SCAM ICOs, what we can do?

[aioc]

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?

The best action we can do is to totally leave the ICO, it's not worth investing anymore, only few ICVO succeeded, maybe 1 out of 20 based on my experiences, investors should just concentrate investing in old coins, they are proven to give profit to investors.

[Maestro75]

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?

It is painful that this ICO scams will not end anytime soon from the look of things. But we can prevent this by making our own researches before buying. You can check the project ANN thread here and follow the comments of others. Most times scams have being exposed that way.

[Dr.Osh]

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?

The best action we can do is to totally leave the ICO, it's not worth investing anymore, only few ICVO succeeded, maybe 1 out of 20 based on my experiences, investors should just concentrate investing in old coins, they are proven to give profit to investors.

indeed it will be very difficult to avoid this when you have made some investments in the ICO project which has indicated a scam, or deadcoin. however, it is indeed inevitable when you have joined. so, you can only avoid it when you haven't joined the project.

find out more about the teams involved, and their experiences. and the popularity of the project can help you to avoid it.

[nwosuchristabe2]

In my opinion, there's little any one of us can do concerning the mischievous developers. It's only good we become more careful in entrusting our funds to projects. We could ensure that maximum research are carried out and I've always believed in the principle of investing only what you're willing to loose.

[silversurfer1958]

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?

These seem to be huge challenges for investors in the crypto market.
2 years have passed but there is no any legal intervention to reduce the rate of fraud. Therefore, we need to change before making the wrong investment.
If more investors are more aware in investing, then the fraudulent projects will die out. That's also a way to deal with these scum.

[Strongkored]

I don't think legal steps can be taken to hold them accountable, why?
1. Funds collected from various countries and each country has a different legal basis.

2. The country of origin ICO project is different from investors so if even investors want to ensnare it will need more funds to be able to do this.

Attention is needed, when ICOs are starting to emerge, there will always be questions about escrow, but that is almost no longer heard now, and I think that can happen because investors now see more opportunities to make large profits by selling them on exhange at a certain price of 1 or up to 10 times above the ICO price with fast or they see the profit from the bonus so many investors no longer care about escrow and project isn't important anymore.

[charlop24]

Avoiding the scam project would be a great approach to dealing with this menace. Its better to invest in getting oneself informed about the industry and ways of detecting suspicious projects which are to be avoided.

[Natalim]

Hopefully we can punish them, all we can do is just to help the community that these projects have already turn into scams so they will not be able to buy this shitcoins. Let the authorities do their job, if these projects are under regulation, then for sure they will be punish, if not soon, maybe in the future.

Awareness is very important and what we are doing now is we are making people aware of the scams and this forum is great help.
if investors will all do due diligence before investing, they won't be victim of scams.

[Departure]

All projects wrote in their technical documentation that all the risks associated with such an investment are borne directly by the person who decided to buy the project tokens.

 I think that very many projects legally protected themselves.

[pinoy.bolanon]

No such thing like laws being formulated for scam ICO's, maybe what we can do is that avoid investing if you know that it is not yet still traded in exchanges, or the best we can do is to trade only in legit exchanges, rather than investing in ICO;s which are not yet executed projects, and some others become dead coin, maybe my advise would be not to invest anymore in any types of ICO's, because frauds are rampant nowadays.

[Barracuda]

Hi, recently so many past-ICOs turned into a scam or a deadcoin.

Not recently, but we have long experienced this. Because ICO's heyday has passed.

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?

There is nothing we can do the rest besides do not promote the project. So that people do not enter or invest in fraud projects.
I say here, not all projects that carry out ICO are fraudulent. It's just that much, but if there are still people who believe it is their right.

[wendiar19]

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?

all we can do is remind our friends to be careful in choosing investments, especially in ICO.
at this time the ICO project has no legitimacy at all I think everyone starts leaving and that's why ICO ended up with a scam maybe because there were no investors coming in.

[islafilipina]

I think their is still no way to stop this practice because people will decide who they will support and its hard to know if the project will turn out dead or scam but what can I advice is choose some thing that is realistic and will have value in the market, remember also to invest only what you can invest(spare money) and always look deeper on what they are aiming for

[Starfranko]

I think if the investing public can do serious due diligence about a project before putting their money it might help perhaps to reduce cases of scams albeit this measure might not totally eradicate scams

[PuertoLibre]

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?

It will be difficult to punish or sue the dead coin because it is in the zone between scam and not scam project.
But if they are a scam project and already scam many peoples with huge amount of money, SEC may appeared and deal with them.

I don't think SEC will respect the scam case of the project which has no connection with the US. Otherwise, your arguments make sense, more than 40% of the ICOs during last year according to the last medium article I checked.
The main missed puzzle is the financial literacy problem, if there were not the educated investors, scammers should be easily the richest person in the crypto rich list. For punishing them, we need to fight against the exchanges that list their coin without taking KYC from team members.

[guoyu78]

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?

Sometime it makes me to wonder if those people who are still investing is scam ICO are being charmed,  but it also occurred to me that those people might actually be newest people in the market because blockchain news and ICO news keeps spreading daily, and those who are newbies may not have known that we have such scam system that exist in the market because if they do, they would not have put their money.

I would not want to believe that old investors will still fall for scam despite all we have ready on social media, at least they should have learnt through people’s experiences even if it had not happened to them. So, I think those ICO scammer are still getting the chance of raising money through newbies which we can put a stop to it too by promoting good projects.

[kravas86]

Nobody forces you to participate in ICO projects. If you keep lying then you do not understand something, try to understand this. If you do not want to be deceived then there was a very good tool earnings - IEO. Everything is transparent and there is much less chance that you will be deceived. But still can not say that all ICO bad.

[Chuky92]

Painfully there is nothing that can be done about it. The crypto space is a decentralized one thus no way to locate them, some even go extra miles by using other people's pictures and details so as to present a viable platform. The truth or rather the only way out is by looking behind that whitepaper or website and focus on the team, check them thoroughly to be sure they are who they are. Although it will be hard, but by constant researching we can to an extent curb scam projects.

[cryptonewbie]

Old ICOs have scammed and the owners have gone with the wind. It is almost impossible to track them not to talk of apprehending them and bringing them to book. What we can do now is to educate new investors about the dangers of participating in ICOs, IEOs and STOs as there is no guarantee on their investments

[sandra_x]

You can only warn people not to invest in them as soon as you notice any red flags in a project. This forum has been helpful in combating that.One of the beauties and woes of the blockchain is that it provides anonymity which some scammers also exploit for their selfish scams. Once you send crypto funds, there is no way of getting them back