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Author Topic: Punishment for ICO for being scammed.  (Read 753 times)
totoy4741
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June 18, 2018, 07:40:04 AM
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Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not? And is there any bodies of law that would be able to punish them once they turn into scam. And what punishment should be given upon committing such the crime?

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CryptoBry
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June 18, 2018, 07:46:41 AM
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Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not? And is there any bodies of law that would be able to punish them once they turn into scam. And what punishment should be given upon committing such the crime?

In any industry much more those who are online in nature there will always be people who are using their talents, skills, abilities and creativity in order to fool and grab money from other people...and we are helpless in actually changing their mind so that the best thing to do is for us to be always be careful. This is one ground why many countries are regulating (and even banning) the help of an ICO because regulators feel that they must protect their citizens against the possible scams. Now, in my view the best way to deal with this is to have  body established by the industry itself to screen ICOs so that "investors" would not be deprived of their money and time. The famous Vitalik Buterin suggested the DAICO platform which has mechanism to protect the ICO participants and I think that it should be required of all ICOs...but then again in a decentralized market there is a problem as to who will implement it as we all here on a voluntary basis. We need regulations with the view to protect the investors but not to kill the platform and self-regulation is the best way.
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June 18, 2018, 07:58:03 AM
 #3

Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not? And is there any bodies of law that would be able to punish them once they turn into scam. And what punishment should be given upon committing such the crime?
So far there are no way to punish those making scammed ICO and there will be no regulatory body that will do since crypto is decentralized and people doing scam are anonymous.
suburban123
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June 18, 2018, 08:09:12 AM
 #4

Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not? And is there any bodies of law that would be able to punish them once they turn into scam. And what punishment should be given upon committing such the crime?

As for the Russian Federation, if the organizers raise funds and the project does not "fire" for some reason, the lack of a legal link between the participants taking the investment and fulfilling the obligations to investors, as well as the absence of transitions of rights and obligations in a balanced form between the organizers' units in the ICO, make it possible to unequivocally qualify these actions under the provisions of the Criminal Code of the Russian Federation with the presence of a direct intent to fraudulent actions, the result of which were planned actions for Design Nominal obligations to mislead investors. But it is not known how to punish acts of fraudulent acts.
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June 18, 2018, 08:11:34 AM
 #5

Community should rate it in my opinion. I hope that it's natural, that now we can observe a lot of scam projects, and the evolution of the market will go into direction to built some mechanisms or regulations for community which will separate good projects from scammers.
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June 18, 2018, 08:14:12 AM
 #6

Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not? And is there any bodies of law that would be able to punish them once they turn into scam. And what punishment should be given upon committing such the crime?
Many people from all over the world arrested by their governments because they ran the scam ICO and took all the money of the investors so they are getting punished in someway but there is no perfect system for the punishing the ICO scammers so we need to grow on that category but it is only possible if the governments legalize the crypto currencies.

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June 18, 2018, 08:15:08 AM
 #7

There are no legal entities that deal with fraud cases caused by the ICO, maybe this is the reason most ICO continue to fraud against investors and bounty hunter, I think legal entities should be formed so that ICO-ICO can be corrected and keep watch, then there must be penalties for ICOs who commit fraud, if this is implemented then ICO-ICO will continue to grow and will become a mutually beneficial business.
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June 18, 2018, 08:24:48 AM
 #8

Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not? And is there any bodies of law that would be able to punish them once they turn into scam. And what punishment should be given upon committing such the crime?
Punishment is impossible in ICO because if you have right to choose your own so before to invest you must read the project details suppose it will scam in future you are not catch the right platform. Because many peoples are expecting more profit in Crypto platform so directly invest in ICOs are some other trading. But every platform is not a simple in beginners so we should work hard in every platform we will earn profit.

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June 18, 2018, 09:00:10 AM
 #9

Well obviously it falls under fraud.
kristinkamal01
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June 18, 2018, 09:07:05 AM
 #10

Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not? And is there any bodies of law that would be able to punish them once they turn into scam. And what punishment should be given upon committing such the crime?
Penalties can only be committed if the project is registered in the territory of the state that controls the ISO and may bring criminal liability for it.
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June 18, 2018, 09:10:26 AM
 #11

To be able to see if an ICO team would be falling under law would be to check the team members location. If you are unable to find that than thats a red flag and you should stay away from the ICO. Also it is very easy to fake all the details of an ICO and there is no guaranteed method to be able to find out if an ICO is going to turn out to be a scam.
cryptoking33
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June 18, 2018, 09:41:05 AM
 #12

Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not? And is there any bodies of law that would be able to punish them once they turn into scam. And what punishment should be given upon committing such the crime?

 One of the worst scenaros of ICOs business is the inability to detect scam projects.  On how to punish offenders,because of the decentralized nature of the blockchain you cannot punish offenders easily for such crime. So you must carry out a due diligent search before you invest in any ICO.

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June 18, 2018, 09:47:11 AM
 #13

Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not? And is there any bodies of law that would be able to punish them once they turn into scam. And what punishment should be given upon committing such the crime?

Depends on where they are and how good have they covered their tracks on the internet. I remember for instance case with benebit where team members even gave FALSE KYC registration when needed. So sometimes it if they do it right it is really hard to undercover the people behind the scam. In many countries, if not all, people who run such scams should be punished. So such cases we can report to the police, specially if you were the investor and they tricked you. The bad side of this is that there are really projects that are trying to some good but because of bad reputation these scam give it makes it harder for legit projects to come to surfice.
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June 18, 2018, 09:54:20 AM
 #14

Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not?
This is the job of the investors to know on what they are investing. This reminde of DYOR has always the tip for everyone. If there's a way to filter it, numbers of complains about these scams will reduce. By knowing the backgrounds of the people involve to that ICO can be a way.

And is there any bodies of law that would be able to punish them once they turn into scam.
SEC has been taking an action about it.

. And what punishment should be given upon committing such the crime?
Bars.

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June 18, 2018, 10:52:49 AM
 #15

Its your own responsibility to eliminate the scam ICOs and in most instances its quite easy to do this as there is a lot of indicators/red flags to be identified.

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kier010
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June 18, 2018, 11:03:38 AM
 #16

in internet they can make anything possible. they can hide their identity so they can do what they want. scammer are smart people and probably they even finish studying college. the problem is they used it to fool people. they will always find a way to scam people. if you don't want to get scammed best thing to do is research.
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June 18, 2018, 11:10:26 AM
 #17

Still crypto market is not fully legalized yet so you can't do anything about it. But in future there will be less scams because government are in process of doing the work for it.
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June 18, 2018, 11:12:29 AM
 #18

In life generally, there are so many scam happening around likewise crypto where people use different technology to scam people of their money and there is no law yet to help regulate this as you cannot say which one is good or not that is why it is very important to do a very good research before investing in a project. A way to help reduce the rate of this scam is to spread the news of the project as soon as you find out that it is a scam project so that people will be aware of the project and avoid it. In the nearest future of crypto, I think there should be a body that will be incharge of monitoring icos  and helping to reduce the rate of scam.
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June 18, 2018, 11:18:42 AM
 #19

Is there any posible way to filter who are going to make an ICO to be able to know if there are scam or not? And is there any bodies of law that would be able to punish them once they turn into scam. And what punishment should be given upon committing such the crime?
ICO and cryptocurrency are still not regulated so anything that happen yo you when investing your money into this type of market is done at your own risk, risks that you should know of before putting money and time into one of them, protection is better than treatment, you need to know how to protect yourself from these scam before it happens.

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June 18, 2018, 12:01:55 PM
 #20

i seriously doubt you can do anything about them because of many reasons. for starters ICOs are already illegal in a lot of countries so when you participate in them you are already doing something illegal, you can't run to the law and tell them you did something illegal and now you want punishment of others. they will throw you in jail for breaking it first Cheesy
then there is the fact that you are giving them your money knowing they are going to scam you. you made a bet and lost, it is best to accept that you didn't get lucky and move on.

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