Top 3 Obvious ICO Scams

October 16, 2017

Top 3 Obvious ICO Scams

Considering the incredible growth of ICOs popularity with investors, scam emergence was only a matter of time. There are some ICOs , that are hoaxes, but they has raised colossal sums of money. The following projects may cheat investors and earn money.

3. Opair. The Opair ICOs was one of the earliest noted scams in ICOs history, happening in 2016. It raised more than 1 million dollars because of the promise of decentralized debit cards. From the beginning, it was obvious that a no-name group of individuals could not overhaul the banking system and provide decentralized debit cards that would work anywhere. Investors did not stop this, as it did not stop the information about the fact that the project creators used fake accounts in social networks. After raising 1 million dollars, the web-site was deactivated, the frauds slung their hook. But the story of these frauds was not finished, they launched at least one other scam ICOs known as EBITZ (a Zcash clone), unfortunately, some people invested money in it.

2. Bitcad. It is not clear, whether this project was a downright scam or if its creators were afraid of their ambitions, but it may safely be said that the investors lost 5 million dollars and the creators stopped communication. The BitCad ICOs aimed to replace nearly every component of modern business, government, trading and transaction facilitation. It is reasonable that there was not a technical description of the project. It was supposed that the team would deliver the first component of their platform in May of this year- a smart contract constructor and biometric verification. Some people are still believing in the project and waiting for messages from the Bitcad team.

1. Authorship. Creators of this project promised to make a system for writers, translators and journalists. The token’s creators boasted successful working experience in a bookstore and a long stay in the literary industry. They promised, everything would be alright. However, You don't have to be a Nobel laureate to understand that 2 positions in this "huge online bookstore" (pencil and notebook) with the website design since 1992 are not an example of a "successful business". More than that, address of the project was chosen quite incidentally, a car repair service was on the site of this "grandiose" organization. Besides, the creators of the project didn’t distribute counterfeit tokens. All in all, miraculously, they raised 1 million dollars.

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