Prodeum ICO Raised 6 Million Dollars and Vanished

January 30, 2018

A blockchain startup called Prodeum has vanished after an 8-day ICO. On January 28 project's website went blank and its organizers trolled investors by showing a simple message: a word "penis".

Prodeum ICO was launched on January 20 and its end date was set on March 13. During this 8 days a total amount of more than $6,5 million dollars were collected. Organizers deceived investors by saying that the project is aimed at creating a blockchain-based fruit and vegetables labelling system, which would allow buyers to know everything about the conditions of the product and its origin.

Scam ICOs are a serious problem that prevents this industry from wide-spreading. Many regulators have already warned investors that this space is practically unregulated and they can lose their funds. 

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