While the SEC’s of the world along with Interpol and other worldwide police agencies investigate fraudulent ICO’s, I am focused on the companies that support the ICO’s.
ICO’s originate a number of different ways. Some are outright scams and ponzi schemes run by cyber criminals, usually outside of what we might call western countries. Asia and Eastern Europe seem to be the strongholds of cryptofraud. These organizations operate like well oiled machines pumping out new ICO’s as their old ICOs no longer generate revenue for them.
Then you have legitimate business people that want to launch a coin/token in relationship to the products and/or services they offer. Some are really good ideas and have legs. Some are being floated by fortune 100 companies.
Once you decide to move forward with your ICO, you need to hire an experienced crypto-developer to build out the internal structure of the coin/token. This would include the back office, bounty/air drop programs, Telegram marketing, accounting systems, payment systems, establishing the token/coin with the exchanges, website, e mail system, reviews from crypto advisors, reviews in the ICO trades and more.
Most of these crypto dev partners are located in Asia and Eastern Europe. Most are experts in their field however some of these experts are more then willing to screw over their clients in a heartbeat. In addition to the two cases I have been investigating, I have heard horror stories from ICO’s that were extorted for additional payments upon completion or outright robbed by the contractor they hired to build out their ICO once the coin value got to a certain point. I will get into the details of how they rip off their clients in my next post.
If you have ever been ripped off or extorted by your ICO developer, I would ask you to fill out the form below. I am doing a number of things with this data.
1) I have been asked to write an article for a major financial publication and I need this data for my research. All data will remain confidential unless you give me permission you use the name of your ICO, partners, etc.
2) I want to create an investigative database that I will give law enforcement access to.
3) With proof that you would provide, I will consider going after the offender publicly in my blog and presenting a package to the law enforcement agency with their jurisdiction.
Again, I will hold your data confidential unless there are specific elements I can discuss publicly. Thanks for your input.