Beware of impostor ICO’s

We all know with the current ICO craze that the blockchain space has been plagued with phishing websites. Today I just saw the most random thing… a cloned concept with a total name rip off.

Our culprit:

Completely ripped off a legitimate project known as:

Don’t let the flashy photos and image heavy whitepaper throw you off. This ICO is likely to fail horribly or steal your money. Not to mention their ICO is happening in a few days… yet the website didn’t even exist prior to 3 weeks ago (confirmed by Wayback Machine).

More indications that this project is likely a scam is available on Verified ICO’s as well. Their in depth analysis shows shill websites and fake press releases were generated by the site owners to boast the product. Viuly claims that they received an investment of 150,000 EUR from a reputable investment firm. After doing some low level research, the domain of the said investment company appears to be less than 2 months old and the firm has no history whatsoever.

I won’t even get into the whitepaper but its pure garbage, full of FOMO style pictures, zero technical information and from the looks of it, you’re better off uploading your video to YouTube. These guys don’t have a single clue when it comes to blockchain technology and in the whitepaper it even mentions moderators for video content… Are you serious? Decentralized with moderators? These guys probably can’t even figure out oracles and decentralized voting methods to come to fair consensus.

All in all, I suggest you don’t bother with this ICO due to the above issues. Be safe with investing in these ICOs people! I’ve been noticing a lot of garbage being released lately and its a shame how many are able to pay their way through to the press.