The Infuriating Saga of Scam ICOs (2017–18)
Since 2017, there have been more than 200 scam ICOs conducted while some studies (Source: Satis Group) even suggest that more than 80% of all ICOs were scams which dealt extensively with money laundering and tax evasion. A total of at least 2.134 Billion USD are estimated to be raised by these scam ICOs, some of which are as mentioned in the spreadsheet below:
https://docs.google.com/spreadsheets/d/1MEPfayD0cwIq61FLWkp9-Qs5D4sZNFOuzwLg3K-h1DU/edit?usp=sharing
Incidents like these have led to a lack of trust in the entire crypto space whereby a lot of highly innovative blockchain based projects fail to get funded and investors start getting wary of ICOs in general. Such incidents can be avoided with the presence of a platform which can combine digital identity and a trusted, secure platform/marketplace for ICOs. There exist several checks that an investor has to make in order to distinguish the good from the horrible ones, such as: whitepaper analysis, presence of project source code on github, team members’ and project’s social presence and accessibility, project feasibility and scalability, etc.
This is where HELIX Orange comes in. HELIX Orange is a blockchain driven digital identity platform for shortlisted ICOs and KYC/AML cleared investors to create a healthy trustful environment for investment and innovation. Along with the steps mentioned earlier for scam detection, HELIX Orange takes extra measures for an enhanced ICO experience.
Double blockchain layer, high-security infrastructure and flexible customer front-ends lay the foundation of HELIX Orange as a global ecosystem for ICOs. Starting with a platform for high-quality ICO investments, HELIX Orange strives to build the leading ecosystem establishing trustful interactions among all ICO participants. Returning the control over data to investors, axing the funding costs for projects, and enabling set market conditions for more mature players to enter. By giving every participant a unique HELIX ID on a permissioned blockchain and setting up a rigorous layer of quality assurance to enter the ecosystem HELIX Orange ensures that the KYC/AML verified participants’ data are secure.
HELIX ID makes sure that third parties don’t have access to the users’ data, hence ensuring zero possibility of attacks for fetching personal information.
HELIX Orange — Status Quo
HELIX Orange ICO Marketplace has actually more than 350 onboarded investors. HELIX Orange investors benefit from exclusive access and information about the best ICO and STO projects. The service is free. If you are an private or institutional investor you can sign up on https://my.helix-orange.com/en/areyouaninvestor
Take the chance, sign up & benefit from exclusive access and information about the best ICO and STO projects.
About the author
Ansik Mahapatra, is a member of HELIX Orange and is a part of the analytics and marketing team. HELIX Orange is a blockchain driven Digital Identity and ICO platform poised to bring the best ICO projects and accredited investors together.
Disclaimer
There might be a conflict of interest, as the author of this article is also a team member of HELIX Orange. Moreover, the author might be invested into the project himself. This article is not meant and shall not be used as an investment advice, but shall only reflect the personal opinion of the author. Everybody who is interested in investing in one of the aforementioned projects or any other projects should undertake his or her own effort in investigating the respective project. Investments in Initial Coin Offerings are very risky and there is a high chance of losing part of or the entire investment.
The contents of this article are merely the opinions of the author, and not investment, legal or tax advice. This publication has the sole purpose of addressing specific topics. The publication makes no claim to completeness.
Sources:
[1] https://cryptoslate.com/seven-key-signs-ico-scam/
[2] https://cointelegraph.com/news/dont-believe-the-hype-the-five-largest-ico-exit-scams-expert-take
[3] https://cointelegraph.com/news/new-study-says-80-percent-of-icos-conducted-in-2017-were-scams
[4] https://www.coinist.io/6-worst-icos-of-all-time/
[5] https://icoindex.com/index/scam
[6] https://tokentops.com/ico/scam/
[7] https://www.investopedia.com/news/80-icos-are-scams-report/
Do you want to know more about HELIX Orange? Please read the whitepaper at ico.helix-orange.com and join the HELIX Orange Telegram community https://t.me/helixorange for insights.
