New Coin Offering, New Scam - Bunny Token
What is Bunny Token?
Bunny token is a new coin that is currently making the rounds as an ICO. You may have heard of it, they are currently spamming youtube with ads. This particular coin, as you can probably guess from the name is claiming to offer an alternative payment system for the Adult industry, in order to be able to pay for porn, sex toys etc etc completely anonymously.
Bunny Token claims to protect the privacy of the customer while simultaneously protecting the service provider from being banned or blocked by their payment providers.
Is it a Scam?
It sounds interesting, an ICO based on the Adult industry. There is huge potential there considering it is a $10 billion industry.. aaaaand that’s where it gets suspicious. You have to ask how an industry can become so huge if one of the main problems it seemingly struggles with is with being blocked by payment providers or the privacy of their customers. They have worked around this for years, so it becomes a slightly weak argument. But that just raises an eyebrow, it does not set off the warning bells.
The warning sign
There are a few aspects to the ICO that set off the alarm bells that need to be highlighted.
Referral Program
If the very mention of the phrase ‘referral program’ doesn’t send you running to the hills then perhaps you haven’t heard of Bitconnect. The referral program offers each person who buys tokens a referral link that "For every referral who buys the Token a bonus will be offered to the link owner. The bonus will consist of an addition of tokens to the owner’s account which amount to 10% of the invested tokens his/ her referrals buy.” - bunny token white paper.
That is classic pyramid scheme action right there.
Airdrop
Airdrop is a program detailed in the bunny token white paper where after the ICO sale all people ‘investors’ who have kept their tokens in a wallet (they do not specify but no doubt they mean the wallet on their site) will be given additional tokens as a bonus. Why is this a warning sign? Well because they are actively trying to encourage people to keep their tokens on the platform. Considering all practical advice goes against this as well all know the safest place for your coin is in an offline wallet. Why would they want you to keep the coin online? Its sketchy as hell.
Devil in the detail
The white paper makes grandiose claims of success with large returns almost immediately, yet if you read further the paper is light on details and keeps it vague when explaining how it will work.
Suspicious staff
The website has a listing of all the people that currently work for Bunny Token, yet their CVs are all fake as hell.
Lets look at an example. Here is Ruben’s CV, one of the backend developers:
https://bunnytoken.com/data/CV/Ruben_Klassen.pdf
If you have ever written a CV (resume) you should instinctively wrinkle your nose at this. First off, all the CVs look exactly the same in layout and structure and they all have the same mistakes. For instance, Ruben apparently got a “MS in Humanities Computing” from the University of Groningen. First off, the university of Groningen does not offer a degree called "Humanities Computing”, though it does have a two person department by that name.
The CV is also extremely sparse on detail, when did he graduate from university, where did he go to high school, why isn’t there any other detail on the CV.
Other issues with the staff include: you can’t find them on linkdin and one reddit user points out:
"I checked some of the CVs. One of them states that the guy worked in two different companies I used to work during the >same time! Such a person never existed in those companies.”
(source: https://www.reddit.com/r/BunnyToken/comments/86zhel/absolute_scam/)
Company Address
The company claims its offices are based at Suite C, Orion Mall, Palm Street, Victoria Seychelles. If you look this up, the address belongs to a holding company that specialises in off shore companies and trusts.. a common place for people to setup shell companies. Its also a unit in a shopping mall of all things. So not only are their staff fake, they don’t actually have a physical premises for their company.
What should you do?
Well I can’t tell you what to do buy I would strongly urge you to approach this one with caution. The referral program is enough to discourage me from investing in this ICO, but the non-existent staff listed on their website convinces me to stay as far away from this one as possible.
@mrjarvis
Thanks for sharing this information. Unfortunately I invested $5 in Bunny Tokens. Now I think of all the things I could have bought with that $5. (Actually it was $5 worth of Ethereum which is now only worth about $3)
Easy come easy go ....
No problem, $5 isn't too bad, at least you didn't invest thousands.
I only ever invest $20 in anything. It is the only disposable amount of income that I can afford to lose. Sometimes that $20 grows into thousands though. I once had 100 shares of Amazon.com back in 1999
Yeah, that's the beauty of investing, sometimes it can really pay off big. When I invest I try to go for a minimum of $100 each time, but it depends on where I invest. I wish I'd had the forethought to invest in amazon back in the 90s!
It went from $42,in 2009 to $1,600 this year. I bought and sold small amounts all the way up ... I have 2 shares left
Although 90% of my investments seem to lose money
I once lost $2,000 on Amazon by selling when they missed in all Estimates . It's easy to look back at a graph and say I wish I had bought a ton of this stock... it I very tough to hold on when you see all your gains disappear in after hours trading.
I had a Gold ETF (JNUG) where I had $30,000 in profits ... from a $1,000 investment... I watched it fall and fall and fall .. I bought the dips. In the end I lost $10,000 . I would have lost a lot more if I was holding today.
Its always super risky. It sounds like you made some decent gains from your amazon investment though. Its tough though and I would never recommend day trading to anyone who doesn't mind loosing more than they gain. The reliable money is made in longer term investments where you benefit from the dividend yields. Of course for that to be of any real benefit you have to have several hundered thousand invested.
A lot of it is down to luck in the end too. One of the funds I first invested into was an index fund based on the uranium business (primarily for nuclear power plants etc) .. In the end it was worth 10% of what I originally invested. you live you learn.
Yes. I have always done better when I invest smaller amounts.... as soon as I think I’ve hit the big one and go all in that is when I lose BIG TIME
I need to learn to be happy if I make an extra $1,000 a year on the Stock Market or crypto coins and start locking in some gains. ... I was once up $5,000 on Bitcoin. now I am in the red.
Yeah, the trick with investing is not to get too greedy and to spread the risk. But the most important thing is to remember that money is made playing the long game.Day trading generally always results in loss in the long run since the risks are so high. But the overal trend of economies over time is that they go up. So if you invest in something now .. in 20 years it will be worth more. Provided you didnt invet in company that goes bust.
The safest investments are always funds that track market indeces. They tend to be popular as investment plans for retirement, not for quick gains.. that's tantamount to gambling.
The referral program makes me raise an eyebrow and immediately think of a pyramid scheme. Maybe I am wrong, who knows, but my intuition has a physical appearance in my eyebrows :D
Yeah the referral program is what got my attention initially as well. That doesn't in itself mean its a scam though its a good indicator.. there are lots of ways to do referrals legitimately .. but its how they did it that screams shenanigens, and then when you combine the rest.. the address.. the staff that don't actually exist with the fake CVs... thats when major alarm bells start to ring.
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