3 Fresh IСОs That Could Bail with Investors’ Money
A flying taxi with a billion different websites and names, wandering nobodies without a product or advertising and liars from South Carolina – all this and more in another of our investigations.
The startup’s goal is to combat counterfeiting. For this purpose, a “Crypto-Enabled NFC Chip” will be embedded into products. This will allow all the data about them to be entered into smart contracts. When making a purchase, the use can check if the product is genuine through the Group Project app, paying for this service with the company’s tokens.
The ICO is starting on 30 April. Goal: 25,000 ETH. And that’s when the real party starts.
You got it. So far, the project has nothing but an idea. The whitepaper looks like it was made by schoolchildren. The video describing the process is a bit better, but it hasn’t been seeded at all and has very few views.
See? These are supposed to be links to sites where you can read about ICOs. But they only mention classic ICO encyclopaedias that anyone who feels like it can add themselves to. And FundingPost.com, which doesn’t say a word about Group Project.
The ICO will only sell 25% of the issued tokens. At the same time, 57% will remain with the founders.
However, the whitepaper declares that there’s only one founder. Steve Kuh’s profile on LinkedIn states that he’s really worried about homeless people in Los Angeles and is involved in every sort of charity work. But the company where he currently works (Machine Thinking Systems LLC) doesn’t really exist.
A small inaccuracy: Kuh doesn’t actually have 20+ years experience as a founder because he was the CEO of a digital broadcasting and cable TV company – he didn’t found it and started out as an engineer there.
The project’s SMO Abraham Kim has an interesting biography. He was a developer for Calpac Group one year before it was even founded. Then he became the owner of an educational centre that brings up this page when you click on its link. He worked as a digital advertising specialist for online fashion and golf accessory stores. Here is his Facebook profile, consisting of nothing but reposts. Pretty crap for a social media manager. On the plus side, he is now the second-in-command in the Group Project team. Because there are only two people in the team.
David Drake is one of the advisers. He also helped the Russian scam Universa.
No team, no product and fake data. Even with all due respect for Steve Kuh’s engineering talents, it’s hard to not be scared for investors’ money.
A unique case. One project, two websites and names. What’s more, the product itself is actually called Bartini and has a separate website with all the expected accompaniments (press releases, paid-for articles, etc.). Who ever thought this up should be fed to Mr. Burns’s hounds. Why complicate things so much? To confuse people?
Look, here’s a post on Cointelegraph. It only mentions Bartini. Then here we have Bartini, Blockchain aero and even Universa (a popular Russian scam whose boss has been ignoring messages from investors for two weeks)! Let’s imagine that all the money goes missing after the sale. Who should investors contact? McFly, Blockchain, Bartini or Universa? In such a situation, each of the parties could declare that their good name was abused by fraudsters. Although they’re most likely all fraudsters themselves.
By the way, the guys want to raise a decent amount – more than 450,000 ETH. They plan to build flying electric cars with these funds. Like the taxi Bruce Willis drove in The Fifth Element. Indeed, it will be a passenger transportation service – a flying Uber. But the difference is that everything from this company will be cheap. Thanks to blockchain, of course. The first and most important question is why these cars are being made not by Uber and Tesla, who have loads of money, but by a team of unknown pioneers? The second is as follows: Bartini is a brainchild of the Skolkovo Technopark (the Russian “Silicon Valley”). Which has money. As do local oligarchs, Putin and many other people who would definitely be interested in flying cars if they were able to launch them before other countries. Why then did the startup’s founders decide to avoid this option and choose blockchain? So they wouldn’t have to give anything back?
Take a look at the whitepaper. If you had such a cool project, would yours look that bad too? Plus the amount of useful information there is a big fat 0. No details on the sale, no decent road map and nothing on fund allocation. It’s garbage.
There’s also a presentation that dedicates an entire slide to someone who has nothing to do with the project. Yeah, let’s stick a quote from someone famous in there!
Boys, to cut a long story short, getting into this project is about as risky as cheating on your wife with your neighbour. You’d better not.
An application to get consultations for all eventualities on your mobile device. You can call a stylist If you want to choose some fresh sneakers, a lawyer if you’re in trouble with the police, a psychologist to complain about a bad marriage or a cryptoinvestor if you feel like investing in an awesome ICO. Reputable experts will come to your aid. The first 30 seconds of the call are free, then you start to pay with ANY coins. The app will be particularly valuable if war breaks out. Or the apocalypse.
The creators start their whitepaper with some bullshit. They say that they made apps for iOS and Android in the third quarter of 2017. They did not.
Then they forget about what was just said and start to talk about a prototype. As well as changing the name of the project.
And for some reason they’re looking for tech experts. Which is strange, if the product is ready 😉
The pre-sale is coming soon, so it’s strange that the guys couldn’t care less about Facebook, Twitter and YouTube. To compensate for this, they give away 100 ANY tokens ($20 during the Sale) every day to one of a few hundred people in their Telegram chat.
The team is full of nobodies that there is almost no info about anywhere. If you believe LinkedIn, fate took one of the co-founders to Ethiopia and Madagascar. The second spent 7 years in Tibet – what was he doing in Asia for so long?
They don’t even know when their sale is planned.
But they do want to raise 16,000 ETH, 57% of which will be spent on marketing. And the product isn’t even finished, ladies and gentlemen!
Therefore, we suggest carefully reading the most important part of the whitepaper and taking every word of it to heart.
Tell us what you think about our investigations in the comments. If that isn’t enough, we can always do some research on an ICO that has caught your eye. For free, honestly and from the heart. Together we will prevail!
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