Elevating Pink Flags – the blockchain.io ICO

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Blockchain works exhausting behind the scenes to guard crypto customers from scams, frauds and false promoting. Certainly, yearly there are a whole bunch that concentrate on simply our customers alone. Our groups work intently with serps, social media platforms, and regulation enforcement to name them out and shut them down.

At present we filed a complaint in U.S. federal courtroom towards an organization calling themselves blockchain.io. As we allege in that grievance, blockchain.io is run by a defunct Bitcoin firm referred to as “Paymium”.

The outdated guard of crypto will keep in mind Paymium finest as “Instawallet”, which in 2013 misplaced its customers’ funds in a widely-publicized hack. Quickly after the hack, the corporate formally closed its claims course of, leaving a lot of its customers with substantial monetary losses. Their conduct additionally fueled issues that the corporate had run away with folks’s cash. In an try to cover this from its customers, Paymium simply rebranded to “blockchain.io.” with Pierre Noizat, the Founder & CEO of Paymium, again in cost.

Paymium is about to launch an ICO utilizing the Blockchain.io identify and we now have robust issues about how they’re representing their supply.

They declare to lift cash to supply some applied sciences that don’t truly exist. In addition they declare the ICO is registered with the SEC however there’s no registration assertion in place for the providing. This implies customers received’t have the ability to commerce the token publicly as Paymium led them to imagine. The SEC simply introduced final week an enforcement motion towards an ICO challenge that made this identical misrepresentation. Equally, blockchain.io declare that their ICO is registered with the French regulator the ACPR, however we will discover no proof of this.

What’s extra, we’re notably involved that they’re complicated shoppers into pondering they’re Blockchain. Their identify and branding mirror a worrying variety of similarities together with:

  • related area identify to our web site (blockchain.io)
  • related colours to our web site (shades of darkish blue)
  • related emblem (a dice as an alternative of a sq.) made up of comparable geometric shapes (circles as an alternative of rounded bins).
  • Repurposed our tagline “connecting the world to crypto” by way of a thesaurus to provide you with “your gateway to the web of worth.”

We’ve obtained questions from individuals who have come throughout blockchain.io and requested whether or not we have been doing an ICO. Blockchain shouldn’t be doing an ICO. Once we inspected blockchain.io’s social media and Telegram channels, we found that many extra folks had assumed that blockchain.io was Blockchain.

To guard our customers and preserve the belief we’ve labored so exhausting to construct, we’ve needed to take motion. At present we filed a grievance in US federal courtroom. We’ll file extra complaints in different courts if we have to and we’ll proceed to struggle false and deceptive statements that endanger the crypto neighborhood.

See. https://bitcointalk.org/index.php?topic=177317.0



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