Investor Warning: Arisebank ICO “strategic partnership” with Bitshares is a scam
The market capitalization of Bitshares (BTS) has nearly doubled in the past two days soaring past a billion dollars following a partnership announcement with Arisebank that has been spread across multiple high traffic social channels and media outlets:
via the Soren K. Group at Marketslant.com The Next Revolution is already Happening Over the past few weeks, I’ve had…www.zerohedge.com
Dallas, TX --- AriseBank announced that they have reached an agreement with an FDIC insured bank, that has been…www.huffingtonpost.com
Before we go any further, lets just come out and say that Arisebank is a total scam. A scam which has taken quite a lot of effort to perpetrate. The Arisebank website is littered with very nicely done marketing material, graphics and tons of documentation.
They have banking, debit cards, ATMs, careers, developer tools, block explorers, a 100 page whitepaper, and the largest ICO in history:
The mastermind behind it all goes by the name of Jared Rice, and is a known scammer with numerous statements from previous investors who have fallen victim to his scams in the past:
We hired Jared Rice of Dynastack Inc. to perform software development for our company based in Dallas. Upon sending…www.ripoffreport.com
BitOfGlory — Scam — Jared Rice CEO Dynastackbitcointalk.org
Further evidence about Jared and Arise:
- Jared’s personal website that is referenced has been taken down: https://jaredricesr.com/
- Jared’s linkedin that was recently created with zero endorsements or credibility: https://www.linkedin.com/in/jricearise/
or is it actually this guy? https://www.linkedin.com/in/jaredricesr/
Or did he just steal his identity?
- Arise’s forums are non-existent: https://forum.arisebank.com/
- Their 1100 ATM locations? https://find.arisebank.com/atm/ — not a single one actually exists
- Regulatory filings on a “Fully regulated financial institution”? Not a single one.
- Locations at the Dubai International Finance Center? No results found.
- Code for the bank of the future? Only enough to take your money https://github.com/AriseBank:
We reached out to the Bitshares community to warn investors of the Arisebank/coin scam, and what we found was disturbing. Members of the Bitshares inner circle are promoting the article and dismissing multiple concerns from community members about the legitimacy of the Arise partnership.
While the warning signs may appear obvious to some, many consumers caught up in the hysteria of ICOs and cryptocurrencies will not peer beyond the veil and will lose some or all of their money.
Buyer beware, marketing is cheap, and almost every news article is biased and paid for. Do your homework, ask hard questions, and think before you send.
These findings have been forwarded to the SEC Enforcement group.