Punishment for ICO for being scammed.

[flowerofsun12]

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.

[soltantgris]

 I can say that not all of the ico's initially were scam, some of them just don't gather enough money to achieve their goals and we should not blame them, because it is not in their responsibility sphere.

[que91]

I think it's impossible cause there is no country has clearly rule for cryptocurrency so if you've been scammed by any ICO project then you can't do anything to punish them. At first you need to complain yourself first cause you couldn't find out a good ICO project to invest in . There are so many scam ICO projects but seem like all of them are still fine.

[iconoclast]

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?

There are a few instances of Scam ICO's being pursued by legal authorities but they are usually only the real high profile ones. The difficulty is that laws and law enforcement tend to be country specific and the Scams work across international borders and the victims are spread all over the globe. So you may get someone that raises $10,000,000 in their ICO but since there might be only a few victims in the country where the ICO was based the Police will often be uninterested in following up on it. The best advice is be very careful what you invest in because if it turns scam chances are you will never see that money again.

[Cardan0]

It must not  become that  demanding to reveal a deceitful project, just prove the promoters considering their published profiles reliably and choose if those look honest.

[yatogami]

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?

I don't see any ways of punishing scam projects because it is impossible to get access to their wallets and the identity of the team.
A specialized legal body (preferrably an international one) could be created in order to control ICOs - it could impose certain rules like compulsory registration of the project in a unified register and revealing personal details of the project team.

[00DKM@]

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?

Unfortunately, there is no way to identify a project that is phishing at this time and ico is not yet controlled and verified by the authorities. In addition to eliminating them in different ways. It's best to talk directly with the community manager on the telegram.

[developer101dev]

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 my own opinion, you cannot easily determine if the ico is a scam or legitimate because all of them are good for creating advertisements so the best thing you can do is read the platform before investing a huge amount.

[Koobtcgal]

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?

I have not heard of that yet in the cryptocurrency world and this is the reason why scam projects are on the increase nowadays. We need a regulatory body to issue ICOs else we will be scammed always. People are using the anonymity in crypto to kill their fellow brothers.

[Hallmader]

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?

There are several ways to determine whether the ICO is scam or not, from fundamentals up to the highly technical and detailed scrutiny of the project's product. But to those who are only aware of the basic ways, perhaps it is only up to reading whitepapers and understanding them up to a certain level, reviewing the teams and their website and other media, raising questions and concerns to the developers, and so on.

As regards legal commitments, it would be up to the country where the project is duly registered and operating. They will be answerable to their laws.

[piscook]

personally, I think, There is no legal body that handles fraud cases caused by the ICO, maybe this is the reason most ICO continues to fraud investors and hunters rewards, I think legal entities should be formed so that ICO-ICO can be corrected and supervised. should you know before putting money and time into one of them, better protection than care You should know how to protect yourself from this scam before it happens?

[DesertOasis3]

Most countries will have a cybercrime division of their law enforcement, so if the ICO is based within the borders of a country with one of these then I would assume that they could be used to intervene. Some stricter regulations governing the running of ICO or a more accepted and secure escrow arrangement would be really beneficial to everyone.

[MRlong]

At first there are no ICO project which accept real money for investing and all investors only can use cryptocurrencies to invest in all ICO project. As I know there are no country has any rule about cryptocurrency so I don't think there is anyway to punish scam ICO project . Maybe if you can find them out, you can give them a punch on their face then you'll be sued because of assaulting

[irenegaming]

Unfortunately that's a side effect of decentralization that makes a scammer anonymous and unfindable. Plus there is one more negative thing that is there is no way to find out if an ICO is going to turn out to be a scam or not. That's why some regulation is necessary in the crypto markets.

[andrey111]

Well, the punishment for scammers should be. But for this, the ICO must be secured at the legislative level. Some countries try to punish scammers, but very often they avoid punishment. Now the forum undertook to punish the managers who are conducting fraudulent campaigns. Let's hope that in the near future there will be less scammers.

[grumpylittlepoodle]

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 this field, law is nothing. Law is under by a government so when the government ban crypto there's no law. In crypto we have only rules and regulations and its up to you if you follow that or not so if you don't want to be scam just be careful to choose ico projects.

[locsta123]

I think so many people have gotten scammed over the years that eventually it will have to head towards some sort of regulation I really don't like the idea of the govnt getting involved, but if some sort of self regulation showed up that would be awesome maybe a project will be able to develop something of the sort that can actually punish (or better) completely prevent ICO scams there has been too much of that going on in this space it really puts a damper on the whole ICO market....

[Jombrangs]

I think the most appropriate punishment for ICO for being scammed is will coming from law the one who will take care of it,
because i believe they know what the best to do in this situation are.

[usamamalik555]

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?

I don't think it is possible to have some bodies, who will be responsible for it. Unfortunately, everything has its pros and cons. So in crypto cons are great amount of scam. The only thing we can do is be more careful and do researches before investments and also help newbies not to do such mistakes. So as a result it can decrease scam projects.

[kwabeedat]

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?

I think that's what many countries are working on now. They're trying to find mechanisms of trying to get ICOs registered so that they can trace back to any one who scams people of their money. To me I think the punishment will be huge (jail probably), because you can't just scam people outta their money.