Punishment for ICO for being scammed.

[Bharathi13]

Cryptocurrency industry is changing day by day now we can see few scams, people's are aware now to choose the investment. Earlier it was too easy to scam the people's with many lies about unofficial partnership, fabricated testimonials, dissemination tactics. I think SEC is doing good but it falls under the US judiciary only. There shouldn't be any bodies formed to regulate and  approve ICOs as this can lead to corruption and this industry will become more centralised. It is upto us to choose the project and take decision after researching only.

[kxp]

You just need to have experience on this, you are not going to discover scam icos unless that you see the way that it works and the way that they are scamming the people.
As an example, the fake profiles, the fake telegram joinees, and a lot of other things that are in there

[befine77]

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.

[lamadu3]

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 the ICO is not regulated by anyone and the scammers use this opportunity to raise money. I think in a short time will begin to regulate the conduct of the ICO and not allow fraudsters to raise funds.

[cheese_x]

Discipline is inconceivable in ICO on the grounds that in the event that you have appropriate to pick your own so before to contribute you should read the task subtle elements assume it will trick in future you are not get the correct stage. Since numerous people groups are expecting more benefit in Crypto stage so specifically put resources into ICOs are some other exchanging. In any case, each stage is anything but a straightforward in apprentices so we should buckle down in each stage we will procure benefit.

[Denreal]

I think this is more reasons why some regulations have to come in place. Although, not that cryptocurrency should be centralized, but that every ICO should pass through a regulated channel and be duly registered under a body. I think by this, investors will not be afraid of investing. Notwithstanding,there are still wats of identifying scam ICO.

[starplaks]

If a person has a talent, then he will definitely use it, so there's nothing you can do and you can not always track a scam, and in this respect ICO will always be vulnerable!

[samuellim853]

There's not much you can do about it. You can report them to local authorities ofcourse but pretty unlikely anything will happen.

[ligerti]

Until the market is legalized in the international market, it is unlikely that something will be changed in this regard. But in any case I am sure that the number of frauds in this direction will gradually decrease.

[suckmyBitcoin]

It may not  result that  burdensome to recognise a fraud project, solely confirm the advisors using their social profiles reliably and establish if these look legitimate.

[a4illusionist]

The good thing about crypto world is that it is extended all over the world and the bad thing is that it is extended all over the world. Now it can help make it a big industry but at the same time it needs a very heavy strong regulatory authority which in this current situation is not possible. But i believe once the whole world embraces cryptos, then it will get regulated and then scam ICO's will be punished.

[ad8z77777711]

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.

[brianross7]

Punishment is necessary for scammed ICOs. unfortunately, its remain on looking for investors. there're no law that was required for ICO.
The Government have to manage it in order to validate the team behind of any project.

[4abrec]

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 General, each country has its own laws. But here the situation is a little different, the scammers know how to bypass many laws, while remaining anonymous and thereby mislead the society. I believe that until a single system of tracking and registration of ICO projects is created in the world, fraud will flourish. But unfortunately, geopolitics at the moment is not yet ready to make such global decisions.

[jyotianand01]

Till now, no much regulations are there to punish those ICO who scammed people after their issue and run away with money. Regulations are demanded for all these reasons as when this crypro currency market goes through regulations then no one can scammed people as they bound by the rules and they can be punished for any scam. Many countries are going forward to regulate this market.

[Anita1873]

So far, there is no regulation and authorization, which is responsible for taking action on those ICs, who make scams, and disappear by taking money from the innocent people who invest. There is a great need to create a special international legal body in order to control the ICO, to prevent the scandal in this market and to make the market prosperous.

[REjumik]

In any industry substantially more the individuals who are online in nature there will dependably be individuals who are utilizing their gifts, aptitudes, capacities and imagination to trick and snatch cash from other people...and we are defenseless in really altering their opinion so the best activity is for us to be dependably be watchful. This is one ground why numerous nations are directing (and notwithstanding restricting) the assistance of an ICO in light of the fact that controllers feel that they should ensure their nationals against the conceivable tricks. Presently, in my view the most ideal approach to manage this is to have body set up by the business itself to screen ICOs so that "speculators" would not be denied of their cash and time. The well known Vitalik Buterin proposed the DAICO stage which has component to ensure the ICO members and I imagine that it ought to be expected of all ICOs...but on the other hand in a decentralized market there is an issue with reference to who will actualize it as we as a whole here on a deliberate premise. We require controls with the view to ensure the speculators yet not to execute the stage and self-direction is the most ideal way.

[smoker36]

Perhaps in the future the situation in this respect will gradually change. But it is hardly possible to talk about a complete correction of this situation, because there are no organizations for control of security yet.

[jayendo]

Investors need to be more attentive to the choice and evaluation of the project - this is the only way to protect themselves. There are no other tools on the market yet.

[cryptolidus]

Regulations for ICOs are needed worldwide as it is impossible always to detect the scams Yourself even if You make Your own research.
Investors founds must be protected somehow as it has no sense what is happening nowadays .