BLOCKCHAIN HEIST; BE CAREFUL OF ICO SCAMS!
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Initial Coin Offerings(ICO) are very rewarding for an average investor or a novice, from little investment you could be rich and at the same time become broke if no rational thinking is applied before investing. Only an irrational thinker would go get a loan to make an investment on the Blockchain, especially an ICO which is like Gambling; you win or you lose. You loose when you fall victim to scammers and swindlers just like many have being preyed upon by this heartless individuals scattered all over the World ready to part away with investors money not minding how them make it.
These "Exit Scammers" will run off with earnings from investment once it hit a very high figure, this swindlers abound and one way or the other a few of us must have fallen into the traps set by this people, a lesson for every Blockchain Technology oriented users.
SAVEDRIOD AND PINCOIN/iFAN ICO SCAMS
One of the latest is the German based company that purportedly raised $50 million in ICO and direct funding, also the Vietnamese Mordern Tech Cryptocurrency known as Pincoin both exited upon raising certain amount from ICOs leaving their investors in the dark. A Doctor, Dr. Yassin Hankir of Savedriod ICO was seen on twitter thanking investors with a Tweet and a beer made in Egypt.
Also is the Pincoin Token created by Modern Tech a Vietnamese company which raised $660 Million from 32,000 investors worldwide. Just a seven man team of Vietnamese Nationals robbed over 30,000 people from a ICO that fails in it promises who launched another project iFan Token to pay their investors instead of the return on their initial investments.
In fact, the real mastermind behind these projects is a team of seven Vietnamese nationals, who have held different conferences in Hanoi, Ho Chi Minh City and even remote areas to lure investors.
Investors have been told that they would enjoy a profit rate of 48 percent a month from their initial investment, and recoup all investments after four months. People would also be rewarded with an eight percent commission for every new member they have introduced to the network.-Source
The Gains of the Blockchain is as high as the loss, it is a highly volatile risk venture. The wise will tread carefully not to get scam, the greedy will go all in and be devastated and the timid will not take any risk at all!