Punishment for ICO for being scammed.

[keycellko]

There has been a lot of icos and its really hard to tell which one is a scam or not. The only way to make sure you wont get scammed is if check feedbacks from people. Know the people running the ico by checking their linkedin profile. Check their website if its legit. These are just some points we need to check prior to investing.

[ClaytonLWils]

So far I know there is no specific way of knowing an ICO scam or not. But you will have so many resources to know in detailed about an ICO. SO doing sufficient study regarding the project, you will be able to know the reliability of any ICO. And till now there is no ruling body established to punish the scam.

[untugede]

There has been a lot of icos and its really hard to tell which one is a scam or not. The only way to make sure you wont get scammed is if check feedbacks from people. Know the people running the ico by checking their linkedin profile. Check their website if its legit. These are just some points we need to check prior to investing.

it is difficult for us to know the ICO project Scam and which are not, so we should really do the research well, indeed one of us we can visit website and do research there and can know the team that handles the project.

[torrantz]

There has been a lot of icos and its really hard to tell which one is a scam or not. The only way to make sure you wont get scammed is if check feedbacks from people. Know the people running the ico by checking their linkedin profile. Check their website if its legit. These are just some points we need to check prior to investing.

it is difficult for us to know the ICO project Scam and which are not, so we should really do the research well, indeed one of us we can visit website and do research there and can know the team that handles the project.

People usually finds out and put a warning to the project's announcement but some dumb people will still saying that the project have a good concept anyway like a band of brainless sheep.
I think that website that list ICO should put a warning to a suspicious project aswell not just gaining profit without caring about the people.

[jlanzago]

You can do a lot of things to detect scams. Most of the time it is quite easy to do, if you actually take your time asessing the project.

You need to check the team, search their social media profiles, even contact them directly, do a reverse image search to confirm they are legit. You need to understand the project and need the whitepaper. Need to compare the technology with similar projects to see if they didn't steal anything or if it is just a recycled whitepaper. You need to see if they do have a minimum viable product and be able to see it, try it. You can review the code they already have on github or similar repositories.

Now, if you fall into a scam, a scam is people stealing money from you. You could theoretically make the report to your local authorities. But it is an unregulated market, so depending on the country, if they are located abroad or if they cannot be identified, it would be tricky. Will depend on your authorities how far they go in the pursuit.

[culberth]

unfortunately we can't punish them after they deceive us. No one can be blame in this situation. All we can do just let it go and don't repeat that mistake in the future.

[totoy4741]

Cryptocurrency is purely speculated, few projects are really worth it! but buddy try to read their whitepaper and ask them about github this is the place to be where you can see developers are really have thier product. In case you really want to join their project. Github and telegram is the answer.

Is having a good whitepaper or great community in telegram would guarantee the project of not being scam?

[casternetwork]

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?

We can not find them. Some projects are anonymous. So I advise you just to invest and learn about projects that have a transparent and reputable development team

[totoy4741]

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.

Yeah I think so too. They taking investors' hard earned money as easy as pie. Plus they are able to run away without knowing there whereabouts to put them behind bars.

[Yokonaumiyaki000]

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?

Yes of course there are ways to filter icos to know if they're a scam or not, and usually clues of it shows before and during ico. If the scam is proven, you can accuse the team with fraud or swindling, that is if you can find them, "you can't find someone who doesn't want to be find".

[Bolivar_Tony]

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?

scam ICO projects will never be punished. Because now the government has banned people from being allowed to invest in ICOs, so if we are fooled by these projects then the error is due to us.

[Ciumex]

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.

[ZaBelyi]

All right, punishment for scammers should be. But for this, the IKO must be legislated at the legislative level. Some countries try to punish scammers, but very often they avoid punishment.

Agreed. And it's not that the ICO is not a legislator. Just the only proof that you worked for them is a contract that you don't have.

[talkbitcoin]

there is no regulations whatsoever on ICOs and when it comes to investing cryptocurrency in tokens (aka investing ETH in ICO) you can never regulate it so you can never expect any kind of punishments for when  they scam you. the only solution is to not trust them in first place!

if you are so desperate for profit there are still a lot of other ways of making profit. trading altcoins is the most similar way to investing in ICO but with a lot less risk and a lot less scams.

[magpie_lover]

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?

One answer - DYOR. Thoroughly research the team, the company registration details, white paper and all the associated details published in the website. Validate the business model and see if it is a blockchain use case. Additionally check out details such as Working Product, Github, whether there is codified vesting etc.

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?

Yeah absolutely, if the money involved is large, then a regulator body like the US SEC might intervene. But it's not unusual that certain fraudsters manage to run ICO's under absolute anonymity and get away from any legal action because there aren't enough ways to trace back to them.

[CEOKEY]

The fraudulent ICO has been one of the causes for people to lose confidence in the cryptographic market. Therefore penalties for fraudulent ICOs are very necessary. To do this, governments should soon have a policy of managing this secret market. This is what investors expect.

[Johnzky]

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?

actually like many others i wanted this to be implemented since I myself once become a victim by this damn scammers,i had worked for an ico project to advertising and with four straight months of working they never pay me even a single penny thats why i really hated this kind of humans

I hope in the near future this must be addressed and must happen,to help others seek for justice and win back their losses

[benjamin11]

As of now, I think there are no punishments for scam ICO. In fact, even an ICO is a scam, they can still make another ICO but different project name. For me it will be better for the community and crypto world if they there will be a clear punishments for ICOs that are scam. Maybe they should be banned in this forum, or even be in prison if they were guilty of scamming people. People invested their hard earned money, effort, and time in an ICO, so scamming is very unfair and unprofessional. There should also be an organization that will implement the punishments.

[koralan]

Punishing ICO scams is a necessity for the cryptographic market to gain the trust of the community. But now, only a few countries can crack down on these fraudulent ICOs because their digital money is legitimate. Many countries can not do anything about them. Investors expect governments to soon be able to manage the market and have proper penalties for this fraudulent ICO.

[Temmy007]

I reason with your opinion, that why people have being clamoring for regulations on crypto, but it would also have a negative impact on the profitability of crypto