[UPDATED] FUSION ICO: RED FLAGS ONLY, BUT LEGIT ONE
The current ICO market is so impressive of its hype that sometimes you may be thinking “Wow, this can’t be real”. Guys with a usual landing page and without any platform raise millions of dollars in a minutes right after ICO is live. Whitelists, pools, pre-sales, private sales, personal caps, whitepapers, all of these things I haven’t been familiar with before that mad January. The whole market is in correction, but it’s harder and harder to be an investor in each following high-hyped ICO.
Today I made an investigation about Fusion ICO, the project that has so many RED flags that it’s almost impossible to believe it is legit. Im so embarrassed of the results I’ve got cause Im also an investor, and I can’t be calm losing 4 ETH just because I wasn’t sane enough to check the project before investing in it.
I won’t make analysis of the platform they want to build, anyone who wants can read the whitepaper on their website https://fusion.org. Actually, now I think it’s a remade copy of another ICO, but you can check.
1. The first thing that I had to check is the team. And the first red flag.
Oh, that guy has created VeChain and QTUM? Really? Let’s try to google it. The first page of the “Dejun Qian vechain” search
Well, I couldn’t find anything except marketing materials of Fusion mentioning the link between Dejun Qian and Vechain. Interesting.
Okay, let’s google the “Dejun Qian qtum”
Guess what? Nothing again, just a poor marketing from the Fusion. Nothing was found about link of CEO Fusion with a Qtum.
The search results about link between IBM and Dejun Qian are also poor, no real proofs of that link, just the words in Fusion marketing materials and some unknown web forums..
Let’s look his LinkedIn
You can see that this top-level manager has 67 friends on LinkedIn. This is not a joke. The guy which company built a 2 top-20 bussiness blockchains has just a 67 colleagues and there is no serious mentioning of him and these giant companies in Google. That LinkedIn profile is 100% fake. Any anonymous user can create 100s of profiles not worse that this one is.
I won’t look through all the profiles but the biggest ones in terms of brands connected to them.
Okay, the second member of the team:
Let’s go to LinkedIn. It is the similar to the previous profile:
Wow, VeChain again? It’s the all-stars team, very serious guys. Well let’s google it:
As you see, no real mentioning of the link between Xi Luo and VeChain. I think “Vice President Of Business Development” of that big company as VeChain should be mentioned on any search page of Google. This profile is also doesn’t seem to be real, no real activity, just the experience, interests and education.
That’s real awkward, right?
The third star:
Foundation strategy of Fusion? Let’s go to his LinkedIn.
Wow, but he is just an advisor. Why he is in the team? So much misleading from the Fusion team.
Well, I want to share another small investigation from Steemit, but not so resonance one. https://steemit.com/crypto/@yefym/scam-alert-fusion-org-the-detective-story-of-one-ico
Is it the third season of Netflix’s “Stranger Things” series..? Well, it’s actually not that funny.
I won’t look over the team no more, let’s move to the next part.
2. We need to know who arethe “Institutional Supporters” of Fusion.
I’ll check out the domains.
The one-page website, like business card. Not mentioned in google as a some legit fund.
Check the whois:
Remember that IPs (A-names) of domain.
“Information Updated: 2017–12–05 20:19:59”
That’s a very fresh website. But I don’t have a time to look the web-archive or other history.
Couldn’t find an IP address, DNS servers aren’t working.
There is no same logo in Google as the alpviewcapital logo from fusion.org.
Another one-pager with a simplest website template. It’s obviously a fake page.
Whois:
Domain registered on unknown registrar, not serious for the investing fund.
That website seems like an exchange, with a simple template. Let’s look the whois:
The same shared hosting, neighbour IPs from the same subrange as in the first domain.
The check on GoDaddy site:
Fuseon? Really? Or they wanted to write fusion but forgot the name of their all-stars company? Such a stupid leak, brrrrrr…..
That’s a quite beauty one, but still one-pager and without any real information about the company. Just the general words as on all website templates.
Whois:
The neighbour IPs again from the same subrange..
No mentioning in Google about link between Bibox and Fusion. By the way, that exchange is a clone of Kucoin with a main trading volume for their internal “Bibox Token”.
Whois and again the same IP range..
This can be continued infinetely..
Summing all of these domain issues we can tell the most of “investors” aren’t real and seem to be invented by Fusion.
Let’s move to the third part.
3. Token Sale. The guys don’t have any KYC nor the whitelist, just this checkbox as a “basic KYC”:
Terms of sale:
There is NO KYC on crowdsale. Investors just sending their tokens to the address:
https://etherscan.io/address/0x1bdf56c9593590122fd8750555d8148da2b80be8
36,082 ETH raised in just a 9 hours.
The crowdsale process isn’t limited by a hardcap. They have a very strange token distribution
https://fusion.org/VoluntaryParticipantsSale.html
They are supposed to send the tokens to the investors on 11th of February and send some ETH back to investors if the hardcap is exceeded. But I’m not sure they’ll really send any ethers back.
I’ll appreciate if someone can give a review on the code of smart contract: https://etherscan.io/address/0x1bdf56c9593590122fd8750555d8148da2b80be8#code
Let’s look at their Github:
https://github.com/FUSIONFoundation
Created 29 days ago, it has just 2 repositories: Token Sale mechanism and whitepaper (LOL).
Bitcointalk Announcement topic: https://bitcointalk.org/index.php?topic=2789984.new#new
Too small for that hyped project right?
Icobench: https://icobench.com/ico/fusion
No single review from community there? Is that real?
Thanks for reading.
UPD. VeChain has released an official statement regarding no relation to the FUSION team.
UPD 2. Member of QTUM Team in Telegram on Fusion relation
UPD3. FUSION team provided the real evidence for the relationships between DJ Qian and VeChain in past. His BitSE Company has also the shareholder Sunny Lu, current CEO of VeChain.
Chinese commercial information website provides all the registered information of Chinese company.
https://www.tianyancha.com/company/227611014
You can check from the website that CEO and Legal representative of BitSE is Dejun Qian.
DJ Qian(钱德君) is the biggest shareholder with 46.43%, Patrick Dai (戴旭光) has 21.30% share, Sunny Lu(陆扬) has14.95%.
The trade mark and logo of Vechain and 量子链 are registered under BitSE. Vechain registered on Feb 17th, 2017 and 量子链 registered on Nov 1st 2016.
Bitse.com and vechain.com are registered under BitSE。
The QTUM issue is still unclear, Fusion stated BitSE created QTUM, but DJ Qian is only a member of Judgement Committee
