POSSIBLE SCAM/MONEY GRAB ALERT!?

in #ico • 7 years ago (edited)

Hello humans,

I would like your help identifying a possible scam ICO, or at the very least an extremely poor ICO....the ICO in question is called IUNGO NETWORK. They are an open-source platform that enables anyone to become a local internet provider in the global WiFi network.

First off, let me start by saying that I am no expert by any means. I have been extensively researching ICO's for the past few weeks now and something just struck me as odd about this one and I just couldn't put my finger on it. I did say I am not an expert in ICO's, however I am definitely an expert in spotting a scam.

Strike 1: Now the first thing that struck me as odd was the amount that they are selling their ICO. I mean, it's right in your face. They are hawking it like a dodgy t shirt salesman on the streets of thailand.

Strike 2: A telegram page with thousands of members however hardly any admin. I have actually just checked this again now and the admin's name on the page is 'Dylan Iungo', and has a picture of Dylan Sharkey, the former executive and Head of Sales for Linked In who according to their website works with Iungo as a management board/adviser. Why would the former head of sales of linked in be answering questions on a telegram page?

Strike 3: A Facebook page with 6,247 members and yet a combined 6 comments on their first 10 posts on their page, 2 of them being there own. This screams bought facebook likes.

Strike 4: A YouTube video titled 'BREAKING NEWS: IUNGO ICO HAS STARTED', which has over 6000 views and ZERO comments and EIGHT likes. A video with over 6000 views should have hundreds of interactions. Once again, this screams paid views.

Strike 5: This comment I found on bitcointalk.org forum from a user pointing out these reasons why this is a scam:

"You change two covenants dramatically!!! After!!! pre-ICO purchase!!!

  1. Price from 1ETH=90000ING to just 3000ING
  2. Pre-ICO percent from 1% to 1.3%

Even in shitty crypto-world that screams: SCAM!

Frist sign was when you didn't collect enough etherium during pre-ICO. Just one payment in last days cover all gap in softcap.

So...
That's enough for all who's read this topic.
It is just another one Baltic SCAM!
Dozens of them. Hashflare, Polybius and now UINGO."

Now what has me confused is the high quality video on their site. The pretty high level of people in their team, unless they are lies. The audio video on youtube apparently with Dylan Sharkley talking about the project. And the fact that there are some ICO reviews on YouTube discussing and reviewing the ICO. I don't know, I could be way off. Or these people just haven't picked up on these subtle things that I have. Either way, it seems a lot of people have already invested quite a bit of money into this and would be a shame for more to get sucked in. Or I'm the sucker and it's totally legit and I should invest myself.

Just to clarify, this is just a hunch based on the above reasons. I don't mean to harm or offend anyone including iungo, but feel I have a duty of care as a human on this platform to try and sort this out. If anybody can help either confirm my thoughts or prove them wrong it would be totally appreciated!

Much love

#iungo #scam #bitcoin #blockchain
7 years ago in #ico by
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     7 years ago 

    Glad I came across this to confirm my suspicion!

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       7 years ago 
      1. That's one way of selling an ICO, and yes iungo reached Hard Cap
      2. First of all, the team announced they would be on break during Christmas, the time you entered the group and did your so called "research" so obviously the admins were not active.
        Secondly, there is literally an article of Dylan officially posted by LinkedIn leaving to join the blockchain industry, unsurprisingly, Dylan's actual profile reflects this change.
      3. Basic marketing to start out (Read again, Hard Cap was reached)
      4. Same as 3.
      5. Once again, you did not do your due diligence, the total supply was reduced from 3 billion to 62.5 million, (by 98%), clearly that amount had to be reduced, otherwise there would be no ICO at all

      Now you must be wondering, why wait till now to answer?
      During the ICO stage, we were busy with partnerships with LigoWave, Birdchain, Mysterium and obtaining pitching to Ænigma Capital. With Hard Cap reached, someone in the Telegram found this article and started spamming FUD. Clearly, the source was you and if you even have a shred of guilt, an apology is in order.

      Yours,
      La Stolto

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         7 years ago 

        I am finding it difficult to edit or delete this post so let me just add here as a comment that after some further additional research and also speaking to one of the team members on the IUNGO board I have completely changed my position on this.

        They have explained to me exactly why all the things that have happened have occured in my original post which had me wondering if this was a scam/cash grab and they have shown me that this is a legitimate ICO and they have reached their hard cap also.

        I wish them all the best in the future as they are going to be doing some wonderful things for the world.

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