Punishment for ICO for being scammed.

[Getcoinsite]

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?

This kind of people must not consider as human,because what they are doing is cruelest for human race and must be punished by death.imagine the hard earned of a people that has been gather for long time and in a single moment that invested in their fake project suddenly gone and leave them waiting and asking whay is this happen.i hate them earning with scamming and dont break their bones for living

[Stioned1987]

Cryptocurrency is solely speculated, few initiatives are honestly worth it! but buddy try and study their whitepaper and ask them about github that is the area to be in which you can see developers are absolutely have thier product. if you actually need to join their undertaking. Github and telegram is the answer

[cryptotezi]

If you want to trace a scam ICO before making investment, you have to do a lot of research and study on the project. You also have to check the team working for the project, their roadmap, their response in TG group, their project acceptance to people. Considering all these things, you will be able to trace an ICO scam or not. However, there is no authorized body to trace the scams and punish them if scam proved.

[eolitic]

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?

that would be perfect, but i don't think it's possible at the moment. Maybe after creating some regulations, we'll see less scam ico projects. I would really like those scammers to get punished. So many people suffered from their actions, this is just no fair that they can get away with the whole skin.

[cryptohopes]

We are really helpless here. There is no filtering method to filter out the scammed ICO. We will have to find it out by ourselves. You just need to be careful while selecting a project, Go through their website properly and see the team working behind. This may help you to find out the scammed projects.

[currencydesigner123]

As the whole system of cryptocurrency is decentralized and those who are making scam are anonymous,it is quite impossible to find out and punish those who are making scammed ICO.

[trecore4]

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?

Law? I dont think that can do anything in the crypto currency project. If they start to make laws for it then surely it will become the centralised part of ICO and that wont be good for us - we will expose with it ourselves. Anyway thats not the point here but im sure making law suits applicable to them is not an option here.

If we were to do the punishment anyway then we can just demand our money back with some interest on it as we lost our time over their investment. They should pay it in the currency that we want or fiat if needed.

[sarul]

We are really helpless here. There is no filtering method to filter out the scammed ICO. We will have to find it out by ourselves. You just need to be careful while selecting a project, Go through their website properly and see the team working behind. This may help you to find out the scammed projects.

even though we have been scammed, but we can not do much thing because they have disappeared from the rosters. On the internet counterfeiting is an easy thing, everything can be edited. It's need hard work to track them down.

[temilade200]

I think no body has been set up for that purpose, except if one is going to be set up newly to scrutinize every proposed ICO. I think what we have now are the ICO listing sites whom we need to be very honest and discrete with the type of ICO they list on their sites.

[CurrencyIntel]

As far as I know there is not straight guideline to check any ICO scam or not. But one can trace that by studying the documents and analyzing the team working behind the ICO. And since there is no legal paper with rules to control the sector, there is no legal body formed yet. I hope something like that will come very soon to monitize the industry.

[Irvinn]

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 order for ICO projects not to be fraudulent or minimized, it is necessary that such projects and the ICO team be regis- tered by authorized state bodies that carry out certain checks and supervision of such activities.
If the ICO team escapes from the collected money, it commits a criminal offense - fraud. In the criminal code of my country, it is defined as deception or abuse of the citizens' trust for the purpose of capturing other people's property and is punished with imprisonment up to seven years.

[caisa88]

There have been cases where arrests were made because some ICO's scammed people. One example is Onecoin, which had 119 team members arrestrd in China. You can read the article here: https://www.businessforhome.org/2018/05/chinese-authorities-arrest-119-onecoin-leaders-7-1-million-sized-from-sebastian-greenwood-2-4-billion-involved/

[pauline_78]

I've heard of an application software which helps to eradicate and filter scams from the crypto market. I hope this will have a great impact on the investors.

[feny.blackpink]

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?

The punishment should be jail forever.  i saw many ICOs scammed many investors. Even some ICO's scam millions of dollars.
if you talk about bodies of law, maybe SEC is. They usually having a court with suspected big scammers.

[gezhid008]

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?

At present, there is no effective supervision of ICO in the market, so there are many ICO frauds, so we must be careful when reinvesting.

I believe that ICO needs a special supervision department, so as to effectively control and supervise the legitimacy and completeness of ICO, so as to attract more investors.

[morozo]

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.

I have not heard about a DAICO platform before, does it work similiar like Escrow where the funds are in a secure, 3rd party place and can only accessed if the project delivers? That would be one good idea...

[sotoshihero]

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?

At present, there is no effective supervision of ICO in the market, so there are many ICO frauds, so we must be careful when reinvesting.

I believe that ICO needs a special supervision department, so as to effectively control and supervise the legitimacy and completeness of ICO, so as to attract more investors.

Thats right. No proper regulation right now and anyone can do an ICO even anonymously and raised funds  and run with money /btc being scot free. This is being pointed out by several people already and government are doing thier best to formulate rules and accountability about this matter.

[pk lurah]

I think, if Crypto market has not been fully legalized, so you can not do anything. But in the future, there will be less fraud because the government is in the process of doing the work. So when you participate in it you've done something illegal, you can not run into the law and tell them that you are doing something illegal and now you want to punish others.

[noorammak]

Punishment. How?. As cryptocurrent is fraught with risks and without any involvement from the government. A good environment for criminal activity. Please understand that.
In the beginning, everyone probably understood that "risk" is something they have to learn and accept as soon as they enter.
It's only possible that we rid ourselves of this community: scam.
No one but us will help ourselves. Let's scrutinize and thoroughly understand that is the advice now.

[Aum Ram]

At the moment, the monitoring of compliance with the legislation by the organizers of ICO is only for those projects that accept payment from US citizens. In this case, the organization that controls such projects is the SEC.