24k victims at least : Do you think presearch team will go to jail ?

[MiniMoonSoon]

Do you think presearch team will go to jail (with the hedge fun guy) ? 24k follower there :

https://news.presearch.io/a-message-from-the-presearch-team-aaa448052b2b [nofollow]

they sold NFTs, dumped for months, the hedge fund guy who did all he could to torpedo it

and

"Important information for users and token holders
The Presearch platform will remain available until July 27, 2026, 5pm PST"

shortnotice.com

total fraud, and worst they are usa based

will see...

sad, as the search engine worked...

their biggest error among many to have a legal entity

add to the problems of "team members" aka fraudsters

https://www.youtube.com/@Presearch/videos

"trust us"

 

911 fbi

https://bitcointalk.org/index.php?topic=2534762.0

[coin-investor]

"Important information for users and token holders
The Presearch platform will remain available until July 27, 2026, 5pm PST"

https://bitcointalk.org/index.php?topic=2534762.0

I was one of their early followers when they launched here. I got a modest airdrop, but I need to work double time to add more points so that I can withdraw my Pre tokens, and the points were getting less, maybe to prevent people from reaching the threshold to withdraw; to make a long story short, I reached the required points, converted them to Pre, then dumped it and left the project.

Something tells me that their models cannot keep up, and they have to install features and concepts to attract users and buyers.

They've tried their best, but there are so many challenges and competitions in this kind of concept.

Ultimately, we were unable to reach the milestone of one million legitimate daily searches, which we believe would likely have generated enough revenue to move Presearch into sustainable territory. Recent trends also made it clear that reaching that threshold within a meaningful timeframe was no longer realistic.

A Message from the Presearch Team

 

[MAAManda]

Early in my crypto journey & long before Brave, I became familiar with this project. At the time, I felt it had great future potential. I didn't expect them to end up like this, the token that used to trade up to $1,4 (ATH price), is now only trading around $0,0001163.

BTW, don't you think they rushed this shutdown?

Holders were given only three days from the time of the announcement, sparking panic among the remaining $PRE holders.

[asriloni]

Do you think presearch team will go to jail (with the hedge fun guy) ? 24k follower there :

https://news.presearch.io/a-message-from-the-presearch-team-aaa448052b2b [nofollow]

they sold NFTs, dumped for months, the hedge fund guy who did all he could to torpedo it

I think they will not go jail. Most of crypto scammers are rarely going to jail due to the uncertainty in the crypto regulation. Different country has different regulation. This is the loopholes used by them to avoid getting jailed by police.

They will never be chased unless, they're involving in a very big scam that draw special attention from the regulators,. This is a bitter reality in crypto.

"Important information for users and token holders
The Presearch platform will remain available until July 27, 2026, 5pm PST"

shortnotice.com

total fraud, and worst they are usa based

will see...

USA? Are you serious? They're canadian project.

[TastyChillySauce00]

Sorry to break it to you but they probably won't be going to jail, in fact there are so many project that did the exact same thing, selling NFT or token, giving short notice about their bankruptcy and there is no backlash.

Proving intent to defraud is difficult and is the exact reason for the influx of scammers in altcoin markets, maybe you can try class action lawsuit with some other who feel wronged but presearch is running 9 years with working product, which is going to be hard to prove the intent to defraud. Although I know this is very unfair.

[MiniMoonSoon]

A Message from the Presearch Team

 

they are already trying to erase their trail... on their medium there is all about their LLC and capital raise they did last year, there the defraud... as not "token only".

BTW, don't you think they rushed this shutdown?

Holders were given only three days from the time of the announcement, sparking panic among the remaining $PRE holders.

me say they were paid to shutdown so fast, again they had no costs... the node runners who ran it...

imho about the openclaw and using it for searches.... as too independent for some interests, the usual ones..

This is a bitter reality in crypto.

[...]

USA? Are you serious? They're canadian project.

western "separation of power", epic fail.

caymans, their llc structure... their error a legal structure...

Sorry to break it to you but they probably won't be going to jail, in fact there are so many project that did the exact same thing, selling NFT or token, giving short notice about their bankruptcy and there is no backlash.

Proving intent to defraud is difficult and is the exact reason for the influx of scammers in altcoin markets, maybe you can try class action lawsuit with some other who feel wronged but presearch is running 9 years with working product, which is going to be hard to prove the intent to defraud. Although I know this is very unfair.

most project don't do a LLC to sell shares to some.. outside the tokens...

there the funny part...

not as bag holders my problem, as it worked... the nodes and all... independent search, etc "user" side...

again, it worked... their real problem, for said "other interests"

imho the second big problem they had started a p2p indexing project... which was going well.

the tech is there, the shutdown part that is very strange... specially as they wanted to rename the token...

[Vvang]

This is why crypto space is bleeding from lack of regulation, they are not the first team or developers to do such thing, I do hope that regulators start to go after this type of teams to avoid many more in the future.

Look around you, crypto space is full of junks that's not even needy but there should be a consequence for every developers who want to come out and create something with the hope of raising money and going back to their cribs, this needs to end.

[jossiel]

I have followed this project before but didn't put a cent into it. While I think that they've got some good proposals before, I never thought they'll ending up like this.

Well, for most projects they can go south if they have the intention to do it because if the project is no longer selling and doesn't have that much investor.

Although on this end, he announced the closure and the website is no longer available as of now.

This is why crypto space is bleeding from lack of regulation, they are not the first team or developers to do such thing, I do hope that regulators start to go after this type of teams to avoid many more in the future.

While there are some who have faced behind the bars, I agree that there's a needed stronger implementation against these developers. Although this can be the gray area of it where they'll defend that they're forced to close and announced their departure and allowed users to withdraw assets.

[Kavelj22]

shortnotice.com

total fraud, and worst they are usa based

If so, then there is a chance that they might go to jail. Would you provide the proof that they are USA based because I can't find a valid source about this info. Or if they were accepting investors from USA. I said investors, not just NFT buyers. Not only USA, but users from some specific juridictions can fill a lawsuit against them but this doesn't forcely mean that the team will go to jail if the amount invested from those who will fill the lawsuit isn't that big. Now I am talking theoriclly but in reality things are so complicated in the crypto space. I huess you are one of the victims, sorry to advice you that better you move on without focus on revenge.

[Localhostspeed]

This is why crypto space is bleeding from lack of regulation, they are not the first team or developers to do such thing, I do hope that regulators start to go after this type of teams to avoid many more in the future.

Look around you, crypto space is full of junks that's not even needy but there should be a consequence for every developers who want to come out and create something with the hope of raising money and going back to their cribs, this needs to end.

If regulation is introduced, you will not be able to enjoy crypto again because plenty of altcoins benefit from lies, deceit, shill, pump and dump. Is this actions good? Definitely no but these are the reason why altcoins get value. Compare altcoins and Bitcoin, they don't need to lie to pump Bitcoin and they don't dump Bitcoin after pump, there is only a correction but you and I know that any person can pump and dump Bitcoin and nothing is going to happen.

The one thing that is keeping this place is that regulation, if they introduce strict regulations well I don't think some coins will ever in their life time see pump again. It will interest you to know that meme coins will be weed completely from here, they are the more reasons why the crypto is a retarded place, millions of tokens and few users just because everyone want to become a millionaire suddenly, that's not the best way to keep investors.

[justdimin]

I mean, when you do a financial crime, you do go to jail, but not other crimes that people commit. Doesn't mean that they do not go to jail; they do, but usually a more relaxed prison instead of a risky one, and you spend less time and most of the time you are let out and owe money instead. This is to make sure that the money could be repaid. If you murder someone, you can't get out and revive them; if you sell drugs, you can't unsmoke it for someone else; if you crash a car, you can't uncrash it.

But if you steal money, then you can pay it back. So they are put in jail and then prison (jail and prison are different; jail is where you are until your situation is decided, prison is where you go when you are found guilty) and will be out in no time, working back. Your accounts are basically frozen, or at least locked for you, and you are allowed only a small amount to survive; whatever else you get goes back to people who you owe money to.

[RGBTC]

If the US didn't apply a double standard, they would be imprisoned after Trump goes to jail. Otherwise, they won't face imprisonment. I don't know exactly what kind of NFTs they issued, but they won't be prosecuted for selling them.

https://news.presearch.io/a-message-from-the-presearch-team-aaa448052b2b [nofollow]

By the way, the link leads to content that appears deleted on my end.

[New Judgement]

This is why crypto space is bleeding from lack of regulation, they are not the first team or developers to do such thing, I do hope that regulators start to go after this type of teams to avoid many more in the future.

Look around you, crypto space is full of junks that's not even needy but there should be a consequence for every developers who want to come out and create something with the hope of raising money and going back to their cribs, this needs to end.

I’m in support too, this has to end. There should be a way to make sure that this trend of creating a fake project to scam people has to be reduced to the minimum. There should be some regulations that will require any intending developers to deposit a huge money to the regulatory body as a security, that they are genuine. If you can’t deposit such money to the regulatory body in the country you want to operate from, you would be denied permission to develop such project. This I think will reduce this level of scam in the Altcoins space.

[M47AK16]

This is why crypto space is bleeding from lack of regulation, they are not the first team or developers to do such thing, I do hope that regulators start to go after this type of teams to avoid many more in the future.

Look around you, crypto space is full of junks that's not even needy but there should be a consequence for every developers who want to come out and create something with the hope of raising money and going back to their cribs, this needs to end.

I’m in support too, this has to end. There should be a way to make sure that this trend of creating a fake project to scam people has to be reduced to the minimum. There should be some regulations that will require any intending developers to deposit a huge money to the regulatory body as a security, that they are genuine. If you can’t deposit such money to the regulatory body in the country you want to operate from, you would be denied permission to develop such project. This I think will reduce this level of scam in the Altcoins space.

There isn't one; there is nothing that stops anyone from making fake projects, and the system is clear. We are in a decentralised world, and if you want to avoid getting scammed, then the job is yours. If you fall for it, then you are going to fall for it, and you are going to lose money, but if you are careful, then you are not going to fall for it. I have not lost any money to any scams. Am I some sort of genius that manages to see which is fake and which is not? Of course not; I am an ordinary person who is just careful; that's it. I am not even that smart or anything.

Plenty of people who are way smarter than me still fell for these scams. So the way to make sure these stop would not be making sure it's not being able to get done; you are not going to get that. It will continue as long as people keep falling for it, and there is nothing that you can do about it. So if we stop falling for it, there won't be any money to be made by the scammers, and scammers realizing that people are no longer falling for it, will stop. Why do you think people are not making fake scam NFTs anymore? Because there is no more attention towards it and there is no demand for it, and you can't scam people with it anymore. Just like that, we need to do that for all other methods.