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1

Reputation, Scams & Phishing / How to do a good ICO due diligence

« on: January 28, 2018, 01:21:41 AM »

Here's some questions you can ask top ICOs
Probably none of the smaller ICOs would pass this test

But it's still useful to help you with your decision

Quote

Questions to ask:
1. Where is your company registered? Could i have a copy of certificate of incorporation, list of directors and details of registered office address?
2. Can i have details of any intellectual property which the company has created, registered or applied to register?
3. What is the vesting schedule for Team and Advisors token?
4. Is vesting for Team and Advisors coded in the smart contract?
5. is your smart contract deployed for the ICO?
6. Was your smart contract audited by an independent cybersecurity company?
7. Could i have a link to your github repo?
8. Do you have a working product available to test?
9. Has the code for your product been published, and has is it been audited by an independent cybersecurity company?
10. Are you using a reputable 3rd party for KYC verification? How safe is it to upload my Identity Document on your site?
11. Can us investors participate in the sale? If yes did you secure Reg-D?

Additional questions to ask:
12. Where is my money going and what will it be used for? Is my money going to be used to "cash out" others?
13. What specific rights come with my investment?
14. Are there financial statements? If so, are they audited, and by whom?
15. How, when, and at what cost can I sell my investment? For example, do I have a right to give the token or coin back to the company or to receive a refund? Can I resell the coin or token, and if so, are there any limitations on my ability to resell?
16. If a digital wallet is involved, what happens if I lose the key? Will I still have access to my investment?
17. Has the offering been structured to comply with the securities laws and, if not, what implications will that have for the stability of the enterprise and the value of my investment?
18. What legal protections may or may not be available in the event of fraud, a hack, malware, or a downturn in business prospects? Who will be responsible for refunding my investment if something goes wrong?
19. If I do have legal rights, can I effectively enforce them and will there be adequate funds to compensate me if my rights are violated?

2

Reputation, Scams & Phishing / Viuly - Scam ? Investigation.

« on: January 27, 2018, 04:10:36 PM »

Hello
I would like to open an investigation about Viuly.
The Video Platform have conducted an airdrop and offers users tokens for referrals and registration.

However, the users are unable to withdraw these tokens.

The conditions are not clear, and many users are complaining and accusing the startup of being a scam.

I leave you with the Viuly founder video:
https://viuly.io/video/welcome-to-viuly.com-125

which by the way screams scam !!!!

Please post your experience with viuly, and whether you were able to withdraw the coins earned .

update:

It seams even withdrawing is not going smoothly - screenshot taken 28-1-2018

3

Reputation, Scams & Phishing / BENEBIT ICO is a SCAM

« on: January 23, 2018, 01:08:15 PM »

BENEBIT ICO is a SCAM

they use fake team members.

https://benebit.io/

4

Reputation, Scams & Phishing / Questions to avoid scams & ICO issues

« on: December 12, 2017, 03:46:33 PM »

Sample Questions for Investors Considering a Cryptocurrency or ICO Investment Opportunity

Who exactly am I contracting with?
Who is issuing and sponsoring the product, what are their backgrounds, and have they provided a full and complete description of the product? Do they have a clear written business plan that I understand?
Who is promoting or marketing the product, what are their backgrounds, and are they licensed to sell the product? Have they been paid to promote the product?
Where is the enterprise located?
Where is my money going and what will be it be used for? Is my money going to be used to “cash out” others?
What specific rights come with my investment?
Are there financial statements? If so, are they audited, and by whom?
Is there trading data? If so, is there some way to verify it?
How, when, and at what cost can I sell my investment? For example, do I have a right to give the token or coin back to the company or to receive a refund? Can I resell the coin or token, and if so, are there any limitations on my ability to resell?
If a digital wallet is involved, what happens if I lose the key? Will I still have access to my investment?
If a blockchain is used, is the blockchain open and public? Has the code been published, and has there been an independent cybersecurity audit?
Has the offering been structured to comply with the securities laws and, if not, what implications will that have for the stability of the enterprise and the value of my investment?
What legal protections may or may not be available in the event of fraud, a hack, malware, or a downturn in business prospects? Who will be responsible for refunding my investment if something goes wrong?
If I do have legal rights, can I effectively enforce them and will there be adequate funds to compensate me if my rights are violated?

5

Reputation, Scams & Phishing / SCAM : Laser Online

« on: December 06, 2017, 05:19:57 PM »

It's public Laser Online is a scam
fake team etc ...

6

Reputation, Scams & Phishing / SCAM : "Spartan Coin"

« on: December 04, 2017, 11:21:08 PM »

Not to confuse with SPARTA, which by the way is the company behind Altcoins Talks.

Spartan Coin: Another Copycat scam.io
1- The name was used by a failed bitcoin knockoff before, this time it is bitconnect knockoff
2- No team obviously.
3- Profit up to 60% /month.
4- Whitepaper done by a 6 year old kid, looking for quick money from dumb investors.
5- Fake partnerships
6- None-existence Social media.

7

Reputation, Scams & Phishing / Scam: PlexCoin

« on: December 04, 2017, 06:57:17 PM »

The SEC announced it obtained an emergency asset freeze to halt a fast-moving Initial Coin Offering (ICO) fraud that raised up to $15 million from thousands of investors since August by falsely promising a 13-fold profit in less than a month.

The SEC filed charges against a recidivist Quebec securities law violator, Dominic Lacroix, and his company, PlexCorps. The Commission's complaint, filed in federal court in Brooklyn, New York, alleges that Lacroix and PlexCorps marketed and sold securities called PlexCoin on the internet to investors in the U.S. and elsewhere, claiming that investments in PlexCoin would yield a 1,354 percent profit in less than 29 days. The SEC also charged Lacroix's partner, Sabrina Paradis-Royer, in connection with the scheme.

https://www.sec.gov/news/press-release/2017-219

8

Reputation, Scams & Phishing / Reporter confronting Bitconnect employee

« on: December 02, 2017, 10:32:59 AM »

According to the reporter:

Quote

This video occurred only AFTER Bitconnect agreed to speak - but ONLY IF WE ASKED NICE QUESTIONS FROM A PRE-APPROVED LIST. That's why this isn't an interview - it's a confrontation.

9

Reputation, Scams & Phishing / Re: Red Flags - Naga ICO

« on: December 02, 2017, 10:30:33 AM »

Quote from: Chrisjay29 on December 02, 2017, 03:10:54 AM

omg i invest in naga

no need to worry,
red flag does not mean 100% scam

10

Reputation, Scams & Phishing / Red Flags - Spectre ICO

« on: November 18, 2017, 12:29:47 AM »

-No smart contract
- Vesting issues:
6 month vesting schedule for management

https://github.com/ico-check/ico-check/issues/4

11

Reputation, Scams & Phishing / Red Flags - NapoleonX

« on: November 18, 2017, 12:26:13 AM »

- No smart contract
- No product
- Vesting issue:
6 month vesting schedule for founders and team

https://github.com/ico-check/ico-check/issues/3

12

Reputation, Scams & Phishing / Red Flags - Token Desk

« on: November 18, 2017, 12:23:34 AM »

Multiple redflags
including:
- No product
- Vesting issues
- No smart contract

https://github.com/ico-check/ico-check/issues/2

Tomas Mickauskas - Tokendesk advisor was involved in a charity scam.
Source:

https://www.civilsociety.co.uk/news/high-court-closes-three-companies-involved-in-air-ambulance-collections-scam.html
https://beta.companieshouse.gov.uk/company/07308919
https://beta.companieshouse.gov.uk/company/07308919/officers

Company director, also directs 380 company, probably an offshore company formation

13

Reputation, Scams & Phishing / Red Flags - Tokenbox

« on: November 18, 2017, 12:16:42 AM »

- No product
- Vesting issues:
1 year vesting schedule for team and founders

https://github.com/ico-check/ico-check/issues/6
https://icocheck.io/

14

Reputation, Scams & Phishing / Red Flags - Naga ICO

« on: November 18, 2017, 12:13:38 AM »

- No smart contract
- Vesting issues:
6 month vesting for 50 % of team tokens. Other 50% of team tokens has no vesting schedule.
- Missing Product

https://github.com/ico-check/ico-check/issues/7
https://icocheck.io/

15

Reputation, Scams & Phishing / SCAM : ExchangeN - EXN token

« on: November 17, 2017, 11:54:16 PM »

The tokens are listed on Etherdelta and HitBTC

https://web.archive.org/web/20171108021904/http://www.exchangen.com/

Website is offline for some time.

Project founders read online accusations and didn't even bother to reply.

Developpers seam to have moved on to greener pastors

Avoid - SCAM

News:

Messages - anoyance