The Wall Street Journal found 271 suspicious ICOs

WSJ Investigation: As Workers Faced Covid Risks, OSHA Fell Short of Its Mission | WSJ

WSJ studied 1,450 IPOs and found that 271 ICOs used trickery to attract investor attention and funds.

The study found that the most common are false investor data, future guarantees of token value growth, fake photos and team identities. In total, more than $ 1 billion was invested in these 271 ICOs according to public data of companies and transactions on the network..

Based on the lawsuits of the investors of these projects, the theft of $ 273 million has already been officially announced..
On the pages of 121 startups, no team details were given or the published information was false. In some cases, only the names and contacts of freelancers who were involved in the creation of content and the design of the site were real, who confirmed that they were paid to copy photos of real people and change their personal data. At the same time, the scale of duplication is striking. «standard» employees.


The Wall Street Journal found 271 suspicious ICOs

In the text of 111 White Paper, the magazine found entire sections that were copied from other official sources. In some cases, in addition to transferring the marketing program and addressing security issues, even the technical description of the product was duplicated. Now freelancers can create such a document for as little as $ 100.

The magazine also found more than 20 startups that guaranteed the future commercial success of the project, the growth of the token rate and assured that there were no risks. In addition, an almost clone of the famous scam project Denaro was discovered. Pluto Coin has a similar site, identical to WP and half of the team’s personality.

Recall that earlier the SEC launched its own fake ICO to teach investors how to identify signs of scam. Now the American regulator has sued some of the startups and suspended the activities of dozens of others for the duration of the investigation..

text: Ivan Malichenko, photo: Shutterstock 

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