Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Kiran Sehzadi on July 14, 2018, 09:17:33 PM
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Has any scam ICO or IBO owners face legal action ?
I am new to crypto-currency and notice all these different ICO and IBO offers here and else where. Ran into some that look scammy and read about past scams.
This leads me to the question,
Has any legal action ever been taking against any individuals involved in these scams. If so can someone link me an article or give me the name of the coin.
This market reminds me of the online poker market where these fly by poker sites open up and steal peoples money and sometimes big sites do as well ... with little to no recourse.
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Tezos Hit with Another Lawsuit in U.S. District Court ... - investFeed Edge
https://investfeededge.com/tezos-hit-another-lawsuit-u-s-district-court-furthering-legal...
27 Nov 2017 - Two law firms announced yesterday that they have teamed up to commence a class action lawsuit against Tezos. The case was filed in the United States District Court for the Northern District of California. The Restis Law Firm P.C. and Lite DePalma Greenberg LLC are handling the suit. The complaint ..
Syscoin Threatens Moolah with Legal Action Over Missing Funds - CCN
https://www.ccn.com/syscoin-threatens-moolah-legal-action-missing-funds/
17 Oct 2014 - The 250 bitcoins used to purchase those syscoins came from the funds Syscoin raised during its ICO presale. However, Moolah did not return ... If the BTC is not disbursed to the Syscoin team this amounts to theft- plain and simple; and no small theft at that (~$285k USD). If/when we enter into litigation we .
JUST BE CAREFUL ..Many are pyramid scams most of them are Cheesy Cheesy..
A guy called GEVERS as destroyed the crypto world..WHY you ask?
Because this guy had BIG PLAYERS involved in a big SCAM ..MASSIVE SCAM ..
The developers are getting watched like a hawk just in case they are all in on it..
Tezos Trials: Foundation President Posts Update About Future, Deletes It Next Day
Cointelegraph (Bitcoin, Cryptocurrency and Blockchain News) ยท 1 day ago
See what 1 man can do GEVERS ..
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This really happens very rarely. The problem is that ICO activities are still practically unregulated. Therefore, scammers often remain unidentified, given that they can be located in any country convenient for them, where there is an Internet connection.
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First of all about IBO = Initial Bounty Offering: there are thousands of failed bounty campaigns, even KYC requests from users to misuse personal data, but I don't know which project is prosecuted or which bounty manager should responsible for it.
ICO = Initial Coin Offering: there are many fraudulent projects, but very few projects are prosecuted while conducting an ICO. I am only aware of the Telegram ICO incident. Besides, I don't know any more cases. For scam projects, promoters of Bitconnect & OneCoin are being prosecuted. In Vietnam, the team of 2 Ifan & Pincoin scam projects is still not responsible after appropriating $ 600M.
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I do not have any sure sources but i have heard many scammers have been trialed, punished and jailed, so it is not that simple to scam now. Even legit projects that have violated any financial rules are being trialed by SEC in US, Similarly, financial authorities in Europe, UK and China are hunting down scammers, I hope remaining countries will also be pro active to stop and punish scammers.
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There are several of them which I've read in the news about, but unfortunately, I really can't start searching for the articles now, but you can easily search them yourself, there are several of project owners that have been sent to jail for scam related activities in the crypto community, just look over Google or refer to links other users have posted here.
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Actually, it may be difficult to do so because many scammers don't show their real identity They always lay investors by using other people's identity to make a team and they deceive us all.
And even we know them, it must relate to the law under the country itself whether someone is repairing or not
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Most of them are anonymous so we are difficult to discover who they are.
They may only use photos and identity taken from Google or social media.
If we have known about their identity clearly with proves, we may consider reporting it
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I don't think that cryptocurrency project owners have really face the law because of cryptocurrency scam project, if at all any of them been sent to jail for scaming people they shouldn't have been more fake project everyday coming into the crypto market without been arrested but I suggest that this guy's should face the law if been caught.
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Cryptocurrency is a very deregulate dindustry for now and that is why many scammers are getting into the game just for the sake of getting all the money they can before they run and hide somewhere...or maybe not actually hiude but just change online identity in preparation for another scamming business. I would even consider scamming as a very big industry for now and there can be more and more projects like this, for as long as they know they can entice people to join on their programs of victimizing people. I only read rare cases where perpetrators are prosecuted to the fullest extent of the law. This is because building a case can be time-consuming especially if the scammers are based in foreign lands.
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Intail Bounty offering (IBO) projects are not very successful at present. Because there are some management who create projects in search of investors. They cheat when they invest some amount. So not everyone is able to buy tokens for ICO and IBO projects at present.
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I remember a project called pearl way back in 2018 this project had brought to many a big wealth but the most group of people who gained much were the bounty hunters. Yet it turned out to bad when the developer stole the fund and one I heard he got caught and now in jail. I don't have the link sorry I forgot his name.
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I am not sure about the ICO or IBO related lawsuits. The reason is that in their documents, projects always mention "Notice of legal disclaimer", which makes it very difficult for the law to apply. Crypto is also a new sector and the majority of countries do not yet have a suitable legal framework for this sector.
For fraudulent crimes, the team's information is also fake and difficult to trace.