Am I the victim of an ICO fraud? Advice on What to do about the Eroiy ICO.

[SmilinSamurai]

I really don't know what to do here.   I invested a little over $3K in the Eroiy ICO back in March at $0.12 because I was really impressed with their team and their white paper.  They had a really solid group of advisors and list of partners.   A lot of the ICO ranking sites gave it good reviews.   They promised that they would list on 10 substantial exchanges.   Their white paper was impressive and sounded like they had a good plan.  I read about it on different message boards and it seemed like their team was active. 

Well almost as soon as the ICO ended on March 31st, then it seemed like all information and discussion just stopped.  Team members just started disappearing from their site, including their CEO and founder, who just went MIA.   They listed on exchanges, but only 3 that I've never heard of nor have any of my friends traded using them:  coinbe, BTC-Alpha, and nemChange. 

Then their price started going way down and I started hearing things about it being a possible fraud or a scam.  I just checked and its down to $.0008, so it looks like I lost all my $3K and it's only been 2 months after the ICO.   The weird thing is their Telegram is actually still increasing numbers and promoting, but when I started asking any probing questions, I got banned from it.   

What is crazy is that there is still a link on their page to buy tokens and there are still changes occasionally made to the team as I see partners or team members have been removed at different points.   

At this point I really just advice on what to do because it seems like this whole thing has been a fraud and all I have are 26,000 worthless Eroiy tokens. 

I know what people say about being careful what you invest in and I thought I was as I looked a the site, read the white paper, did research.  I even expect to lose money on occasion with ICOs, but never all of the money this fast.   My $3,125 is now worth $20 and even if I tried to sell, there isn't any volume most days, and only finished it's ICO March 31st and raised $25M!?!     

I've seen some comments from other people also saying they got swindled here and figuring out what has happened. 

Can anyone give any advice on what I can even do?   The whole situation is just making me really mad and depressed.   

Anyone else know anything about Eroiy?  Is this a scam?  Is there anyway to find out what happened to all the money they raised?   

[Kryten12]

Whether it is a scam or not the fact the value has disappeared from the coin and you are left holding something worthless is a frustrating situation. I don't know anything about this project but if they have tried to bring a product to market and failed then you haven't really been scammed just picked the wrong project to put your moeny into. Hoping you have better luck in the future.

[BigBadBitBaron]

The fact that they listed in 3 exchanges (which i assume Eroiy is still trading on) would lead one to believe there was probably some form of naivety from the Developers instead of an outright scam.

I recently took part in an ICO and when the time came for distribution the coin was listed on an obscure Korean exchange & only people with Korean Bank account and Korean ID are able to register on the exchange.  I was helpless and could only watch the value depreciate on a daily basis and could do nothing about it.

Eventually it got listed on another exchange where I was able to offload, albeit at a bit of a loss, though I lost a lot less than I expected as the coin slowly recovered to a level where I was happy to cut losses and get rid.  If I'd have held on I would be a bit better off, but would be still short of the ICO price.

I know it seems like a hard pill to swallow, but I would advise you to hold (not that you have any other option at present) and watch the markets where Eroiy is trading, keep an eye on their social media for other exchanges coming on board and hope you can recover some of your losses.

Like yourself I thought I had done my due dilligence and felt like I had been robbed.

I hope things go your way ...  Good luck..

[r1s2g3]

---snip--

I think  CEO is missing is a very big red flag and certainly a matter of concern for the future of product.
You said that you did lot of DYOR in buying this, then I am not understanding then why you are gloomy and depressed. Did you overlooked the fact that you  need to invest that much amount only that you can lose and do not keep all apples in same basket.

I can just suggest you to HODL or you can put a sell order at your ICO price (this is also risky as they put their tokens on third grade exchanges).
and might be a sudden surge in price and you will get the investment back.

[CryptoTamer]

I really don't know what to do here.   I invested a little over $3K in the Eroiy ICO back in March at $0.12 because I was really impressed with their team and their white paper.  They had a really solid group of advisors and list of partners.   A lot of the ICO ranking sites gave it good reviews.   They promised that they would list on 10 substantial exchanges.   Their white paper was impressive and sounded like they had a good plan.  I read about it on different message boards and it seemed like their team was active.  

Well almost as soon as the ICO ended on March 31st, then it seemed like all information and discussion just stopped.  Team members just started disappearing from their site, including their CEO and founder, who just went MIA.   They listed on exchanges, but only 3 that I've never heard of nor have any of my friends traded using them:  coinbe, BTC-Alpha, and nemChange.  

Then their price started going way down and I started hearing things about it being a possible fraud or a scam.  I just checked and its down to $.0008, so it looks like I lost all my $3K and it's only been 2 months after the ICO.   The weird thing is their Telegram is actually still increasing numbers and promoting, but when I started asking any probing questions, I got banned from it.  

What is crazy is that there is still a link on their page to buy tokens and there are still changes occasionally made to the team as I see partners or team members have been removed at different points.  

At this point I really just advice on what to do because it seems like this whole thing has been a fraud and all I have are 26,000 worthless Eroiy tokens.  

I know what people say about being careful what you invest in and I thought I was as I looked a the site, read the white paper, did research.  I even expect to lose money on occasion with ICOs, but never all of the money this fast.   My $3,125 is now worth $20 and even if I tried to sell, there isn't any volume most days, and only finished it's ICO March 31st and raised $25M!?!      

I've seen some comments from other people also saying they got swindled here and figuring out what has happened.  

Can anyone give any advice on what I can even do?   The whole situation is just making me really mad and depressed.    

Anyone else know anything about Eroiy?  Is this a scam?  Is there anyway to find out what happened to all the money they raised?  

I think you should ask for an explanation or clarification about the disappearance of the CEO and founder from their website and monitor the progress of this project if the project has progress as planned in the roadmap, may be the remaining team will be responsible but, if the team does not develop this project and some team members disappear maybe this will be the beginning of the destruction

[Ranly123]

I really don't know what to do here.   I invested a little over $3K in the Eroiy ICO back in March at $0.12 because I was really impressed with their team and their white paper.  They had a really solid group of advisors and list of partners.   A lot of the ICO ranking sites gave it good reviews.   They promised that they would list on 10 substantial exchanges.   Their white paper was impressive and sounded like they had a good plan.  I read about it on different message boards and it seemed like their team was active. 

Well almost as soon as the ICO ended on March 31st, then it seemed like all information and discussion just stopped.  Team members just started disappearing from their site, including their CEO and founder, who just went MIA.   They listed on exchanges, but only 3 that I've never heard of nor have any of my friends traded using them:  coinbe, BTC-Alpha, and nemChange. 

Then their price started going way down and I started hearing things about it being a possible fraud or a scam.  I just checked and its down to $.0008, so it looks like I lost all my $3K and it's only been 2 months after the ICO.   The weird thing is their Telegram is actually still increasing numbers and promoting, but when I started asking any probing questions, I got banned from it.   

What is crazy is that there is still a link on their page to buy tokens and there are still changes occasionally made to the team as I see partners or team members have been removed at different points.   

At this point I really just advice on what to do because it seems like this whole thing has been a fraud and all I have are 26,000 worthless Eroiy tokens. 

I know what people say about being careful what you invest in and I thought I was as I looked a the site, read the white paper, did research.  I even expect to lose money on occasion with ICOs, but never all of the money this fast.   My $3,125 is now worth $20 and even if I tried to sell, there isn't any volume most days, and only finished it's ICO March 31st and raised $25M!?!     

I've seen some comments from other people also saying they got swindled here and figuring out what has happened. 

Can anyone give any advice on what I can even do?   The whole situation is just making me really mad and depressed.   

Anyone else know anything about Eroiy?  Is this a scam?  Is there anyway to find out what happened to all the money they raised?   

Scam other not, there is no guarantee that the price after ICO will go higher. Maybe there you have to wait for the beta version of their product to realize the real value of the token. Then again, as you said that the team has stopped discussing on telegram makes me think that it is probably a scam. At one point, you should learn about how to look for a better ico.

[Donned]

Whether it's a hoax or not, you've lost a lot of money.
Most altcoin today is a hype, or just a hoax, and you need to be careful.

[butka]

This shows how far people are willing to go with their ICOs. They can put great effort in writing a superb quality whitepaper (or hire a writer to do that for them). They can lure team members and prominent advisors by promising great rewards. They can pay ICO ranking sites for excellent reviews. At the end of the day, all of this doesn't mean anything, unless the people behind the project are willing and dedicated enough to the push the project up and possess adequate expertise and know-how. Given these factors, for us outsiders, it is hard to judge whether or not an ICO is worth participating in.

I'm afraid I have no idea what one can do in such a situation. Not much I guess. If it is any consolation, this entire ICO bubble will be over soon and in my opinion the vast majority of ICO projects will be wiped out entirely.

I'm not saying that the ICO you participated is a total fraud, and I hope you will be able to get your money back or at least cut losses at some acceptable level.

[asriloni]

I really don't know what to do here.   I invested a little over $3K in the Eroiy ICO back in March at $0.12 because I was really impressed with their team and their white paper.  They had a really solid group of advisors and list of partners.   A lot of the ICO ranking sites gave it good reviews.   They promised that they would list on 10 substantial exchanges.   Their white paper was impressive and sounded like they had a good plan.  I read about it on different message boards and it seemed like their team was active. 

Well almost as soon as the ICO ended on March 31st, then it seemed like all information and discussion just stopped.  Team members just started disappearing from their site, including their CEO and founder, who just went MIA.   They listed on exchanges, but only 3 that I've never heard of nor have any of my friends traded using them:  coinbe, BTC-Alpha, and nemChange. 

Then their price started going way down and I started hearing things about it being a possible fraud or a scam.  I just checked and its down to $.0008, so it looks like I lost all my $3K and it's only been 2 months after the ICO.   The weird thing is their Telegram is actually still increasing numbers and promoting, but when I started asking any probing questions, I got banned from it.   

What is crazy is that there is still a link on their page to buy tokens and there are still changes occasionally made to the team as I see partners or team members have been removed at different points.   

At this point I really just advice on what to do because it seems like this whole thing has been a fraud and all I have are 26,000 worthless Eroiy tokens. 

I know what people say about being careful what you invest in and I thought I was as I looked a the site, read the white paper, did research.  I even expect to lose money on occasion with ICOs, but never all of the money this fast.   My $3,125 is now worth $20 and even if I tried to sell, there isn't any volume most days, and only finished it's ICO March 31st and raised $25M!?!     

I've seen some comments from other people also saying they got swindled here and figuring out what has happened. 

Can anyone give any advice on what I can even do?   The whole situation is just making me really mad and depressed.   

Anyone else know anything about Eroiy?  Is this a scam?  Is there anyway to find out what happened to all the money they raised?   

you can't do anything with your amount. That team was definitely scammed the broad investors through listed the coin on the crap exchange which not all of the investors can access it. I think that the developer has access or it's possible if that in their region. You can't do anything with it. Sounds another scam project in my opinion.

[IgorShumilo]

Humble, most likely you lost your $ 3,000. From this, no one is immune, now there are a lot of fraud in the ico area, this market is still very far from clear regulation, so such cases are not uncommon. Many projects have nothing but white paper and people still give them their money, is not it funny?)

[r1s2g3]

This shows how far people are willing to go with their ICOs. They can put great effort in writing a superb quality whitepaper (or hire a writer to do that for them). They can lure team members and prominent advisors by promising great rewards. They can pay ICO ranking sites for excellent reviews. At the end of the day, all of this doesn't mean anything, unless the people behind the project are willing and dedicated enough to the push the project up and possess adequate expertise and know-how. Given these factors, for us outsiders, it is hard to judge whether or not an ICO is worth participating in.

I'm afraid I have no idea what one can do in such a situation. Not much I guess. If it is any consolation, this entire ICO bubble will be over soon and in my opinion the vast majority of ICO projects will be wiped out entirely.

I'm not saying that the ICO you participated is a total fraud, and I hope you will be able to get your money back or at least cut losses at some acceptable level.

I do not think they will wipe out as they are still making millions dollar and nobody knows their identity.
They given their linkedin profiles and  still they scammed, might be linkedin will be next to ban the Cryto currency related profiles.
We need to make investor/people  more aware but scammer will find the new ways. A constant race will go on.

[chickenado]

I really don't know what to do here.   I invested a little over $3K in the Eroiy ICO back in March at $0.12 because I was really impressed with their team and their white paper.  They had a really solid group of advisors and list of partners.   A lot of the ICO ranking sites gave it good reviews.   They promised that they would list on 10 substantial exchanges.   Their white paper was impressive and sounded like they had a good plan.  I read about it on different message boards and it seemed like their team was active. 

Well almost as soon as the ICO ended on March 31st, then it seemed like all information and discussion just stopped.  Team members just started disappearing from their site, including their CEO and founder, who just went MIA.   They listed on exchanges, but only 3 that I've never heard of nor have any of my friends traded using them:  coinbe, BTC-Alpha, and nemChange. 

Then their price started going way down and I started hearing things about it being a possible fraud or a scam.  I just checked and its down to $.0008, so it looks like I lost all my $3K and it's only been 2 months after the ICO.   The weird thing is their Telegram is actually still increasing numbers and promoting, but when I started asking any probing questions, I got banned from it.   

What is crazy is that there is still a link on their page to buy tokens and there are still changes occasionally made to the team as I see partners or team members have been removed at different points.   

At this point I really just advice on what to do because it seems like this whole thing has been a fraud and all I have are 26,000 worthless Eroiy tokens. 

I know what people say about being careful what you invest in and I thought I was as I looked a the site, read the white paper, did research.  I even expect to lose money on occasion with ICOs, but never all of the money this fast.   My $3,125 is now worth $20 and even if I tried to sell, there isn't any volume most days, and only finished it's ICO March 31st and raised $25M!?!     

I've seen some comments from other people also saying they got swindled here and figuring out what has happened. 

Can anyone give any advice on what I can even do?   The whole situation is just making me really mad and depressed.   

Anyone else know anything about Eroiy?  Is this a scam?  Is there anyway to find out what happened to all the money they raised?   

I have similar experience i think that this is how ICOs goes there is no guarantee no matter how legit it looks it is not an assurance that its value overtime will kick in some will just be devoured by others and many are just pure scam so if you have plans to invest in the future that seems legit do not invest an amount that you are not willing to lose. because in every investment there is a 50/50 chance of success and failure. Goodluck for your next investment though this will be a lesson learned for you and many others. Thank u for sharing your experience.

[qazgroup]

It could be a scam if they are still selling their tokens after the ico but if the value of token is concerned i thing all the icos whether good or average in the last 5 months all of them are trading way below their ico price, i think bears in the market have a major impact on prices.

[haroldtee]

Although, the value really did go down hard, otherwise, I would have said, the value of tokens or coins going down below ICO price at this downtrend period is normal, but that is way too low. Also, with what you said about the team disappearing one after the other and losing touch gradually with investors, then, that should be a cause for alarm if you are indeed sure of what you are saying.

You are still lucky it is still on an exchange and there is still value for it, so that means you can still get out even at loss. However, this is not just about getting out at loss, but what is important is finding a very good ICO that has been listed on the market and so undervalued right now below ICO price, with an active team, a good and product you believe will do great and hold on to them, which to me is still better than bag holding a shit coin with no future.

You may not get everything back at once, but one way or the other, if you can be patient enough to wait, you can do long term trend following pattern of trading with the token, and then be able to recover your funds gradually, but in this case, I assume you have some knowledge about long term trend following pattern of trading which is not too hard to learn anyway.

But please do not jump into conclusion straight up and be sure you have gotten your fact straight about the Eroiy project before going ahead with this as it would still have a chance to grow back if the team is active and there is a product that can boost it up which I would advise you even try to buy some more during the dip, but that is based on what you eventually find out.

[butka]

This shows how far people are willing to go with their ICOs. They can put great effort in writing a superb quality whitepaper (or hire a writer to do that for them). They can lure team members and prominent advisors by promising great rewards. They can pay ICO ranking sites for excellent reviews. At the end of the day, all of this doesn't mean anything, unless the people behind the project are willing and dedicated enough to the push the project up and possess adequate expertise and know-how. Given these factors, for us outsiders, it is hard to judge whether or not an ICO is worth participating in.

I'm afraid I have no idea what one can do in such a situation. Not much I guess. If it is any consolation, this entire ICO bubble will be over soon and in my opinion the vast majority of ICO projects will be wiped out entirely.

I'm not saying that the ICO you participated is a total fraud, and I hope you will be able to get your money back or at least cut losses at some acceptable level.

I do not think they will wipe out as they are still making millions dollar and nobody knows their identity.
They given their linkedin profiles and  still they scammed, might be linkedin will be next to ban the Cryto currency related profiles.
We need to make investor/people  more aware but scammer will find the new ways. A constant race will go on.

Well, they might not be wiped out all at once, but I sure hope things will be changed (somehow) for the better. Either people will come to their senses (probably not happening any time soon) or the government will start to regulate these ICOs. Because it's not enough just to raise money if you are not gonna use that money to build your product or service. And I don't see many of these ICOs actually delivering on their promises.