Bitcoin Forum

Earlier today Benebit ICO was marked as scam because they used school management portal picture to represent their team members.
the school website used: http://www.thsboys.org.uk/school-information/staff/
Any one invested in the ICO?
Can you share your experience?
Have the team released any news to their community?

I just checked, they have deleted their twitter account!
Telegram chat admin has deleted its account.

Hope no one contributed to this. They even have a bounty program!

We must let the community know this is scam!

Website: https://benebit.io

White Paper: https://goo.gl/fYAXTo

Twitter: https://twitter.com/benebit_io

It needs to become standard practice to use an image search on ICO's.  If they are asking for money up front and using first name only then avoid them.  Glad they got busted.

Hopefully no one lost their money, sad to see scams. Always ruining the space.

Update from the partners who got scammed as well:


We are saddened to announce that the Benebit ICO was an elaborate scam.

We’re currently investigating and looking into all our options to recover the funds and find the responsible parties. We'll keep you informed.

It looks like most or all of the companies involved with Benebit were scammed by them as well. This includes the company who was managing their Telegram and doing content marketing for them and more, the technology company who did their website, dashboard and created their white paper. Even some of the advisors had no idea that Benebit is not a legitimate project. The actors in their MVP video were probably unaware as well. This is a tough lesson for the all of us.

Benebit was originally requested by some of our members. The business case looked good at the first glance. Similar ICO projects trade for a good price at the moment.

Please note that we always tell our members to do their own research, never contribute more than they can afford to lose, and to stay diversified. We do not promise to perform due diligence nor guarantee accuracy of any information provided. Of course, we look at the ICO, study the white paper, look at LinkedIn profiles, talk to the team, read press releases (they even had one on NASDAQ), and more, but it’s always the responsibility of the person contributing the ETH to do their own research. It’s their ETH after all.

Given the statistics of all our previous deals, our long-term members are still substantially ahead in ETH returns. As we all know, ICOs are extremely risky. Outsized returns come with outsized risks. So far the math has been in favor of the contributors: The occasional 5-10x return on a contribution can pay for a lot of ICOs gone wrong for any reason. But there are no guarantees.

We’re deeply grateful to all our loyal members who are now showing us their support, giving us encouragement and are already looking forward to the next deal.

Going forward, we will do our best to implement changes to prevent this from happening again. One can never be 100% safe in crypto-land.

Rest assured that this does not affect any of our other past private sales.

We're currently looking into the option to organize ICO airdrops for the Benebit victims.

We have a big community and doing an airdrop for the victims of the scam would be good PR for the generous ICOs willing to help out. If you know an ICO that would be willing to help out, please let us know.

Security note: If you’ve used a shared password in the Benebit dashboard, you might want to change it in all other places where you’ve used it.

Shaken and saddened,
The ICO Syndicate Team
This message is strictly confidential and meant only for its recipient.

Disclaimer:This is not investment advice, legal advice, business advice, or advice of any kind. Use of any information in this email is at your sole risk. This it not a service of any kind. ICO Syndicate doesn’t guarantee the accuracy of any information in this email. This is not an offer of any kind. Do your own research. Do not contribute more than you can afford to lose. Always stay diversified

The scam was uncovered during ICO and they Have already raised over USD 2 million from the participants before the news broke out

Please let's always do our own research before participating in a ICO. ICO is the new trending business of the day. And scammers are ripping people off their money because they will go un-traced. Always verify contract address before sending out money. Alot of people have been scam by fake contract address.

Be careful guys and stay safe.

since ICOs has started we believe in it but same people always take advantage for what we trying to get in for good profit people wants to get fear in all kinds of ico but we are always a RISKTAKER so we gain profit for good and not steal from other