Beware of Bitplay It is most probably a scam

[siddartha1492]

Hi All

Project: https://www.bitplaytoken.com/

Around 1 week ago, I came across the Bitplay bounty campaign in Services section. The things which I noticed about this campaign were:

1) A neutral trust, single merit guy was managing the campaign. You would usually expect green trusted or experienced managers running Bitcoin Signature campaigns.

2) Payment is escrowed by the Company itself. https://blockchain.info/address/1PaZkQMAMsMNUwr8RRdnDMN221F2JpascS
What kind of an escrow is that!! When I asked them about it, the dev (not manager) said that they have contacted Lauda for the Escrow and they are waiting for her approval of the application.

OP why is that the funds are escrowed by Bitplay itself. Shouldn't it be escrowed by a neutral third party? Or am I missing something here?

youve got a point there ,why is it the escrow is the Dev itself?and since that theres a fund for payments why not distribute it weekly?why need to wait for the end of campaign?it seems like theres something going to happen if the project dont succeed,correct me if im wrong..maybe the dev has to make good explanations about this ..

Ps..this is for transparency only and im not pointing bad about the project

We have gotten in touch with the most trusted escrow agent on here "Lauda" before hand and she is in the process of reviewing the project before she offers us escrow service. Fund's would be escrowed as soon as she signals a go.

Thank you.

I contacted Lauda to confirm this and she told that even though Bitplay dev had contact her once, they never replied her message as of April 14th!
You see, even though 1 week has passed, they have not secured the Escrow from Lauda. Escrow is secured before the start of contract, not in midst or after it.

3) Even though these guys have $46K in their own Escrow address, they have chosen to pay the bounty 3 weeks after the start of bounty. That is on or after 30th April. That is another very rare thing you witness in Bitcoin signature campaigns.

4) These flags are still minor. But the biggest flag is what I found on their site. Along with major cryptos, they are accepting payments via Paypal, Visa and Mastercard also. Can you imagine that! I don't know of Mastercard and Visa, but I can assure you that if Paypal comes to know that this project is an ICO project, then they will freeze the account immediately. Even Visa has shown numerous times that it is not in favour of crypto purchases.



5) No MVP, generic whitepaper. The whitepaper is not proofread and there are lots of spelling and grammar mistakes. *Don't judge my English level, I am not writing a whitepaper here!

6) Even though tokens are reserved for advisors, there is no advisor mentioned in the team page. Some teammates don't have profile pics in their Linkedin accounts.

7) In the partners page, there are 12 ICO and token listing companies mentioned. No links and no info about these partnerships.



After witnessing all these things, I can say that this project is risky. Could be a scam also. But I won't label it scam right now. Let's wait and watch. I would appreciate your opinions regarding this project.

Regards
Siddartha

[siddartha1492]

Update: The escrow funds have been moved to another address. Bounty manager and dev not replying. Let's see how this unfolds.

[allahabadi]

Well, you have done a commendable job on this one; here again, I feel that if the status or the replies ain't satisfying; the Dev accounts should be negged and if the BM is found complicit he should be negged too.

Too many shitcoin offerings have been going on recently and the recent savedroid one must have left the investors aghast at the arrogance of the scamsters.

Thanks for the heads up.

EDIT : - You can even quote Lauda's response in this.

[siddartha1492]

Thanks Allahabadi. As for Lauda's response, I didn't post as it was received via PM. Posting PM publically doesn't look good, even though it had nothing private as such.