The menace of fraudulent initial coin offerings seems to be larger than we think. Prodeum, an elaborate ICO that raised over 60 million from investors has disappeared.
It turns out that Prodeum is a baloney and a mere scam orchestrated to raise money fraudulently and then disappears. Owners of the scam have left a little message on the site to its investors and it is ‘penis’.
This sign-out message speaks volume as there is no sign that the site was hacked and the perpetrators are actually mocking their victims for giving out their money in the first place.
In its marketing message, Prodeum was sold as an ‘Ethereum blockchain-based system created to ensure fresh vegetable delivery’. At the end of the day, investors are now bleeding for participating in an ICO but a scam that only ran for a week.
The manner in which the scam was perpetrated was also very systematic as the owners of Prodeum were able to quickly get into the ICO market and get out as soon as possible so as to have a hitch-free escape.
According to Coinidol.com “On the 8th day after the beginning of Prodeum’s token crowdsale on January 20th, after the project had already collected more than $6 million.”
This further brings one to question whether investors who fall for these type of scams actually do their research at all or people are just looking for where to put their idle Bitcoin and other altcoins because the market is bearish.