Bitcoin Forum

REcoin is a complete scam.  I took some time to research into it a bit and the whole thing is a fake business with any money going to the founder and CEO 'Maksim Zaslavskiy'.  RECOIN is supposed to be a real estate crypto with a whole bunch of different impressive sounding websites and various real estate related businesses being funded by it but when you read the white paper and go to the web site you'll soon realize that the whole thing is a paper thin front.   First off there are no other 'team members' other than this one guy...Maksim.  No partner companies, no other people such as programmers or anyone with a tech, finance or real estate background.  Then, if you read the white paper you'll see that there are a variety of 'trusts' and committees and boards that all in effect put Maksim in control of everything.  In fact it even says that a percentage of coins mined go directly to Maksim and that he has sole control of the trust as well as his heirs etc.   It mentions that the coin will be backed by real estate but there is absolutely no evidence that there is any real estate owned by RECOIN or even that anyone at the company has any experience dealing with real estate.  No major real estate partners or financial firms partners, no advisors...the whole thing is completely void of anything tangible.   Finally, if you go to some of the ICO message boards around the net you'll see the same group of fake russian sounding broken english accounts trying to hype this RECOIN up....but when anyone asks a legitimate question there's no answer except yet ANOTHER new fake russian or ukrainian speaking account hyping it still more.   They are supposedly having their ICO on August 7-8th.  Frankly, I think anyone that sends them money will lose it and never hear from them again.

Their website is 101recoin.com but if you read their materials carefully...besides all the totally unprofessional broken english you'll see that there is no company here.  The ICO will just shuffle your hard earned bitcoin or ethereu into this guy 'Maksim's' pocket.  He'll then probably take a nice long vacation on your hard earned dough.  Nowhere on the site, whitepaper, video or anything connected with this guy is there even a hint of any real estate experience.  In fact the only 'business' i could find was ANOTHER scam...a fake 'charity' called 'live laugh love' that several message boards and a facebook page say stole money from them.  And surprise...RECOIN says a portion of their money will be donated to 'Live Laugh Love'...which is run and owned by...you guessed it...Maksim!    What a total scam this is.  Someone should call the FBI.

It doesn't sound much different than most altcoins to be honest but thank you for your assessment, if it is as obvious as you say I'm sure many others will notice it too.

Good to see more people realizing it and doing something. I have been on the backs of these people on the boards they can't control trying to expose them as much as I can on my free time. There are so many ICO scams around that I decided I could only focus my time on one and at least put my 2 cents on avoiding somebody to be scammed.

They have blocked me from their different FB, twitter and other groups they control. Here in the forums they just keep posting from their fake accounts to try to turn the page. The supposed charity where part of the money goes is owned by him. 85% of the mined coins go to his own Turst and even his name directly. The list doesn't end.

I even posted how based on the dozens of domains the guy owns, the only real address you could find is from other older domains leading to a house in NY. His Nevada and Cali fake businesses all point to PO box stores. But even as this was publicly available information the admin here deleted my post, so I just decided to stop wasting my time.

You can read some here:
https://bitcointalk.org/index.php?topic=2014062.120

The guy also says he studied law but I couldn't find him accredited by any of the Bar associations in NY, NV and CA as able to practice. The only good thing is that with this guy residing in the US, taking money from US people and with the SEC now considering these ICOs as securities, there is a good chance he can be caught if he gets to scam a good number of people.

You are wasting your time like that. Ours too....

You want feedback right?

I found a pattern. A rule of thumb.

Don't invest in companies with an mcap below 3 million dollars....

Fcoz always do research. But most below 3 million caps companies are susceptible to pump and dump schemes. Also likely to have lil to no value to cryptospace.

Also don't consider investing in companies with lower than 30.000 dollar day volume.

Not sure whether anything in this group looks like scam. I've made my own investigation, observing and describing any opportunities of this group to become a scam one and I found nothing, confirming this doubts, especially according to its community participation:most of them just using bounty program hoping to become a rich ones. Other ones are just using forums and social networks to carry an information how to invest right/participate in any other promotions. If any of these ppl were bots, they'd be banned ny the community bcuz of its IP adress, neither they look like trolls-they ask other advanced ppl for the real data/suggestions.

Please tell us more about you investigation Mr Recoin Fake account.

We can say that every ICO is SCAM, but I think REcoin isn't SCAM. Their idea is good, and we need to wait & see how ICO is going.

Yup. All tokens are scams to some extent. The value for the tokens would be decided by the users itself and there can be many factors manipulating it.
It's about how long they can manipulate.

Its just confusing to pick a non scam ico.There are some genuine icos but its very difficult to choose good one.
As newbie peoples have limited knowledge about them.
Hardened investors can pass the ico with just a glance.

Thanks for pointing this out!

you are absolutely true!!

Hope this post saved people money.

The wait is over! RECOIN is a scam: https://techcrunch.com/2017/09/29/the-sec-has-charged-two-initial-coin-offerings-with-defrauding-investors/

You're welcome guys.  Hope my initial post prevented people from losing money to this creep.  

https://www.coindesk.com/sec-charges-promoter-two-icos-fraud-says-recoin-no-real-estate/

Good job OP. You were right on the spot

I totally agree with you. Any man or woman being scammed by this if op’s accusations are true more than deserve being scammed. Because any investor should learn to stop being lazy and do more research about the coin they are thinking to make an investment on before diving in. Rather than just throwing money into the pocket of these scammers.

so know we know that everyone is saying that REcoin is scam, but if we will think we'll understand that Max wouldn't show his face on scam project...

well now SEC think it is a SCAM. This is the first criminal action taken by the feds regarding an ICO because really SCAM project not to try are being legal. That is why all ICO out of this and more and more are SCAM. I still can't believe that happened for real. And that is why most real SCAM ICO will working here and not prosecuted.

You can have your point of view and it's great that you did your own little research. However, if Max Zaslavskiy is a scammer then why all my money which I invested in Recoin were returned? It doesn't look like a scam action.

Even though the media tells us it is a scam, something tells me that SEC jut needed someone to become the punching bag for them, as their struggle to gain control of crypto markets has next to no results so far. They arrested a project based on ICO without even allowing it to finish raising funds- that is simply ridiculous!

Using the internet archive to look at their website from last summer shows just how fraudulent the company was. Why would anyone consider investing when there wasn't even ONE board member? DRC World was even worse. The whole site indicated it was a scam.