PayPro loses all investor funds... Scam?

[SalmanMJ9]

PayPro raised around 1,000 ETH and meant to hit exchanges in April. However, the CEO posted a strange article "PayPro loses all investor funds" under this link:

https://medium.com/@pablo_38603/dear-community-a520df4f9b94

Then they deleted it. Here's the article:

Dear community,

As you know, PayPro’s token sale was closed on last February 26th. Thank you very much for trusting on our team, it is a honor for us. Also, apologies for having taken so much time on reaching you out.

When it was decided to start our token sale, we acknowledged the importance of having a robust and secure SmartContract. For this reason, we decided to outsource its development to a third-party who was supposed to deliver a ready-to-use solution. On top of that, we also audited the Smart Contract in order to ensure that everything was fine. The report can be found here.

Unfortunately, we are afraid to say that we have experienced an error when closing the Smart Contract. In plain words, there was a mistake translating the wallet address from JavaScript to Solidity that made the SmartContract to interpret wrongly the destination address for unlocking the raised funds. A copy of the SmartContract code can be found here. Also, a more technical explanation can be found here.

Thus, whereas we intended to send the funds to

0x132623d797FE61f8E1D1aE2aA17Fc997a4f9bf77

they were sent to:

0x132623d797FE61De05De0aB5ec5E7A8380000000

What will we do next?

We will not give up. We want to make PayPro a reality and hence we are going to struggle as much as possible in order to accomplish so. However, we need again your help in order to face this delicate moment. We need PayPro community to make noise and try to bring more people to push PayPro forward! This is why we are going to take the following actions:

We have sent a formal letter to the Ethereum Foundation asking for this error to be solved so it does not happen again in the future. You can find a copy of the letter here.

We are going to sue both the Smart Contract developer and the Consultancy Company who reviewed it. Evidence on the collaboration with the Smart Contract developer can be found here. More info on how to join the lawsuit can be found below.

A new Affiliate Program has been released, where new contributors will be rewarded with a 120% bonus and affiliates with 30% bonus. The aim of this Program is to gather the necessary funds to kick-off PayPro. If we are successful raising more than EUR 500,000, we will create a new token and deliver it to current PIP holders. Please, sign up here to join the Affiliate Program.

A new Bounty Program has been published, where we ask the community to help us to develop the wallet. More info will be supplied soon.

How can the funds be recovered?

Unfortunately, we do not have access over the above-mentioned account ending in …8380000000. As all the funds collected are in there, there is no way for us to refund.

As we believe that both the company who developed the Smart Contract and the Consultancy Agency are responsible for having delivered a product that did not work, we are going to claim for compensation.

The lawsuit is now being prepared by our lawyers. If you want to be included in the lawsuit in order to claim part of the compensation, please fill this form. All funds received from the compensation will be distributed to those contributors who have joined the lawsuit.

Please, bear in mind that this is only compatible in case we are not able to meet the goals of our Affiliate Program for raising a minimum amount of EUR 500,000. In case we were successful raising this amount, the compensation would be used for further developing PayPro.

We take this opportunity to apologize for this fatal error. The whole PayPro team is ashamed and sorry for this. We are working on solving this error in the best way possible for the whole community.

In case you have any further enquiry, please send us an email to “info@thepaypro.com". We will reply to all emails and provide with all the necessary help and evidence of what happened.

Also, we have scheduled a conference in Hangouts for next Thursday, March 29th, at 11:00h GMT where we will explain this in person and will reply to all your questions. In order to join, please follow this link.

Yours sincerely,

PayPro team.

After that they deleted their Telegram chat group: https://t.me/ThePayPro

This looks like a scam to me, a project aiming to build "1st financial marketplace as a DAO" and not able to test/try with a small amount 

Exit scam?

[1715550067]

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[1715550067]

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[breaktime]

Its very sad but why they need to delete their telegram.


 if this  company does not own $50.000 as an initial  how can it plan to raised Million .


Sad history

[manish9841]

Looks like professional scam to me.

[timerland]

They deleted their medium article as well.

It's unacceptable to outsource the development of anything, not know the risks of what would happen, say that you audited everything, yet still come out with a fatal error that ends up with investors losing money. In my opinion, that's just their excuse for not refunding the investors everything that they put into their ICO.

Very untrustworthy how they released a new affiliate program in an attempt to get more investors in even after the current issue. We don't know if there is any foul play with this Ethereum issue, and instead of putting all their time investigating into this issue and try to get a refund, they are focusing on raising more funds.

Looks like a greedy team for sure, I would say that it's a scam and not invest anything into this if I were you.

[cunicula]

Thats some shit scam.

[egoryana]

Another ICO scamers. You would come up with something original.

[saimonji_miko]

CEO
Pablo Ruiz
https://www.linkedin.com/in/ruizferrer/
https://twitter.com/realpabloruiz

CFO, COO
Gabriel Llambias
https://www.linkedin.com/in/gllambias/

CTO
Enric Giribet Usó
https://www.linkedin.com/in/enric-giribet-us%C3%B3-a0159b31/

[atom2080]

paypro it's not scam!!
we hope everything gone be allright!!!


https://medium.com/@pablo_38603/smart-contract-error-c30dd3bbce43

[pinkman12345]

Do they have seed or word of the eth wallet that they used?
I believe that if they used and wallet including open source and provided they have wallet key but not the other address private key then in that case the eth can be recovered.

[magneto]

A company cannot just say that we lost your money and say that we're not liable to pay you back. How crazy does that sound if put outside of this case? Just say that lent me a hundred bucks, I accidentally lose it and say that I don't need to refund you now.

That's literally what this team seems to be doing.

There is no doubt that they are a scam. Even if the error is legitimate, doesn't make them not liable for losses. Plus it could have been deliberate as well, nobody knows. As long as they deny they owe old investors any money, they are scammers.

Jeez, and they are still launching new bounty programs or whatnot. They are clearly not ashamed at all.

[bigNoizboo]

Scam. There should be an easy way to validate the identities behind the scheme and bring the full force of the law to prosecute them. Then keep them scammers locked up for good.

[layoutph]

Dear Paypro team,

I know you are reading this thread. Kindly clean up the mess, your PIP's coin reputation , and your name. Save your balls. Dont be the next Centra CTR founders that now is in jail.

https://www.nytimes.com/2018/04/02/technology/virtual-currency-arrest-centra.html

Stop the scam drama.

[Beyucmoney1]

Do they have seed or word of the eth wallet that they used?
I believe that if they used and wallet including open source and provided they have wallet key but not the other address private key then in that case the eth can be recovered.

Kingman pls drop your telegram Username to my inbox i need to contact you on smart contract Address ish. Thanks i have sent you a message earlier on BTT