ICO SCAM CONFIRMED: 4 PROJECTS AROUND BYTOM GOLD AFFECTED

ICO SCAM CONFIRMED: 4 PROJECTS AROUND BYTOM GOLD AFFECTED

Together with Octo the Scam Hunter, Fintelegram has uncovered an ICO scam. A crew of scammers unknown at the time is currently carrying out four fake ICOs. These are the projects:

BYTOM GOLD
CYBERPAY NETWORK
VECHAIN CLASSIC
VIBEXCHAIN

The MO is always the same. Telegram groups are created and filled with 10-15,000 fake user profiles. If you are in the crypto area and on Linkedin, you regularly get offers of shady people who provide Telegram groups with users. Since these fake users cannot interact, of course, the groups are only suitable for reading. Twitter, on the other hand, has recognized the fake character and blocked accounts.

The fraudsters have chosen names for their ICO projects that suggest a resemblance to real existing companies. So there is Bytom to BYTOM GOLD and Vechain to VECHAIN CLASSIC. This should probably signal forks to existing projects. Bitcoin was forked by Bitcoin Gold and Ethereum by Ethereum Classic. Of course, none of these four fraud ICOs has a white paper.

Furthermore, the teams are fake. Every team member really exists and has a profile on Linkedin. Mostly they also work in the crypto area, but none of them work on any of these projects. Fintelegram has written to some of these people but has not yet received an answer.

Fake team of Bytom Gold
Fake team of Bytom Gold

The proof

A glance at the domain database WhoIs provides information: All four projects are registered by the same registrar in Panama. It is a company that conceals the actual owners as a business model. All four ICOs have specified the same name server. This suggests that they are all on the same server.

Whois registry entry of VECHAIN CLASSIC
Whois registry entry of VECHAIN CLASSIC

Conclusion
Get your hands off me! We are happy to receive information and testimonials at editor@fintelegram.com .


The four cases of fraud were discovered by Octo the ICO Scam Hunter and researched in collaboration.