ICO owners and their dubious character.

[Goodvalony]

ICO as we all know is an avenue for developers to request for funds in order to carry out their project or their plans. As much as we have seen lots of scams in this crypto business, many more are coming.
i think the latest means by which these fraudsters scam people of there money is by creating multiple projects and launching it separately. Example.  a project owner launch an ico project in January. the ico failed to reach soft cap, maybe raised a little amount of money. the owner declared a loss and shut down down the project, informing investors about the update and promise a refund.
there is every probability that 40% to 20% of investors has forgotten about this project and may not request for their cash back. simply because the tokens has been send to their wallet.( sh**t coins). they are plenty.
watch the next move: the owner launches a second project maybe late july or august changing all information and using the funds generated from the first project to facilitates the second project.
Guess what, if the ico turns out to be successful, we might move to the next stage(exchange launching, project development) but we all know the outcome of an inferior projects.

Or the same initial process may continue if project failed to reach soft cap, I.E shuting down, promise payback which they can't fulfill and come back again with an entire different story. 
so many ICO owners has tried this pattern many times stealing peoples and knowing fully well that they have nothing to offer.

we need serious help in this crypto community.

[The Cryptovator]

Yes, look like OP writing true. I was wondering same thing. I am not sure or had not seen how many ICO's has been returned fund if they were failed raise softcap. Most of them exit with fund and perhaps made new ICO's since they know all the process. Who know ? There is no any method to identify if they do not expose themselves. And I don't think someone will expose their failed history. I believe by this way a same team creating multiple ICO's but we can't identify them. I don't know why people's are trusting on ICO and investing there. I think ICO's time is over now. I am expecting something new and people's should not lose their fund.

[Irvinn]

Yes, look like OP writing true. I was wondering same thing. I am not sure or had not seen how many ICO's has been returned fund if they were failed raise softcap. Most of them exit with fund and perhaps made new ICO's since they know all the process. Who know ? There is no any method to identify if they do not expose themselves. And I don't think someone will expose their failed history. I believe by this way a same team creating multiple ICO's but we can't identify them. I don't know why people's are trusting on ICO and investing there. I think ICO's time is over now. I am expecting something new and people's should not lose their fund.

Of course, this may well be. The same people can create several ICOs in a row or even at the same time, because there is no regulation in this type of activity. Despite the fact that the ICO projects are now barely surviving, I think that their time has hardly gone, since this is a very simple fundraising and distribution of new tokens. I still hope that in the near future we will see government regulation of ICO activities. That regulation can save us from fraud in these projects.

[||bit]

Well, they have all different characters but one thing in common.

They are all greedy. They can't get enough money. They want millions of dollars for just a web site or for an easy app.

[Petchant]

Perfectly described. There is a project that am following that is doing something similar to this. They told the community that they raised 12.5 million usd for the first ICO which ended in Nov, last year which they never list up till now telling the community that the market is not ok for such. These crooks launched another ico in January with a project that looks like sub-project  of the first ICO and they are telling us now that they have raised softcap for it without any evidence to prove their claim

[khaled0111]

Well, they have all different characters but one thing in common.

They are all greedy. They can't get enough money. They want millions of dollars for just a web site or for an easy app.

The ironic part is that they don't even have to do it by themselves as there are many ICO service providers that will do all the work from writing the white paper, creating a website, managing social media accounts... just name it, all that for few hundred dollars.

[electronicash]

scams are everywhere even before the series of ICOs in 2017. the government was trying to resolve this issue through SEC but it seem like it will do more damage to us than seeing solutions because of the KYC. IEO is now introduced, though it may be good for investors we may not see transparency as well.

[WatchMaker]

scams are everywhere even before the series of ICOs in 2017. the government was trying to resolve this issue through SEC but it seem like it will do more damage to us than seeing solutions because of the KYC. IEO is now introduced, though it may be good for investors we may not see transparency as well.

For me, investing money into ICO is a big waste of money. Today's ICOs are full of scams, so why invest my money in to scams? Over 98% of ICOs today are scam ICOs, so why invest your money anyway? Beware guy.

[kingpin4321]

Still waiting for the launching of security token offering. Going by the rate of scam project on initial coin offering it has become very much alarming and could still coming continue because of the little or no restrictions to fraud projects

[rizkyhiw]

Yes, look like OP writing true. I was wondering same thing. I am not sure or had not seen how many ICO's has been returned fund if they were failed raise softcap. Most of them exit with fund and perhaps made new ICO's since they know all the process. Who know ? There is no any method to identify if they do not expose themselves. And I don't think someone will expose their failed history. I believe by this way a same team creating multiple ICO's but we can't identify them. I don't know why people's are trusting on ICO and investing there. I think ICO's time is over now. I am expecting something new and people's should not lose their fund.

Of course, this may well be. The same people can create several ICOs in a row or even at the same time, because there is no regulation in this type of activity. Despite the fact that the ICO projects are now barely surviving, I think that their time has hardly gone, since this is a very simple fundraising and distribution of new tokens. I still hope that in the near future we will see government regulation of ICO activities. That regulation can save us from fraud in these projects.

ICO is completely useless to me personally because most of them are just rubbish or scams where cunning people take advantage of situations like this where crypto is the hype where they enter to take advantage of all those who have invested, it is regrettable for the right ICO really good because it gets the negative effects of ICO that are useless, I hope the ICO cares more about being more stringent in registering new projects in anticipation of theft.

[mrdeposit]

Your thought may be logical in the present situation. Even liar numbers about raised money are shown. I have been seeing that in most of the projects investors are almost not interested about anything. Everywhere bounty hunter. And who invested those millions?

[edmundo]

Well, we have seen it severally by how well this projects start up nicely with properly cooked theories in form of white papers, once they have raised a reasonable amount of money from their ICOs, the story changes and often times leading to abandonment and disappearances on the part of the developers. This is one of the reasons why this industry has to be regulated to forestall most of these happenings.

[XbladedThanos]

I think the main issue is a way to know these project creators and all their correct infos without that there will be no way to know that Is probably better if ICOs are been regularized or some kind of other method to identify their identity effectively to avoid fraud

[De_nis]

Anonymity and decentralization of the basic principles of a crypto community, but the ICO creators of which did not pass KYC are very suspicious, too much scams around ...

[TomArayaSlaya]

I think those in charge of ICOs websites and new should make sure before they put project up in their site their is high level of legitimacy first and that member pass KYC that ensure some level of comfort for investors

[BitcoinPanther]

ICO as we all know is an avenue for developers to request for funds in order to carry out their project or their plans. As much as we have seen lots of scams in this crypto business, many more are coming.
i think the latest means by which these fraudsters scam people of there money is by creating multiple projects and launching it separately. Example.  a project owner launch an ico project in January. the ico failed to reach soft cap, maybe raised a little amount of money. the owner declared a loss and shut down down the project, informing investors about the update and promise a refund.
there is every probability that 40% to 20% of investors has forgotten about this project and may not request for their cash back. simply because the tokens has been send to their wallet.( sh**t coins). they are plenty.
watch the next move: the owner launches a second project maybe late july or august changing all information and using the funds generated from the first project to facilitates the second project.
Guess what, if the ico turns out to be successful, we might move to the next stage(exchange launching, project development) but we all know the outcome of an inferior projects.

Or the same initial process may continue if project failed to reach soft cap, I.E shuting down, promise payback which they can't fulfill and come back again with an entire different story. 
so many ICO owners has tried this pattern many times stealing peoples and knowing fully well that they have nothing to offer.

we need serious help in this crypto community.

This case is not new, there are far more worst than your scenario, fraudster often launch multiple ICO at the same time with different stolen profile from linkedin, facebook, skype etc.  They even  build several fake profiles over time in preparation for their scam work.   What we need for ICO is a regulation from a government institution.  This way fraudster will have a hard time since every ICO needs  permit from a government institution.  With these, the team and project will be verified.

[bisdak40]

I tend to believe that 99% of ICOs were scam and most of them have no product to show. That's one of the reason people are hesitant to adapt cryptocurrency. There should be regulation on ICOs to stop these scammers stealing people's money but i doubt that it can be implemented since it could defeat the purpose of crypto which is decentralized. I am excited with the launch of STO in the near future and hoping that this could end the illegal activities brought by ICO.

[kamBlanV]

we cannot blame the team on every project, a professional team will register coins in big exchanges, so the price can be high, but if the team is selfish and only thinks about greed, the team will harm every investor, not only will it be a bad coin, but sometimes the service platform will also be bad, and harm everyone.

[cryptolidus]

It is happening for sure. I realized it myself  when I was  on a mailing list of one  the projects. They stopped sending me, but after half a
year I was getting mails in the same style but from a different company. After digging a bit I realized that this is the same team,
but under different name and project. They were using the mailing list from their previous project.

[maxreish]

This is happening for real. Most of the ICO owners are making promises to the investors and guaranteed them that the project will go successfully and their invested money will be doubled if that happens. And in reality, when the project wasn't being successfull, they are making so many excuses. I am so fed up with those kind of alibis. This is the time we have to make a move and shouldn't support this useless ICO projects.