Bitcoin Forum

My friend has dedicated for four weeks to his bounty campaign and even join an ICO.  He later found out that it was a scam. I was so sorry for him because his dedication and effort was all for nothing.  He even found out that they have run 2,600 ETH coming from donations.  I am really curious about what really happened to those scammers.  Are they traced? How are they address to solve this problem? Is their an international law that protects the Alt currency and the bitxoin? Glad to hear your opinion on this.

Rule. Do your own due diligence before even thinking to join an ICO as abouty hunter or investor.

I think they are ok. Nothing to worry about.
But if you want govenment to protect you in future, invest in the areas where government can do it and has established regulations. Why would you invest in ICO? Because it is unregulated? Then why would you complain?

Suppose there is no special law that can nail as you say scammers. Naturally the activities of ICOs must be somehow regulated. Otherwise, more and more people will suffer from fraud.

I pity much to those new in crypto, hence, they are likely to be the victim of ICO scam. This wont happen if there is a standard on how an ICO should be, maybe, there were few who will start the idea of having scam-proof ICO that identify evry fraudulent in the community, we make it togehter if we contribute with this one. this is just an idea, if somebody acts on this, then this will become the solution.

This is why ICOs are risky especially those which are backed by nothing like no good team or advisors. Generally you can't do anything against the team if they ran away with your money because scammers like those are very smart and they won't use their real info at all everything's fake including some random pictures so it's very hard to track them down.

No there is no any legal entity that will protect ico investors but if the project is registered somewhere than local authority of that country might help investors to get refund when project will turn into scam.

Trusting any ico without researching can be just waste of your both time and money.

As far as I know there are no specific international laws that can stop them (scammers). Some countries try to regulate them like USA. But it is avoidable as they may set their center as just another country. There are nearly recognized 210ish countries in the world.