SCAM ALERT!! Adab Solutions - So Called Islamic Crypto Exchange is Haraam

[JollyGood]

I have seen this Adab promotion and announcement, in fact, they have an ongoing ICO and bounty campaign, but with this serious accusations they might not reach the softcap, but people here are profit motivated if they saw that they have reached the softcap they might also tempt to invest even if the reputation is not good,I'm not speaking for all investors of course.

Well they claim to have reached the soft cap: https://bitcointalk.org/index.php?topic=4720775.msg46495425#msg46495425

Shame on these Adab exchange scammers for misusing any religion to promote their fake unethical business project which contradicts the exact principles they claim to promote.

[zugvogel21]

I have seen this Adab promotion and announcement, in fact, they have an ongoing ICO and bounty campaign, but with this serious accusations they might not reach the softcap, but people here are profit motivated if they saw that they have reached the softcap they might also tempt to invest even if the reputation is not good,I'm not speaking for all investors of course.

Well they claim to have reached the soft cap: https://bitcointalk.org/index.php?topic=4720775.msg46495425#msg46495425

Shame on these Adab exchange scammers for misusing any religion to promote their fake unethical business project which contradicts the exact principles they claim to promote.

You can ask them to provide proves if they reach the soft cap. Following Shariah norms are being honest, am I right?

[Asmh85]

Adabsolutions First Israeli-Islamic exchange

In spite of Israel controls financial  world , but it couldnt take all Muslims money
But with new evil idea , it should do , the idea it creates Islamic crypto exchange  , then easy to controls and takes all Muslim money

Its evil idea , Israel by Islamic vesion  
Adab solutions , its Israeli exchange with Islamic vesion , it has Israeli man called Mohd Moffaser
Check here to find him

blockchainisrael.io

As Muslims ,take care of your money

Its the smartest Israeli  trick to take and control Muslims money
They used Muslims persons to mange that exchange , while they control it behind the scene

I confirm all above.

As a person who dealt with Muslims, I want to say that they are extremely honest people. And many scammers use their reputation to trick people.
And most often, scammers that posing as Muslims are citizens of Israel.

Please be careful with your statements let's not to drive the discussion the wrong way. Focus on scamming points to enrich the discussion.

[JollyGood]

You can ask them to provide proves if they reach the soft cap. Following Shariah norms are being honest, am I right?

The Adab exchange are not following Shariah norms. They are a scam. There is no guarantee the proof they provide is genuine or not because if they can lie about this Adab exchange when it is really not Shariah compliant then they can lie about anything....

... and why? Because they want money. Simple.

[ryancpk]

There are many ways to be anonymous in crypto. They will not be able to screen all the investor profiles for that matter. Pretty much a scam to me.

[JollyGood]

There are many ways to be anonymous in crypto. They will not be able to screen all the investor profiles for that matter. Pretty much a scam to me.

Yes you are right. No company will be able to sceen, filter and assess ALL investors therefore by default this cannot be a Shariah or Halal project.

The only thing it can be is a scam. Adab exchange = scam

Because they have no vetting system in place to ensure investors buy in to the ICO with Halal/permissible money, it means (by default) they are willing to take investment from the following and more:

pimps
prostitutes
porn actors
those currently behind bars in prison serving prison sentences
those that sell drugs/narcotics
those that manufacture, test and sell weapons
those that own publications online/print media cursing Muslims and those that have anti-Muslim agenda
those that own, transport or sells alcohol


Any investment from the above and more means the project cannot be "Shariah" compliant yet these clowns say they are offering a Shariah compliant exchange?

Pathetic scammers trying to fools Muslim and wider investors...  

[Klausi]

There are many ways to be anonymous in crypto. They will not be able to screen all the investor profiles for that matter. Pretty much a scam to me.

Yes you are right. No company will be able to sceen, filter and assess ALL investors therefore by default this cannot be a Shariah or Halal project.

The only thing it can be is a scam. Adab exchange = scam

Because they have no vetting system in place to ensure investors buy in to the ICO with Halal/permissible money, it means (by default) they are willing to take investment from the following and more:

pimps
prostitutes
porn actors
those currently behind bars in prison serving prison sentences
those that sell drugs/narcotics
those that manufacture, test and sell weapons
those that own publications online/print media cursing Muslims and those that have anti-Muslim agenda
those that own, transport or sells alcohol


Any investment from the above and more means the project cannot be "Shariah" compliant yet these clowns say they are offering a Shariah compliant exchange?

Pathetic scammers trying to fools Muslim and wider investors...  

This is not a good situation of crypto, and it needs a serious action from the muslim Government in order that those people behind scam attempt will be pursuit by their law enforcement team. The reputations of crypto will be destroyed if this type of transactions will continue to victimized people, and because of this crime crypto users will be decreasing in numbers.

[muncuss]

To answer your question I can safely say I am no expert on Shariah either but have learned enough to prove the Adab Exchange are scammers.

"Profiteering" itself falls under the ruling of business which is to buy/sell tangible items and products to make profit so it is definitely permissible, however charging your customers any form of interest or usury is completely and strictly forbidden. The idea of long or short term trading (buying/selling) on stocks is not universally accepted as permissible. Some scholars have said it is allowed and some have said it is forbidden.

When it comes to declaring something such as this Adab Exchange as being Halal or Shariah compliant when it cannot be is just not on.

The funds to sell ICO tokens might be or could be coming from illegal and immoral earnings such as

pimps
prostitutes
porn actors
those currently behind bars in prison serving prison sentences
those that sell drugs/narcotics
those that manufacture, test and sell weapons
those that own publications online/print media cursing Muslims and those that have anti-Muslim agenda
those that own, transport or sells alcohol

If the Adab exchange scammers are willing to accept investment from pimps, prostitutes, porn actors, those currently behind bars in prison serving prison sentences, those that sell drugs/narcotics, those that manufacture, test and sell weapons, those that own publications online/print media cursing Muslims and those that have anti-Muslim agenda and those that own, transport or sells alcohol as well as those that promote, participate or propagate to suppress Muslims then the exchange cannot be called "Shariah" exchange.

Simple, this project is a scam.

i'm also not expert in sharia law, but:
- this is exchange project, they give you service, exchange site (marketplace) service. and they charging fee, not interest. fee is permissible
- short or long trading depends on exchange users, it's their responsibility to do halal/haram trading. this exchange just want to provide "sharia compliant" exchange
- ICO is one thing and exchange (its product) is another thing. and how u can judge ppl a thief, or "this money acquired in haram way" in this blockchain world? but even if we know "she is porn star", u still can accept her investment, although better to refrain. https://islamqa.info/en/126486
- islam not seeing non believers as ppls who need to be avoided


i'm not adab team, i just want to give my opinion

[JollyGood]

i'm also not expert in sharia law, but:
- this is exchange project, they give you service, exchange site (marketplace) service. and they charging fee, not interest. fee is permissible
- short or long trading depends on exchange users, it's their responsibility to do halal/haram trading. this exchange just want to provide "sharia compliant" exchange
- ICO is one thing and exchange (its product) is another thing. and how u can judge ppl a thief, or "this money acquired in haram way" in this blockchain world? but even if we know "she is porn star", u still can accept her investment, although better to refrain. https://islamqa.info/en/126486
- islam not seeing non believers as ppls who need to be avoided


i'm not adab team, i just want to give my opinion

The answer was given by user int he Adab exchange thread and I posted a reply:

https://bitcointalk.org/index.php?topic=4720775.msg46759879#msg46759879

https://bitcointalk.org/index.php?topic=4720775.msg46761011#msg46761011

The fact they can but will not check where the money is coming from mean they cannot call it Halal and cannot call it Shariah compliant.

What if the money in the ICO is sent from a gambling website or casino?
What if the money in the ICO is sent from drug/narcotic dealers?
What if the money in the ICO is sent from a brewery/distillery that manufactures alcohol?

If they want an exchange they should do it, I wish them success but they should drop the word Shariah because they are not Shariah compliant.

How is it possible that something such as a Shariah company has non-Muslims advising them? How is it possible a Shariah company is being advised by those who do not believe in Shariah?

How can you have an advisor who has a Muslim name Muhammad/Mohammed but wants to shorten it to "Md" to avoid using it? https://bitcointalk.org/index.php?topic=4720775.msg46549723#msg46549723

Shame on Adab exchange scammers

[muncuss]

The answer was given by user int he Adab exchange thread and I posted a reply:

https://bitcointalk.org/index.php?topic=4720775.msg46759879#msg46759879

https://bitcointalk.org/index.php?topic=4720775.msg46761011#msg46761011

The fact they can but will not check where the money is coming from mean they cannot call it Halal and cannot call it Shariah compliant.

What if the money in the ICO is sent from a gambling website or casino?
What if the money in the ICO is sent from drug/narcotic dealers?
What if the money in the ICO is sent from a brewery/distillery that manufactures alcohol?

If they want an exchange they should do it, I wish them success but they should drop the word Shariah because they are not Shariah compliant.

How is it possible that something such as a Shariah company has non-Muslims advising them? How is it possible a Shariah company is being advised by those who do not believe in Shariah?

How can you have an advisor who has a Muslim name Muhammad/Mohammed but wants to shorten it to "Md" to avoid using it? https://bitcointalk.org/index.php?topic=4720775.msg46549723#msg46549723

Shame on Adab exchange scammers

my point is, sharia compliant exchange mean sharia compliant exchange, like no margin or no stoploss/limit (edit: here found link https://www.daytrading.com/halal), your problem is if they say "fully sharia compliant project" or "sharia compliant ICO/investment".
and again non-muslims not mean to be avoided, unless they give advice about sharia law, islamic law because simply they are non-muslim. and abou that Md i can't comment

[JollyGood]

As far as Shariah is concerned no non-Muslim can give advice or instructions about Shariah rules and regulations. Simple.

If a joker/clown from the circus who is an atheist is hired by a business claiming to be Jewish or Christian or Hindu or Buddhist or Sikh (or anything else) to advise them on their religious practices or jurisprudence people would LAUGH as they would never be taken seriously.

If the same businesses run by peopel claiming to be Jewish or Christian or Hindu or Buddhist or Sikh (or anything else) hired the atheist joker/clown from the circus to advise them on business matters as it was not related to Jewish or Christian or Hindu or Buddhist or Sikh (or anything else) then it would be no problem.

The Shariah exchange cannot be Shariah compliant because the funds received in the ICO (which are used to make the Adab Haraam exchange go live) cannot be clearly certified as Halal because there are no checks to see where the funds came from. If a prostitute or pimp buy in to the ICO then it cannot be Shariah compliant. There are far too many examples to give but the key point is if they cannot or will not vet every investor pre-ICO and post-ICO then they cannot be Shariah compliant exchange. In that case they would just be an exchange.

Once that exchange has started if they claim to trade in Shariah manners then it is a lie because the foundations of the funding are compromised.

[MaxCain]

Point of Argument.
When restaurants title themselves Halal, it simply means they are selling food which is suitable for Muslim, so the main concern here is, whether that food is really halal or not, if not they are a dishonest trader, black marketeer or whatever you want to call them,  and sooner or later they will be closed down by the government authority if a report is made or a complaint is filed. However, on the other hand, the restaurant will accept any customer that came to them disregard whether they are Muslim or not,  for sure they are not going to ask or interrogate each customer to make sure they are not pimps, prostitutes, porn actors, drug dealer or someone who just released from prison. The main argument over here is, simply because this is not their responsibility or duty to do so, if not, all the Halal shop in the world will have to close shop, the main aim of their business is to provide Halal food for Muslim, and the rest is always welcome to enjoy the food.

Our Stand.
Now come back to ADAB, but before we go further, we need to make our stand here regarding blockchain and cryptocurrency,  most of us join this " one of the Greatest  inventions of the human history " because we believe these technologies can bring positive impact to our society, and the world should be a better place with more transparency and trust, reduces wastage and save time, improve efficiency, or even reduce the disparity between the rich and the poor. whether you are a developer, an investor or a bounty hunter, whatever your reason is, you want to be and hope to be part of this new technology, you might have your own reason ( hopefully is a 'Good' one), one thing is for sure, you believe in it and wanted to benefit from it in a good way.

What is ADAB?
So what is ADAB? they title themselves to be the "First Islamic Cryptocurrency Exchange", in short, it calls "FICE". (Thinking them as a Halal restaurant who try to serve the Muslim community) , it will be an exchange platform for existing tokens and coins, but at the same time, they also provide a platform base for new companies to launch their ICO projects on this FICE platform, in their whitepaper they indeed tried to explain how they will consider themselves as a Halal exchange. (feel free to read their WP, is 70 pages)

What is to consider for Halal or not?
There are 2 parts to this issue. First, ADAB has to make sure those existing tokens and coins to be listed in FICE exchange are Halal. Secondly, those projects that use FICE to launch their ICO must be "Halal" if not it will be rejected. According to them, they will have a "Shariah Advisory Board" to have a final say on this. So what is Halal and what is not which will be rejected by FICE?

They have mentioned project related to gambling, pork products, alcohol, and pornography will be rejected, to make thing simple to understand, I am going to use some of those projects that I had worked on in the past to further illustrate on this point.

Some Examples
Here are 2 example of projects which I had worked on and also strongly believe are Halal ( base on my understanding from their WP) :
1. EHealthFirst (https://ehfirst.io/) this is a health and medical project
2. 4New (https://4new.io) this is a clean green energy project

So which are those that are Not Halal, there is a hand full of them which I had worked on,(again this is only based on the nature of the project that posts concern to the Muslim community, there is nothing wrong with those projects, except for No.6)

Here are a few examples:
1. ViceIndustrial (https://vicetoken.com/) pornography industry
2. Budbo (https://budbo.io/) Cannabis Industry
3. Winstar - Gambling Industry
4. Exolover - pornography industry
5.Tombola (https://www.tombola.io/)- Gambling Industry
6. Dietbitcoin (DDX), the "Bitcoin Fork" by Roberto Escobar, the brother of late Pablo Escobar. ( I DID NOT WORK FOR THIS PROJECT) So who is Pablo Escobar? He was called "The King of Cocaine" and was the richest drug dealer in the history.

What is ADAB trying to fulfill?
To conclude this, ADAB need to make sure that the "Food"(Tokens and Coins) that they provide on their "table"(FICE exchange) need to be Halal, as they want to serve these Halal "Food" to the Muslim world ( this is their only concern), the rest of the customer are always welcome disregard whether they are  pimps, prostitutes, porn actors or drug dealer. The best thing they can do is KYC and AML to fulfill the require law and regulation.

What Target do they look at?
According to their data,  Presently (2018), there is one 0.2% of the world Muslim population is involved in cryptocurrency, and the figure goes up to 1% in the year 2022, and they hope to generate 8-10% of customer out from this 1% in that year (2022). Presently there are 1.8 Billion Muslim in the world, so 0.2% is 3.6 million, and according to their projection, by the year 2022, the Muslim population will be at 2 Billion, so 1% involved in cryptocurrency, it will be 20 million, and 8% will join FICE that is 1.6 million (this is what they targeted on) and the rest of us are always welcome ( as mentioned in their WP).

The above is only my personal opinion, whether to invest or not or whether ADAB is a Scam or not please do your own due diligence.



.

[JollyGood]

What is ADAB trying to fulfill?
To conclude this, ADAB need to make sure that the "Food"(Tokens and Coins) that they provide on their "table"(FICE exchange) need to be Halal, as they want to serve these Halal "Food" to the Muslim world ( this is their only concern),the rest of the customer are always welcome disregard whether they are  pimps, prostitutes, porn actors or drug dealer. The best thing they can do is KYC and AML to fulfill the require law and regulation.

Many thanks for your very well written post.

In your analogy about you made an error below because even though Halal restaurants will serve pimps, prostitutes, porn actors or drug dealers but the people who want to open their own Halal restaurant cannot ask for investment or loans  and take money from pimps, prostitutes, porn actors or drug dealers to start their business because it will not be Halal restaurant.

If they want to accept money from pimps, prostitutes, porn actors or drug dealers or are willing to accept money from pimps, prostitutes, porn actors or drug dealers or will take money from anybody without checking if they are pimps, prostitutes, porn actors or drug dealers then it will just be a restaurant when it opens to serve the public, it will not be a "Halal" restaurant.

That is why the source of funds must be vetted otherwise the word Shariah should be removed.

[Florcrypto]

I dont think is a good project.The shortly info ,and maybe with fake advisors.Peoples always belive in their friends,so the SCAM happened again and again.Islamic people are holding together , but they still lie to each other..

[MaxCain]

What is ADAB trying to fulfill?
To conclude this, ADAB need to make sure that the "Food"(Tokens and Coins) that they provide on their "table"(FICE exchange) need to be Halal, as they want to serve these Halal "Food" to the Muslim world ( this is their only concern),the rest of the customer are always welcome disregard whether they are  pimps, prostitutes, porn actors or drug dealer. The best thing they can do is KYC and AML to fulfill the require law and regulation.

Many thanks for your very well written post.

In your analogy about you made an error below because even though Halal restaurants will serve pimps, prostitutes, porn actors or drug dealers but the people who want to open their own Halal restaurant cannot ask for investment or loans  and take money from pimps, prostitutes, porn actors or drug dealers to start their business because it will not be Halal restaurant.

If they want to accept money from pimps, prostitutes, porn actors or drug dealers or are willing to accept money from pimps, prostitutes, porn actors or drug dealers or will take money from anybody without checking if they are pimps, prostitutes, porn actors or drug dealers then it will just be a restaurant when it opens to serve the public, it will not be a "Halal" restaurant.

That is why the source of funds must be vetted otherwise the word Shariah should be removed.

Come back to the point of argument, Not sure about your logic behind for completely Halal during business setup but "Halal" can be ignored after setup and start doing business and earn some "not Halal" money unless you are talking about a double standard here.

A situation may arise that,  this particular 'Halal Restaurant' manage to make enough money ( include some 'not Halal' money from pimps, prostitutes, porn actors or drug dealers as they never asked who they customer is) to start another 'Halal Restaurant', indeed there are many chain Halal restaurant in Asia and UK.

The developer of this project might also argue that, if they indeed received some 'not Halal' money from public funding (which they won't know), is a good deed to change something not Halal to something Halal (not Halal money to a Halal product on their platform) instead of the other way round - from Halal to not Halal.

A cup can be half empty or half full, depend on how you look at it, Muslim can't do without fiat currency, although currency had been used by many criminals and gang, is a two-edged sword, is all depend on how you use it.

The above is only my personal opinion, whether to invest or not or whether ADAB is a Scam or not please do your own due diligence.
.

[Rannoch]

Simple fact - none of these people can be trusted.

[JollyGood]

I dont think is a good project.The shortly info ,and maybe with fake advisors.Peoples always belive in their friends,so the SCAM happened again and again.Islamic people are holding together , but they still lie to each other..

I agree, this is not a good project.

Adab exchange = scam

[JollyGood]

I got this reply from a representative of Adab Haraam exchange and I posted a reply in their thead: https://bitcointalk.org/index.php?topic=4720775.msg46792850#msg46792850

[zugvogel21]

What is ADAB trying to fulfill?
To conclude this, ADAB need to make sure that the "Food"(Tokens and Coins) that they provide on their "table"(FICE exchange) need to be Halal, as they want to serve these Halal "Food" to the Muslim world ( this is their only concern),the rest of the customer are always welcome disregard whether they are  pimps, prostitutes, porn actors or drug dealer. The best thing they can do is KYC and AML to fulfill the require law and regulation.

Many thanks for your very well written post.

In your analogy about you made an error below because even though Halal restaurants will serve pimps, prostitutes, porn actors or drug dealers but the people who want to open their own Halal restaurant cannot ask for investment or loans  and take money from pimps, prostitutes, porn actors or drug dealers to start their business because it will not be Halal restaurant.

If they want to accept money from pimps, prostitutes, porn actors or drug dealers or are willing to accept money from pimps, prostitutes, porn actors or drug dealers or will take money from anybody without checking if they are pimps, prostitutes, porn actors or drug dealers then it will just be a restaurant when it opens to serve the public, it will not be a "Halal" restaurant.

That is why the source of funds must be vetted otherwise the word Shariah should be removed.

Come back to the point of argument, Not sure about your logic behind for completely Halal during business setup but "Halal" can be ignored after setup and start doing business and earn some "not Halal" money unless you are talking about a double standard here.

A situation may arise that,  this particular 'Halal Restaurant' manage to make enough money ( include some 'not Halal' money from pimps, prostitutes, porn actors or drug dealers as they never asked who they customer is) to start another 'Halal Restaurant', indeed there are many chain Halal restaurant in Asia and UK.

The developer of this project might also argue that, if they indeed received some 'not Halal' money from public funding (which they won't know), is a good deed to change something not Halal to something Halal (not Halal money to a Halal product on their platform) instead of the other way round - from Halal to not Halal.

A cup can be half empty or half full, depend on how you look at it, Muslim can't do without fiat currency, although currency had been used by many criminals and gang, is a two-edged sword, is all depend on how you use it.

The above is only my personal opinion, whether to invest or not or whether ADAB is a Scam or not please do your own due diligence.
.

Let us skip all these religion stuff and check the project from the logical poin of view
1. do they have an open source smart contract?
2. do they update own github?
3. do they have normal MVP(not the one I saw earlier)

In my oppinion, the project is average(they have nothing game-changer, they dont have licence and some members have some strange past).

I dont like the way they give bonuses. Where did you see bonuses 300%+, for real... or maybe I am too old for those bonuses (used to invest in projects without bonuses)

It is my personal oppinion, and i dont want to offend no one!

[JollyGood]

Let us skip all these religion stuff and check the project from the logical poin of view
1. do they have an open source smart contract?
2. do they update own github?
3. do they have normal MVP(not the one I saw earlier)

In my oppinion, the project is average(they have nothing game-changer, they dont have licence and some members have some strange past).

I dont like the way they give bonuses. Where did you see bonuses 300%+, for real... or maybe I am too old for those bonuses (used to invest in projects without bonuses)

It is my personal oppinion, and i dont want to offend no one!

The religion "stuff" is important because it is not a Shariah exchange therefore if it is not what they say it is then it is a lie, if it is a lie then it is a scam.

Going back to the other points you raised, other users have pointed out their Github looks a shambles and they will not supply proof of contract tokens.

Adab Haraam exchange  = scam