ICOs have seemed to become more regulated recently in order to crack down on all the fraud that was occuring around last November-January, but the exit scams haven't stopped. The most recent scam happened earlier this month between ACChain, Puyin, and BioLifeChain (the China-based Shenzhen Puyin Blockchain Group) to the tune of approximately $60 million or 10,000 Bitcoins. It has been difficult for me to dig up tons of information on these coins because I get a warning when I try to visit any of these websites, but from what I can tell ACChain was trying to link their token ACChain to other tokens in order to create faster and more secure transactions. But since this was a scam I'm not reading much more about it. And you have to be careful when you invest because when an ICO raises this much money in just a few days or weeks it could take away nearly all of their incentive to come out with a real product.
Also, back in June there was an exit scam from a company called Block Broker, which was an ICO that was trying to raise money in order to prevent ICO fraud, and they just ran away with $3 million. There have been several other ICO scams that try to appear legitimate, and there was an ICO exit scam for Elektra coin last November that was clearly trying to make money off the fact that Electra coin is a real coin. However, Electra coin never had an ICO.
One of the more blatant ICO scams out there involved a picture of an experienced graphic designer called Kevin Belanger, no wait a second! That's Ryan Gosling. The creator of the Miroskii ICO still managed to make off with approximately $800,000+ before he shut the website down. Of course, there are other reasons why the Miroskii ICO should have sent off red flags including the fact that Miroskii had supposedly made deals with Visa, Mastercard, and American Express as well as several others. Securing a partnership with even one of these card companies would have been an impressive feat.
Anyways, this article is not intended to stop you from investing in any ICOs but I hope you take an extra second to think about whether you should invest before making a decision. Plex coin and OneCoin are also well-known exit scams. Feel free to share an ICO exit scam below. Thanks!
This is a huge amount! Investors may need a high alert! Thanks for raising the awareness!
Yeah, it might even be more than this according to different news sources. Also, It's usually not worth it to invest into ICOs as the price usually drops below ICO price at some point. There are plenty of more scams out there.
I don't especially trust those ones that sent wallet addresses on telegram.
But unfortunately a good number of them have been doing them
You really shouldn't communicate anything on telegram if you can help it.
Wow, the ICO market has crashed until the next Bull run. This has reflected on the price of ETH.
So many shitcoins, hopefully this market taught many ppl a lesson
Mass Token (https://mass.cloud/) is also scam. I have bought the presale and now the money is gone. Masscrypt (https://masscryptoken.io/) is a look a like.
exactly..and thanks for your support.
Good post.
The art of fraud is as old as humanity.
Ico is the newest way of scam.
Thank you for raising this information to us so delegatly,
Investors have to be very "careful"....
It's a huge amount of Money!
wow nice concept sir..i like it..thanks for share..
follow me to get ico news
This is awful to read about, ICO crap like that that’s happened is why crypto sometimes gets a bad name.
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Yeah, didn't mean to ruin your day with this article. It's just important to know about this. Some are obvious frauds and others look convincing.
Bad thing. Have take care on all ICOs offers.
More than 90% of ICOs are said to be fraudulent.
I appreciate that good
Thank you for information. Nice concept
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I think this is one of the reasons ETH is plummeting so hard right now.
The ICO's based on ETH tokens are all selling their ETH to BTC and crashing the price.
Think about how much ETH has been bought just to spend on ICO's.
before participating in any ico ,we need to review it very carefully we have to check every source of their social meidia platform . for example having conversation with them on telegram . ico should provide about their working product .
It is an excellent post. I am feeling great to read about, ICO crap like that that’s happened is why crypto sometimes gets a bad name. Thanks for raising the wonderful awareness with an honest attitude! Investors may need "a high alert" and "careful"! It's a huge amount of potential investment!
you nicely explain about ico scam As indicated by the investigation by the ICO warning firm Satis Group, distributed on July 11, right around 80 percent of 2017's ICO was "identified scams."
Investors may need a high alert and careful! It's a huge amount of potential investment!
Thanks for your concern about scams but I have a query that how can we know about the new ICO's whether it is a Ponzi scheme or a good one?
Yes it s true and all of us should be carefull . Because of that bitcoins downing the price
Must be alert
Although well written whitepaper and respectable founding crew, some of the ICO, if not almost all of them, may end up being a fraud. Never invest money that you can not afford to lose.
Yep, this is a true problem in this market. I was also fooled with Titanium, but luckily I didn't invested a lot. Anyone else?
Cheers!
Very good content
What can you say about the ico ubex?
It was really a high amount, scammers must be happy now. Investors should be careful!
There are so many things to look for when investing in ICOs. It takes a decent amount of time to determine if a project is even worth considering. The amount of scams out there are craaaazy.
I actually wrote up a little post about this same topic and how it drives me up the wall:
https://steemit.com/icos/@thaticoguy/why-icos-are-bullshit-and-what-i-ve-found
Great insight though bro #Flex
Dear author, I really like your content! You’re writing in a very interesting manner!
I think my last post will also be interesting for you
https://steemit.com/ubex/@cryptofrau/ubex-artificial-intelligence-in-advertising
Please, upvote it! I’ve upvoted yours in advance.