Is Electroneum a SCAM???

[Dlikrot]

Hmmm... this will be interesting... It takes a long time for them to fix their issues...

[1714808782]

1714808782

[fromholland]

So let's recap:

1. Wallets hacked, many coins stolen
2. Remaining wallets locked up so ICO funds are inaccessable
3. CEO has deleted all of his social media accounts

1. NO, wallets were NOT hacked. They tried to, but couldn't reach them because they were locked up right away
2. Yes, wallets are locked up now while security is getting tested and upgraded by a world renowned company Hackerone.com
3. That weren't his account but from someone pretending to be him.

Please don't post this kind of stuff if you don't know what you're talking about. thanks.

[maralet2020]

i mine coins. but this one is the least i will put my rig on it.

[invicta]

So let's recap:

1. Wallets hacked, many coins stolen
2. Remaining wallets locked up so ICO funds are inaccessable
3. CEO has deleted all of his social media accounts

1. NO, wallets were NOT hacked. They tried to, but couldn't reach them because they were locked up right away
2. Yes, wallets are locked up now while security is getting tested and upgraded by a world renowned company Hackerone.com
3. That weren't his account but from someone pretending to be him.

Please don't post this kind of stuff if you don't know what you're talking about. thanks.

They were DDoS’ed but despite a high-profile launch and money raised were too stupid to employ DDoS protection - no one has claimed responsibility and it’s taken them nearly a month to fix, which is an eternity and very little transparency.

It’s ok to be defensive if you are one of the people who gave them Ethereum but it’s probably the worst launch I can remember and they’ve created so much hype people are blind to the lack of technical merit in anything they’ve done.

[jamel08]

I'd be surprised if this turned out to be a scam to be honest but the way it's been handled doesn't look good. They set a date and then claimed they'd been attacked, judging by the money that was invested into this ICO, i'm not surprised. I have a minor investment into Electroneum and just hope they're true to their word that they're improving the platform with Amazon and Hackerone. I'm sure if it wasnt true, hackerone would of denied it by now!

They didn't claim that they have been attacked but they claimed that alot of their users account has been hacked because of phishing sites or weak passwords.

[fromholland]

So let's recap:

1. Wallets hacked, many coins stolen
2. Remaining wallets locked up so ICO funds are inaccessable
3. CEO has deleted all of his social media accounts

1. NO, wallets were NOT hacked. They tried to, but couldn't reach them because they were locked up right away
2. Yes, wallets are locked up now while security is getting tested and upgraded by a world renowned company Hackerone.com
3. That weren't his account but from someone pretending to be him.

Please don't post this kind of stuff if you don't know what you're talking about. thanks.

They were DDoS’ed but despite a high-profile launch and money raised were too stupid to employ DDoS protection - no one has claimed responsibility and it’s taken them nearly a month to fix, which is an eternity and very little transparency.

It’s ok to be defensive if you are one of the people who gave them Ethereum but it’s probably the worst launch I can remember and they’ve created so much hype people are blind to the lack of technical merit in anything they’ve done.

I'm not saying that the launch wasn't bad. I think they had a cool idea and did the ICO, and by far weren't prepared for the amount of interest they got. (which to be fair would catch 95% of all ICO's by surprize, and is certainly not something you can or have the funds for to be prepared for.)
Long story short: Yes the launch was bad, yes they're getting it fixed now which takes weeks so no need to scream day after day that wallets are hacked and everyone will lose their money. Wallets will be released when safe, in a few weeks.
This is not the first ICO where the launch has been postponed and will probably not be the last. Have some patience, people.

(not directly aiming at you, invicta. Just saying this in general.)

[chrisfatos]

Electroneum started off good, but probably ended up on the wrong path.

[invicta]

So let's recap:

1. Wallets hacked, many coins stolen
2. Remaining wallets locked up so ICO funds are inaccessable
3. CEO has deleted all of his social media accounts

1. NO, wallets were NOT hacked. They tried to, but couldn't reach them because they were locked up right away
2. Yes, wallets are locked up now while security is getting tested and upgraded by a world renowned company Hackerone.com
3. That weren't his account but from someone pretending to be him.

Please don't post this kind of stuff if you don't know what you're talking about. thanks.

They were DDoS’ed but despite a high-profile launch and money raised were too stupid to employ DDoS protection - no one has claimed responsibility and it’s taken them nearly a month to fix, which is an eternity and very little transparency.

It’s ok to be defensive if you are one of the people who gave them Ethereum but it’s probably the worst launch I can remember and they’ve created so much hype people are blind to the lack of technical merit in anything they’ve done.

I'm not saying that the launch wasn't bad. I think they had a cool idea and did the ICO, and by far weren't prepared for the amount of interest they got. (which to be fair would catch 95% of all ICO's by surprize, and is certainly not something you can or have the funds for to be prepared for.)
Long story short: Yes the launch was bad, yes they're getting it fixed now which takes weeks so no need to scream day after day that wallets are hacked and everyone will lose their money. Wallets will be released when safe, in a few weeks.
This is not the first ICO where the launch has been postponed and will probably not be the last. Have some patience, people.

(not directly aiming at you, invicta. Just saying this in general.)

Fair enough and I see your point.

However, the idea really wasn’t that cool - it sounds like the kind of thing someone wrote on the back of napkin in a pub.

I don’t have a wallet with them, fortunately - I learned from Kickstarter that overhyping and underpromising is a huge part of this (especially when there are no repercussions) but weeks in the crypto space is an eternity. I don’t think it should take this long to fix and I’m not convinced they were even hacked in the first place (and if they were by no-one of any significance).

The only reason people are attracted to this shambles is because they think they can get involved on their phones and get rich like those who had the foresight with Bitcoin.

[cryptomema]

electroneum has a good start has a lot of potential but i guess with these glitches and the wallet problem they will likely end up bad.

[saeron-ssi]

You can only notice if it's a scam if there are no updates on that campaign. You can also observe that they are not giving what you earned. If you distinguished unwarranted things it's is definitely a scam.

[danmoris]

Marketing and Advertising has stopped with Electroneum, which means it's either dead or frozen. Problems with wallets and coins stolen, CEO is being impersonated by random people. It's going bad for Electroneum.

[Bessta]

Do research about Electroneum and from that you can know that it is a scam or not.

[invicta]

Do research about Electroneum and from that you can know that it is a scam or not.

We've all done that and no-one has concluded for definite either way.

I don't think it started as a scam but it is poorly mis-managed. If it is that way, then I hope the dev team get hung up for it and are laughed out of the IT sector, someone shouldn't be able to start a high-profile project, cause it to flop badly and then think anyone wants anything to do with them again.

I have noticed the hashpower across the network is comparatively low.

[GintoniK]

I want to leave on the side the following red flags:

1. simulated mining that does not secure the network
2. trenched ico with unchecked self-referrals.
3. promising specific monthly return for your simulated mining
4. massive marketing campaign catering to the clueless.
5. bragging about the success and the hard work when ico funds are not accessible
6. that no fees statement pre-ico and then the change of plans and the decision to clone monero!

the list goes on, whoever has followed this "project" knows.....

I want to focus on that hack, i have understood the following:

-The site was ddos'ed and briefly went offline but there was no hack that jeopardized the coins held in the ICO wallets. The electroneum team claims that they locked the ICO wallets as a precaution; they said that a lot of people registered and participated in their ICO with email accounts which were already compromised by previous hacks on other platforms during past years.

So they locked the wallets to protect those who have not changed their passwords since their sensitive info was leaked. In a way, the electroneum team expect us to "be thankful for protecting us"

But it makes absolutely no sense... they locked our money because some are using compromised accounts? why should we care about those people? Why doesnt all other respected-multimillion online services/platforms dont follow a similar policy?

How is hackerone going to help those retarded people that can't follow the most basic privacy rules? why is even hackerone presented as a solution to this problem.

I am also getting attacked everytime i bring those issues to the table; as being clueless, not knowing what i am talking about, not knowing how mining secures the network, missing the ico or other classic bagholding excuses. I can only attribute it to somekind of "Ostrich Syndrome".

Please help me understand this hackerone thing that will keep the wallets closed indefinitely or until the ico participants learn how to handle their sensitive info.


Really help me understand, there must be something i am missing, they cannot be THAT dumb ...

[najmul33]

I think The project looks promising. Im also thing that maybe Eletronieum project are scam when there website are not working it was 2 week back. But when im talk with support team they explain me everything

[invicta]

I want to leave on the side the following red flags:

1. simulated mining that does not secure the network
2. trenched ico with unchecked self-referrals.
3. promising specific monthly return for your simulated mining
4. massive marketing campaign catering to the clueless.
5. bragging about the success and the hard work when ico funds are not accessible
6. that no fees statement pre-ico and then the change of plans and the decision to clone monero!

the list goes on, whoever has followed this "project" knows.....

I want to focus on that hack, i have understood the following:

-The site was ddos'ed and briefly went offline but there was no hack that jeopardized the coins held in the ICO wallets. The electroneum team claims that they locked the ICO wallets as a precaution; they said that a lot of people registered and participated in their ICO with email accounts which were already compromised by previous hacks on other platforms during past years.

So they locked the wallets to protect those who have not changed their passwords since their sensitive info was leaked. In a way, the electroneum team expect us to "be thankful for protecting us"

But it makes absolutely no sense... they locked our money because some are using compromised accounts? why should we care about those people? Why doesnt all other respected-multimillion online services/platforms dont follow a similar policy?

How is hackerone going to help those retarded people that can't follow the most basic privacy rules? why is even hackerone presented as a solution to this problem.

I am also getting attacked everytime i bring those issues to the table; as being clueless, not knowing what i am talking about, not knowing how mining secures the network, missing the ico or other classic bagholding excuses. I can only attribute it to somekind of "Ostrich Syndrome".

Please help me understand this hackerone thing that will keep the wallets closed indefinitely or until the ico participants learn how to handle their sensitive info.


Really help me understand, there must be something i am missing, they cannot be THAT dumb ...

I wholly and fully agree with what you've said here. But there are too many people defending Electroneum by copy-pasting their own (god awful) white paper and because in their own heads if they defend it, 'it must be legitimate' or 'if we believe it hard enough, it must be true'. That and if you don't believe it, then by direct inference, you are the one who has made a bad choice and no-one likes admitting that.

No-one has challenged me when I asked how 'simulated mobile mining' is supposed to work and 'teach people about crypto' when it doesn't follow the basic fundamentals of it.

Whole thing smells bad, and whatever happens and if it all implodes, the 'developers' have still made millions due to peoples' naivety and greed.

[callkiller]

Why are ye moaning??? They've had problems and they are making them right. They have kept us updated on this the whole way. Stop your whining and negativity.

[invicta]

Why are ye moaning??? They've had problems and they are making them right. They have kept us updated on this the whole way. Stop your whining and negativity.

^^ Comes to a thread called 'is Electroneum a SCAM', complains that people are calling it a scam. Just, wow.

FWIW, they're had a very unlucky streak (allegedly), haven't been that transparent, the dev team doesn't seem to have that much technical expertise at all and everyone who defends it hasn't done anything other than quote the white paper or tell everyone to be patient. Maybe you can bring some proper evidence, or we shall just have to wait and see.

[cryptodrei]

They started a good enrty to the investors and traders but the performance they are showing us isnt what we expected.I dump already to prevent further losses.

[fromholland]

Why are ye moaning??? They've had problems and they are making them right. They have kept us updated on this the whole way. Stop your whining and negativity.

^^ Comes to a thread called 'is Electroneum a SCAM', complains that people are calling it a scam. Just, wow.

It's a question.
Is ETN a scam?
Answer: NO, I don't think it's a scam.
Why: It's a UK based company, they welcome everyone to their headquarters to see how they're working their butts off to get the failed launch going asap. You can find youtube videos of several people who actually went there. They've hired one of the best internet security companies in the world to do a full scan and if necessary fixes. They're actively updating on social media, they're not trying to hide from us. These are all very positive signs!

So YES, under-prepared 1st launch.
But NO, not a scam.

Like all ICO's, you can win or lose money if you've invested here.
To me it feels like there are loads of people for whom this was their first ICO, and they thought this would go 10x - 50x within days and now feel angry or disappointed that they're not rich yet. But that doesn't mean that they won't get their ETN's within a few weeks.. and from there it's game on, good luck everyone..