO from February 2019 to August 2019 - that is 1 whole year just for an ICO.

Ethically they proved they are fools by colluding with a Russian/Ukrainian sock-puppet operator to pump their scam ICO thread and by claiming to be a religious organisation but also clearly stating in their thread they do not care if ICO funding sources come from prostitution, drugs and other illicit manners.

They are trying to take a slice of the Arab/Muslim crypto market by claiming their practices will be "Shariah" but they are scammers, modern day thieves and liars. They are nothing else except low-life scammers who would sell their own soul for a quick buck.

FaucetKING

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Your points are really fine and countable. I found that exchanger ICO here in Btalk and tried to look at its bounty program/the team and etc..
What i found is typically what you just stated in your thread. These peoples are non muslims, if somebody want to do so, they have to be muslim right? I dunno but i've found that they bring some peoples to just Showoff that they are muslims but in full, the project has nothing to do with Islam.
I've heard a while ago about some Muftis agreeing that BTC Trading in full is HARAM, wtf are these ADAB TEAM doing?
I think that a business here is a business, they only care about money and not really providing a full product, they are playing with "religion'' as a good point to use in order to gain more and more users.
Finally, they did the project just to make more arabs use their platform, i don't think so, most of the arabs are using binance and will never use a platform using ISLAM as a key to grab a reputation and grab more users..
Their project is good enough in the technical side, the ethical side is missing alot.

JollyGood

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MAJOR SCAM WARNING !!

The "pre-sales" ICO has been extended twice.

They offered 150% discount at one point and have been giving 40% discount until February.

Their "pre-sales" ICO will run for 6 months between August 2018 and February 2019.

Their "ICO" will run from February 2019 to August 2019.

Their ICO will last for 12 months. The longest ICO in history Roll Eyes

This has been exposed many people on their thread as a scam.

ADAB HARAAM EXCHANGE = SCAM !!

JollyGood

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Quote from: Coinfan on December 01, 2018, 09:35:14 PM

Many advertising regulations explicitly ban exploiting religious symbols or claims with commercial goals:

For instance, check the Irish Advertising Code:
https://www.asai.ie/asai-code/general-rules/
2.18
(e) not (...) exploit religious beliefs, symbols, rites or practices.

Even Microsoft on their code:
https://advertise.bingads.microsoft.com/en-us/resources/policies/disallowed-content-policies#
"Advertising cannot exploit sensitive political or religious issues for commercial gain"

But this is an implicit rule on most Codes.

Of course, this is the rule even if the claim is true.

In this case, the claim can't be true and that makes it completely misleading and a clear red flag.

A crypto exchange claiming to be Shariah compliant is as fake as a bank accepting deposits with bags full of cash claiming the same.

You just can't control the real source of the money.

You make some excellent points and valid arguments.

The scammer whitetoo is trying to say that a scam project that has been set up with the sole purpose to steal ICO funds is somehow religious. Anyway whitetoo scammer has been permanently banned from this forum but that was just one sock-puppet user account from a list of many: https://bitcointalksearch.org/topic/russian-scammers-whitetoo-520bit-royalteam-vitaliiinvest-mari-royalteam-5077842

whitetoo

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Hello friends. I want to inform you that @JollyGood is a clown and probably a paid puppet.

I told him 3 times and denied his statements, but he doesn't respond!

1. https://bitcointalksearch.org/topic/m.48223449
2. https://bitcointalksearch.org/topic/m.48215153
3. https://bitcointalksearch.org/topic/m.48182957

So make a conclusion. This person know nothing about the project and only writes the same negative messages. I don't know why the moderators still have not banned him.

Coinfan

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Many advertising regulations explicitly ban exploiting religious symbols or claims with commercial goals:

For instance, check the Irish Advertising Code:
https://www.asai.ie/asai-code/general-rules/
2.18
(e) not (...) exploit religious beliefs, symbols, rites or practices.

Even Microsoft on their code:
https://advertise.bingads.microsoft.com/en-us/resources/policies/disallowed-content-policies#
"Advertising cannot exploit sensitive political or religious issues for commercial gain"

But this is an implicit rule on most Codes.

Of course, this is the rule even if the claim is true.

In this case, the claim can't be true and that makes it completely misleading and a clear red flag.

A crypto exchange claiming to be Shariah compliant is as fake as a bank accepting deposits with bags full of cash claiming the same.

You just can't control the real source of the money.

whitetoo

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- When can we show a smart contract?

The smart contract address will be published during the crowdsale. Since it will begin public sales. Now we don't have the right to show a smart contract and any evidence. Now there is a stage "private sale." At this stage, the amount of funds raised is not disclosed and facts are not shown. We did so stupid because we told you that we collected soft cap. Because of this, as you see, we have small problems, but everything will be fine.

- Evidence that we have already collected soft cap. Any documents, contracts or something else like that.

We do not have the right to show the collected soft cap at this stage. all funds were received during private sale and most of the funds were received in the form of fiat funds. Private sale is called "PRIVATE" because it is NOT public sales and NOT public information. Most of the funds were received from private investors. All projects that have a PRIVATE SALE stage DON'T show a smart contract and other evidence during this stage! We are not alone! We are not the first and We are not the last to do it! Don't confuse "PRIVATE SALE" with "PRESALE".

- Regarding each team member who is represented on the site. What religion do we follow? And whether this or that person has any qualification in the field of Islamic finance.

All three Kazakh members (Rustam Turzhan, Timur Turzhan and Maxat Salpyn) are Muslims and belong to Hanafi (Sunni) school of thoughts as the majority of Kazakh people.

As for the Shariah Advisory Board of FICE, I would like to mention that the Islamic finance industry is heavily dependent on religious scholars for validation of its products and services. Each Islamic financial institution has a Shariah board to validate its operation. The scholars in our Shariah Board will represent different schools of thought within the Sunni sect of Islam. Sunnis are in majority and they follow one of the four schools of thought of Sunny Islam. The differences among them are very minor. Furthermore, a scholar who may otherwise belong to a particular school of though does refer to the opinion of the past or present scholars of a different school of thought in making a decision on the validity of a product or service.

Most of the team are Muslim by religion and adhere to the Sunni trend.
Confirmation is the recognition that there is no God except Allah and Muhammad is his prophet! Maxat Salpyn, Mufti Faraz Adam and Mufti Abu Bakar have qualifications in the field of Islamic finance.

- Concerning the beta version. When will the beta version of the exchange?

The dev team is working hard to create an exchange.
In the current version is ready the main engine exchange. You can check the correctness of his work yourself by sending different orders. You can check the correctness of the order match book, balance tests and market indicators. All this is our original design. At this stage, we are working hard on interaction protocols, system scaling, implementation of business logic of all orders to be launched, deployment of infrastructure blockchain, security and new design, technical analysis elements. I hope you will appreciate our achievements in these areas soon. We will try to update our system more often. Beta version will be ready by February.

- Concerning the MVP. @JollyGood writes that the MVP is a plugin bought for $ 20. What can we answer?

The answer will be short. This is our own development. Honestly, we don't know how to prove it. But this is not a purchased plugin. If you have any idea how to prove it, then suggest us.

- some arguments or evidence that this exchange and this token are halal and comply with Shariah law.

Mufti Faraz Adam issued a conclusion that the ICO and ADAB token comply with the principles of Islamic finance, based on Shariah law. https://bitcointalksearch.org/topic/m.48182957

The work of the exchange will be based on procedures developed by the internal Shariah Department and approved by the Shariah Council.

Topic: SCAM ALERT!! ADAB EXCHANGE - So Called Islamic Crypto Exchange is Haraam - page 3. (Read 20799 times)