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Author Topic: SCAM ICOs, what we can do?  (Read 5935 times)
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August 28, 2019, 09:48:36 AM
 #1

Hi, recently so many past-ICOs turned into a scam or a deadcoin.
Is there anything what we can do to punish them? More than 2 years ICOs are scamming us and still people are investing, is this really a world what we want to create?

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August 28, 2019, 10:04:53 AM
Merited by tk808 (2)
 #2

Not really sure what we can do to legally punish them but it's not just the offering ICO alone that already has a bad taste in our mouth, but these scam projects are what really affected the market. This is why STO's and IEO's invented to somehow protect us investors and at the same time, provide more liquidity. Binance are listing promising coins that have real partnerships with existing big companies and not just done verbally, which can translate for the project to be serious/legit. The crypto community have already learned a lot over the past few years and has grown weary of what platforms and projects to trust.
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August 28, 2019, 11:34:29 AM
 #3

You know, it's a sad fact and we can't punish or do anything to those scammers.
Because this is a decentralized market, projects without legal documents are still being implemented and investors are still not protected.
That's why we should really have investment knowledge and should invest in a group. It will reduce the risk of investing in fraudulent projects.

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August 28, 2019, 11:46:36 AM
 #4

In the past, we experienced ICO, only need a white paper, now IEO, trading platform and project side work together, we only need to choose IEO according to the trading platform, which requires a trading platform to verify the authenticity of the project. past. With so many scams, I hope that investors can be more savvy now. Stay away from fraud.

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August 28, 2019, 11:51:17 AM
 #5

Just report these scam icos to the local authority if there's someone who are coming from the same place with that scam icos.
I thought that will much better and as an only users and what we can do to create more awareness and report this scam ico to the various communities and then these communities will able to create awareness to all of the users.
This is the possible thing that we can do to fight against that scam ico.

 
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August 28, 2019, 11:53:01 AM
 #6

You know, it's a sad fact and we can't punish or do anything to those scammers.
Because this is a decentralized market, projects without legal documents are still being implemented and investors are still not protected.
That's why we should really have investment knowledge and should invest in a group. It will reduce the risk of investing in fraudulent projects.

You are partially wrong, we can do something as a punishment to them. Some members are doing that on Scam Acussations board, they were tracking and adding the IP address, Phone number, Image and else as their blacklist. So once they find something fishy, they post it there and explain everything about the fake project which prevents us from getting scammed.
we too can help the others by doing a little research about a new project and report it if you find it fishy, the law is unreachable at this moment even though it is not impossible.
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August 28, 2019, 12:02:08 PM
 #7

We do not have the authority to punish them, and one thing we can do is to avoid scam ICOs, and stop trusting unclear ICOs, because not all ICOs are scams and until now there are still good ICOs, though it is very a little, but we also have to make an analysis of all ICOs before we trust them.

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August 28, 2019, 12:34:50 PM
 #8

There shouldn't be a problem to send them into a prison, right? We know the team members and where they live, so why we do not manage some legal action against the team? ICOs need to understand that the token sale doesn't mean free money.

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August 28, 2019, 12:51:38 PM
 #9

Hi, recently so many past-ICOs turned into a scam or a deadcoin.
Is there anything what we can do to punish them? More than 2 years ICOs are scamming us and still people are investing, is this really a world what we want to create?

In my opinion, the reason why it seems like deceitful projects are getting their way is because there's an influx of new people into the cryptocurrency space daily who are not informed and in most cases tend to learn the hard way after being duped severally by the unscrupulous projects.

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August 28, 2019, 01:04:54 PM
 #10


Is there anything what we can do to punish them?

If their identities are known, investors who were scammed can lodge a complaint to the criminal unity or anti-cybercrime unity in their country, that in turn will work with the appropriate law enforcement agencies for arrest and investigation. When Saveroid CEO did pull an exit scam stunt, some investors were willing to report him, he would later explain his reasons. I am one of the buyers of that Saveroid, till date the project is just like a walking corpse. This is not going to be an easy task though, most times they fake their identity.

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August 28, 2019, 01:11:55 PM
 #11

May I know, have you been scammed by ICO?

If you have, it is easy you just moveon and find another place that you think it is legitimate. Moreover, when an IEO project have been popping up recently and have gave a lot of profit for the investor you can easily move it to this way.

But if you just curious to take part with ICO project you can be a person who can distinguish the scam project and the legit project such as ICOethic done on this forum. Investing on cryptocurrency especially to the new project it is very risky and but now you have a chance to avoid it.

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August 28, 2019, 01:14:12 PM
 #12

Hi, recently so many past-ICOs turned into a scam or a deadcoin.
Is there anything what we can do to punish them? More than 2 years ICOs are scamming us and still people are investing, is this really a world what we want to create?

To punish scammers you need to know their names and passport details, as well as the country where they live. The community of deceived investors needs to unite and create an organization that would search for fraudsters. But it’s even better to create an organization that would look for scammers among new projects that are just emerging on the cryptocurrency market.

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August 28, 2019, 01:15:13 PM
 #13

I still remember the Bitpaction and Extoke crypto exchanges, both of these exchanges we're really a scam and so far many investors have been disadvantaged because of the actions of the scammers.
Many ICOs failed in 2018 and several ICO scams made many people lose a lot of money because team members of the scam project tried to convince everyone with things such as visits to various countries for their promos, but in fact, they did not carry out these activities.
I think the members of the Project team who carried out the ICO scam can still be reported following the provisions of the applicable law in each country

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August 28, 2019, 01:44:31 PM
 #14

Hi, recently so many past-ICOs turned into a scam or a deadcoin.
Is there anything what we can do to punish them? More than 2 years ICOs are scamming us and still people are investing, is this really a world what we want to create?

If you are still investing in ICO or thinking to invest, then it's time to change your mind and just concentrate on investing in the top coins in the market, Bitcoin dominance is very huge, some coins will die and it's likely that new coins coming from ICO are the one that will have a hard time to survive.

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August 28, 2019, 01:49:51 PM
 #15

What we do is if we find some fact that may lead to a scam then we can report an accusation on Scam Accusation board so that we can spread it before they can even collected.
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August 28, 2019, 02:17:48 PM
 #16


Punishing them through ignoring them would push them through and get out of the market. As it turns out to be a dead coin, soon those exchanges that took it on their list will be removing them asap.

This has happened for most coins that became dead coins. And for those investors, we have to inform each other and that's all that we can do.

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August 28, 2019, 02:28:15 PM
 #17

I don't think many ICOs have returned to SCAM. Many ICOs recently canceled the project because they could not collect enough investment. Canceled projects can not call SCAM.

Market conditions affects ICO's investment closely.
They have a sincere intention when building a project, so if the funds are not enough and market factors do not support the option chosen will return investors' funds, but scammers are different, no matter how much money is collected even they manipulate funds to deceive investors.

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August 28, 2019, 02:38:15 PM
 #18

What we do is if we find some fact that may lead to a scam then we can report an accusation on Scam Accusation board so that we can spread it before they can even collected.
This is also the thing that we can do to help by reporting a scam Ico’s. By this way we can inform and help other investors not to put their money on the scam project. Also, we could have deligence on those Ico’s so we can avoid to be a victim of scam project.

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August 28, 2019, 02:40:52 PM
 #19

All we can do is to avoid scam project and stay sway from them.
2018-2019 is very difficult for investors and bounty participants.
What we can do now is to help the community to build up a good foundation again and help to detect scams.

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August 28, 2019, 03:18:02 PM
 #20

i believe that we can be able to avoid scam ico's if we educate ourselves but the sad reality is, most people are not willing to put in the hard work which is "researching", before investing your hard earned money. What we should be able to do instead as a community is, if we see something suspicious we need to do our research and share what we learned to anybody.

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