A Wall Street Journal (WSJ) article written by Shane Shifflett and Coulter Jones, dated 17 May 2018, reported that a WSJ analysis of 1,450 ICOs currently underway found 271, about 20%, were fraudulent and had already consumed more than $1.0 Billion USD of investor money. The “red flags” the article points out include, “plagiarized investor documents, promises of guaranteed returns and missing or fake executive teams.”
Here are some additional issues the WSJ analysts discovered:
- Executive team photos were stock images widely available online
- 121 whitepapers never mentioned any employees and often when they did, they were fictional
- Promising investor returns violates SEC rules
- Using language that suggests they are traded on or registered with an official “exchange”
With the launch of the CRIP.TO Pre-ICO on the same day and our ICO coming up soon, we feel our investors and those interested in becoming an investor should see how we stack up.
First and foremost, we have an actual final prototyped product that has been demonstrated at industry events in 2017 and 2018 (several are chronicled on our blog page). This is an important distinction. If an ICO has nothing they can physically demonstrate, use caution investing in that offer.
Our CEO has also been involved in these industry events both as a speaker and a participant. So, he is a “real” person as are the rest of our team members. The team is largely virtual meaning we contribute from a variety of locations, but we are well coordinated and work effectively together. Besides, what team doesn’t have a virtual component today?
Our whitepaper, regular website, and ICO website all mention our employees, using their real names and pictures. Unlike one of the ICOs mentioned in the WSJ article, Premium Trade, where the executive team of five was simply stock photos that happened to be in use on 500 other sites!
Speaking of papers, we have available for download our technical whitepaper which explains in exquisite detail our integration approach of blockchain and the benefits our implementation brings to managing the transactions that use it. For the technically inclined, we think you will find our enhancements very interesting.
Our whitepapers and other documents make no mention of guaranteed returns. In fact, they contain clear statements regarding risks and other prudent legal language. We are entirely upfront, as you would expect from a company driven by solid Libertarian values.
An interesting tool has been created by the US Securities and Exchange commission (SEC) to help potential investors evaluate Pre-ICO and ICO investment opportunities. Called Howeycoins, it states its purpose as follows:
“We created the bogus HoweyCoins.com site as an educational tool to alert investors to possible fraud involving digital assets like crypto-currencies and coin offerings.”
Regulators around the world are paying attention to cryptocurrencies for a variety of reasons and the US SEC is no exception. The site gives some pretty good advice so if you are interested in cryptocurrency investment, it doesn’t hurt to give it a look.
Finally, on 11 May 2018, our ICO project was unveiled in Amsterdam during the Ian Balina Crypto World Tour. Not something a scam would do.
Naturally, a skeptic will read this and think, “Of course they will say all of this. It enhances the scam.” All we can do is present our information, which you can access from within this post, and let you be the judge.
Thank you in advance for considering our project. There have been long hours invested by many people to make this a reality and we are excited to bring the CRIP.TO vision of a virtually unbreakable, blockchain-powered, end-to-end encryption solution to people, groups, and companies around the world. Help us give people to freedom to communicate fearlessly!
For your convenience, here are some links that take you to various CRIP.TO sites and resources. Many are duplicates of those embedded in this post.