Open ICO Class Action
List of ICOs accepting new members
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Open ICO Class Action (28)
List of ICOs accepting new members
Qash-Liquid
125 class membersaction
Overview of the allegations:
It has been alleged that Liquid ICO has returned absolutely zero value to investors, and everything promised in their 2017 white paper has allegedly remained undelivered.
Allegations have surfaced that statements made by the team at the time of the ICO, inflated the price of the token and misrepresented the project.
Allegedly, ICO proceedings have not (...read more)
At a glance:
– Undelivered project
– No value to investors
– No token utility
– Improper use of funds
– Massively hyped
PlatinCoin
3 class membersaction
Overview of the allegations:
Allegations surfaced that PlatinCoin (from PLC Group AG) is an elaborate Ponzi/pyramid scheme bursting with red flags, allegations and warnings from key governing financial bodies. In particular, BaFin have come forward to warn against investment into PlatinCoin, owing to their lack of compliance with financial legislation and lack of background information. The CEO of PLC Group AG, Alex Reinhardt, was allegedly previously a key (...read more)
At a glance:
– Ponzi/Pyramid
– Scheme
– Hidden team
– BaFin warned
– Associations with
– prior scams
– Wash traded
– coin
Storiqa
154 class membersaction
Overview of the allegations:
It has been eighteen months since Storiqa's ICO closed, and the company has now allegedly completely given up on their investors. It has been alleged that they never had anything real to show to their investors, and soaked up almost 25m USD in funds, to no real end. Today, reports suggest their websites are unresponsive, their social media is allegedly abandoned and rife with attacks by disgruntled (...read more)
At a glance:
– 97% value loss
– No working product
– Team vanished
– Heavy competition
BitClave
40 class membersaction
Overview of the allegations:
It has been reported that when BitClave's ICO went live, they reached their hard cap of 25m USD in just 32 seconds. However, these reports fail to mention the 22m USD they allegedly secured in pre-ICO investments which cannot be verified and ultimately are a mere declaration from the issuer.
It has been alleged that this project was promised to be a next-generation (...read more)
At a glance:
– 99% value loss
– No tangible product
– No fund supervision
– Unrealistic proposal
– Dubious registration
MediChain
31 class membersaction
Overview of the allegations:
It is alleged that MediChain originally had extremely ambitious promises - they endeavoured to literally save lives through blockchain and crypto. Consumers reported they proposed a platform that would enable users to have unrestricted, decentralised access to their medical records and history. Allegedly and quite simply, they planned to disrupt a trillion-dollar medical industry and go face to face with the medical insurance markets by 'permitting users (...read more)
At a glance:
– Token unreleased
– No tangible product
– No updates
DADI
9 class membersaction
Overview of the allegations:
Allegations have surfaced the concern DADI's goals were overly-ambitious from the start, potentially to the point of being absolutely unachievable. Reports alleged the company envisioned "Internet 2.0": a decentralised, thriving cloud ecosystem, focussing on providing users with web services, and the abilities to build, scale and grow their own digital products.
It has been alleged, they promised to rival tech mega-giants such as (...read more)
At a glance:
– 90% value loss
– Plagiarism in
– whitepaper
– No working product
– Roadmap failed
4New
44 class membersaction
Overview of the allegations:
Allegations suggested that 4New's project and inception is one of the most deceptive and deceitful of the 2017 season. It is alleged their ICO was actioned while sitting on a foundation of lies and misdirection, nothing from their exuberant proposals has been made a reality, and the 42m USD they collected in funding has disappeared, along with numerous members of staff, reports indicated. Investors suggested that almost (...read more)
At a glance:
– 99.8% value loss
– Fraudster team
– Ponzi scheme
– No real product
Sparkster
276 class membersaction
Overview of the allegations:
It is alleged that Sparkster has soaked up millions of dollars of investment capital and returned nothing in the way of a viable product. Almost a year after their inception and ICO, Sparkster have allegedly not even unlocked their token to the market.
Reports suggest that their original proposal was unrealistic and hasn’t ever been accomplished even in testing. The management team for (...read more)
At a glance:
– Undelivered project
– 99.9% value lost
– Token delisted
– Unrealistic proposal
– False white paper
Dragon Token
36 class membersaction
Overview of the allegations:
It is alleged that although the Dragon Token team has been very efficient at building the facilities and the exchange platform needed to sell the tokens, that’s it. Reports show that the major goal of the project (to provide cash in / cash out to Macau gamblers) remains undelivered and it is suspected that it is unlikely to ever be accomplished because no one (...read more)
At a glance:
– Phoney operations
– No token utility
– 98% of value lost
– Faulty project
– Massively hyped
– No accountability
Sirin Labs
74 class membersaction
Overview of the allegations:
Allegations have surfaced that what Sirin Lab ICO call crowdfunding is actually a scam.
It is alleged that there is no genuine project worthy the 80m USD deposited at the time of inception. Reports indicate faulty ideas, misrepresentation of products and services, and a 95% loss of value for the coin, revealing the emptiness of the Sirin Lab's token (...read more)
At a glance:
– Low-quality product
– Massive overpricing
– Misrepresentation
– Improper use of funds
– Tech nonsense
– 95% of value lost
Bee Token
164 class membersaction
Overview of the allegations.
ALlegations have surfaced that the Bee Token has lost 98% of its value because it is and will remain an undelivered project.
Aiming to provide a peer to peer real estate rental platform, the project failed as thousands of investors had their coins stolen as a result of a security breach of the Bee token ecosystem.
(...read more)
At a glance:
– Poor network security
– Deserted website
– Unknown use of funds
– 98% of value lost
– Undelivered project
– No token utility
– No value for investors
NAGA
95 class membersaction
Overview of the allegations:
It is alleged that NAGA Coin was designed as a decentralized cryptocurrency that would be used for trading and investing in financial markets, virtual goods, and other cryptocurrencies, as well as being the primary payment form for all fees and transactions in the “NAGA Ecosystem”.
However, reports indicate that in just over a year, the value of the NAGA token has diminished by (...read more)
At a glance:
– 98.6% value drop
– Shell incorporation
– Highly hyped
– No real delivery
STOX
15 class membersaction
Overview of the allegations:
It has been alleged Stox gathered approximately $34m USD in its August 2017 ICO in just 34 hours, the bulk of its hype and FOMO driven by a promotion by Floyd "Money" Mayweather. Consumers have recalled Mayweather almost being incarcerated for his involvement in the Centra Tech ICO scam last year. It is alleged that Stox have syphoned this money from their (...read more)
At a glance:
– Ponzi scheme
– 98% Value loss
– No products
– Founder sued
HybridBlock
94 class membersaction
Overview of the allegations:
HybridBlock reportedly claimed to be “A world-class, all-in-one cryptocurrency trading system” and yet their founding partners consist of a sporting celebrity and an ex-director of a company halted by the BCSC due to reports of email spamming. It is alleged that one year after their ICO (which reportedly accumulated a staggering 25m (...read more)
At a glance:
– 99.5% value loss
– Platform abandoned
– Non-existing product
Savedroid
67 class membersaction
Overview of the allegations:
Multiple reports indicate that Savedroid are infamous in the cryptocurrency world for launching a despicable hoax on their investors, wherein they completed their ICO with a reported total of 50m USD in funding. It is alleged that they then closed their website and pretended the whole thing had been an elaborate exit scam.
It is alleged that the CEO, Yassin Hankir, orchestrated (...read more)
At a glance:
– 98% value loss
– Scam hoax
– No real product
– Fake marketing
Envion AG
57 class membersaction
Overview of the allegations:
It is alleged that Envion hosted one of the most fraudulent ICOs seen in 2018. Reports indicate that the premise was based on a revolutionary, eco-friendly cryptocurrency-mining stroke of genius; however allegations have arisen that Envion swindled one hundred million dollars from thirty-thousand genuine investors. It is alleged that soon after, the organisation fell apart, with reports indicating that the ICO was declared unauthorised and the company (...read more)
At a glance:
– Huge scam
– Worthless coin
– Company closed
– 95% value lost
Expand (GEM)
10 class membersaction
Overview of the allegations:
It is alleged that Expand (formerly ‘GEM’) set themselves on a path of deceit and manipulation from the early inception stages, allegedly employing the use of despicable shill tactics in order to raise as high a volume of funds as possible to fill their own pockets.
Reports show that their project, which was penned as an “ecosystem that allows workers to have (...read more)
At a glance:
– No investment returns
– Suspicious inception
– Shill tactics
– 98% of value lost
Sphere Social
8 class membersaction
Overview of the allegations:
It is reported that the founders of Sphere set out with a plan to create the world’s first decentralised, user-owned social media platform. However, it is alleged that more than a year after their ICO, the company has yet to realise any of their promises and they subsequently failed in their efforts. Reports show the Sphere token has crashed in value to (...read more)
At a glance:
– 99.6% value lost
– No real product
– Heavy competition
Engagement Token
22 class membersaction
Overview of the allegations:
Reports indicate that Engagement Token was promised as a revolution within the world of online publishing and ad revenue but in the end, it produced nothing in terms of results.
Allegations have arisen that the elements put forth in the white paper were nothing more than hype and that nothing was meant to be achieved. They highlighted a bright (...read more)
At a glance:
– Promises abandoned
– Token irrelevant
– Poor communication
– No user incentive
– Value almost
– non-existent
Viewly
5 class membersaction
Overview of the allegations:
It is alleged that Viewly has dissolved its corporate entity and abandoned the project. Reports indicate investors' funds are no longer traceable, and legal action is required to recover them.
If you suffered financial loss related to Viewly, join our class action to claim a refund (...read more)At a glance:
– Token unreleased
– misuse of funds
– 0 residual value
Atonomi
130 class membersaction
Overview of the allegations:
Reports suggest Atonomi has had a short and turbulent history since the inception of their ICO in May 2018. It is alleged that the company, which promised an “ingenious security protocol and infrastructure to enable trusted interoperability on ‘billions’ of devices”, was actually a multifaceted and multi-tiered scam. Numerous reports have led to great controversy surrounding Atonomi, including reports indicating the following: investors committing mass dumps on Day (...read more)
At a glance:
– 98.5% value loss
– Massive dumps
– No product
– Company in tatters
– Deceptive team
REAL
9 class membersaction
Overview:
REAL endeavoured to revolutionise the real estate industry by enabling any user to invest in a fraction of real estate with their “REAL” tokens. However, owing to poor KYC, failed implementation and a lack of development, both REAL and their coin have failed, with an enormous drop of 96% since their ICO. The company has nothing to show for the money raised and haven't taken the steps necessary to (...read more)
About this ICO:
– No product
– No coin value
– Failed promises
MeeTip (OutMySphere)
1 class membersaction
Overview:
From the very origins of their whitepaper, MeeTip (or OutMySphere) had a very dubious and weak proposal. The company claimed they were constructing an app that would link seamlessly with “over 95% of the world’s bars, restaurants and coffee shops” and ensure users could pay for transactions or offer tips to staff using their token – MeeTip (MTIP).
However, more than a year after their ICO, (...read more)
About this ICO:
– Token unlisted
– No value
– No viable product
– No updates
LeadCoin
2 class membersaction
Overview:
LeadCoin is a dead coin. In ICO, the company charged 0.04USD per token – these are now valued at 0.00015USD. This is drop of 99.6%, and as a result the token remains almost completely untraded. The platform that was promised in the whitepaper is completely unrealised and there’s nothing to show for the $50m USD raised in investments at ICO.
This company – and their token (...read more)
About this ICO:
– 99.8% value loss
– Untraded token
– Platform empty
– Key advisor sued
Blockchain Terminal
37 class membersaction
Overview of the allegations:
Allegations reported that Blockchain Terminal has been rife with suspicion since its conception and the origins of its ICO in March 2018. The project was allegedly designed to construct and provide industrial-standard crypto trading terminals to general users for a low price, but this fact has allegedly never been made a reality.
The company was plunged into doubt and allegation (...read more)
At a glance:
– Token unlisted
– No value
– False advertising
– No sign of product
Bonpay
4 class membersaction
Overview:
Bonpay promised what so many other ICO holders have done in recent years: a decentralised cryptocurrency debit card with seamless integration and zero-fee conversions between crypto and fiat currencies.
However, a year and a half after the inception of their 10m USD ICO, Bonpay: a) have delivered no such product, b) have a token worth almost nothing and c) have abandoned any future development.
(...read more)
About this ICO:
– 98% value drop
– Almost no trade
– No working product
– Founders
– disassociated
Cryptocurve
15 class membersaction
Overview of the allegations:
CryptoCurve has made promises akin to so many others who have hosted ICOs and yet they allegedly have nothing to show for their investment efforts. Reports indicate they have declared themselves as launching a next-generation wallet that will change the face of the crypto trading industry, but investors have reason to believe that this is far from the truth today. Allegations have surfaced that CryptoCurve has almost nothing (...read more)
At a glance:
– Token unreleased
– Basic product
– Vague use of
– funds
– Negative opinion
BlockCAT
25 class membersaction
Overview of the allegations:
The founders of BlockCAT made promises similar to those of Sparkster, another ICO holder that allegedly funnelled millions into an unrealised platform. BlockCAT openly stated that they were building a “visual smart contract designer” that would allow anybody in the world to create and deploy smart contracts to the Ethereum blockchain without having any knowledge of code. Again, very similar to Sparkster’s promise of creating toolkits that a (...read more)
At a glance:
– 98% loss of value
– Abandoned platform
– Unoriginal idea
ICO rating and reviews
Read unbiased ICO reviews before investing
Overview:
Virtual Rehab is built around the idea that Virtual Reality can assist with pain and emotional therapy. While this has earned them a variety of accolades, the road to turn it into a viable product and profitable investment is long and bumpy. Their roadmap doesn't span past 2019 and even if their idea could, none of their statistics has sources or citations and so it's difficult to tell. There have been no (...read more)
About this ICO:
– Unaudited ICO
– No IFSS
– New company
– Overhyped
– Weak premises
Overview:
MediConnect aims to reduce the problems of overprescription, counterfeit medication and addiction. The fact that they are a small company with limited backing makes this goal unlikely.
This is a redundant project idea as the NHS has launched an enquiry into these problems. Stating that their ICO can tackle the issue of addiction is sheer hype and is unrealistic.
Their Managing Director and founder is an ex-footballer (...read more)
About this ICO:
– Low soft cap
– Redundant project
– Unqualified team
– No IFSS
– No KYC
Overview:
LinkChain's premise is to create a blockchain-based platform that will allow buyers and suppliers to transact quickly, securely and cost-effectively. Their ideas address real issues in the freelance and self-employment industries in a way that makes sense and comes across as very well founded, but the project remains unaudited and red flags concerning funds supervision.
We are very concerned when examining ICOs which have (...read more)
About this ICO:
– Unclear fund
– supervision
– Unrealistic hard cap
– No IFSS or audit
– High token cost
Overview:
ICOCoinLab's premise is very simple: they will help other companies arrange and run a successful ICO. However, our probe into their incorporation, whitepaper and organisation has revealed some worrying red flags that indicate foul play. Most compellingly we do not even understand for what reason they should run an ICO themselves other than pocketing the money.
The company have an extremely weak incorporation, massive hard (...read more)
About this ICO:
– Unaudited ICO
– No IFSS
– Money grabbing ICO
– Misleading website
– No registration
– Improbable team
Overview:
The premise of VR Park's project is to enable the development of games and software that uses VR and to host conventions and expositions centred around the technology. However, the offer relies on doubtful incorporation, non-existent development to date, sparse team and unconvincing token economics.
We are very concerned when examining ICOs which have no supervision of funds, and no exit scam (...read more)
About this ICO:
– Doubtful team
– Heavy competition
– No FSS or audit
– Website inaccessible
– Massive hard cap
– Minimal soft cap
Overview:
Social Chains' project lacks depth and sincerity. Their team is non-existent on paper, and their proposed budget isn't realistic for the platform they have in mind. The team envision a decentralised social media ecosystem that will revolutise how people interact online, but they have no working proof of concept or viable prototype.
We are very concerned when examining ICOs which have no supervision of funds, and (...read more)
About this ICO:
– Unrealistic budget
– Heavy competition
– No IFSS or audit
– Doubtful team
– No prototype
Overview:
ELAD envisions the ability for anyone to invest in real estate, however, other teams have failed already while implementing this type of projects. Their CEO's, Mr Perkins Maccook, Linkedin results occupied him as an artistic director, he is therefore not qualified for this project.
The white paper is vague and dispassionate, proving that they have no premises in place.
Hardly any of the team have ELAD in their Linkedin profiles (...read more)
About this ICO:
– No soft cap
– Very low hard cap
– Massive discrepancy between pre-ICO and ICO prices
– Unqualified company with no clear goals
– Displays no clear fund allocation
Overview:
Curveblock envisions the ability for anyone to invest in real estate. The idea is to use blockchain to stabilise real estate markets.
Their funds are unsupervised by a third party.
Their fund allocation is vague as it depends on a lot of factors, according to their roadmap. There is no specificity when it comes to what is going where.
They (...read more)
About this ICO:
– Limited soft cap
– Low hard cap
– No fund supervision
– Displays vague fund allocation
– Risky investment in real estate
Overview:
Medicohealth envisions the creation of a world database of medical data, accessible to doctors worldwide. They hype a 2.5m doctors database and populated their website with a huge team and media coverage. However, we remain sceptical over the quality of the database as anyone can purchase a database of doctors on the internet for about 100 USD.
Some advertisement is not matching the information we gathered (...read more)
About this ICO:
– Highly hyped
– Misleading
– advertisement
– No IFSS or audit
– High hard cap
– False soft cap
– No working product
Overview:
BitBounce is running a second ICO after their first one had a 99% of token depreciation.
This company ran an ICO under another name two years ago, as Credo, and raised 12m USD for their token. Now they're running another ICO to finance their BitBounce platform that they insist is already blossoming. The companies themselves are one and the same - CREDO is their token and (...read more)
About this ICO:
– Already ran an ICO
– Red flags in
– registration
– No IFSS or audit
– Token value -99%
– Undisclosed soft cap
Overview:
The team behind Cryptolancers envision a platform for freelancers that uses its token as the primary form of payment for services offered. In a world where freelancing and remote work is quickly becoming the preferred method of working, it's no surprise startups are attempting to get involved, but there's an immense amount of competition on the market and Cryptolancer's project falls very short of the requirements.
(...read more)
About this ICO:
– Heavy competition
– Doubtful team
– No IFSS or audit
– Low token
– distribution
– Unreliable premise
Overview:
The team at MenuBuzz envision the creation of an app that will revolutionise dining, offering customers the ability to purchase food and beverages with a simple app that converts their cryptocurrency to fiat currency for the vendors. Using mobile apps to purchase food and drinks isn't a new premise and it is one that is rife with competition. The project has very little to offer in terms of technology (...read more)
About this ICO:
– Heavy competition
– No KYC
– No IFSS or audit
– High hard cap
– No working product
Overview:
Global Property Register envisions the combination of blockchain and AI technologies to revolutionize the global real estate industry. However, since the team has no specific background in either of the above, the white paper is sheer hype and even contains spelling mistakes, it is unlikely the project will ever produce a viable product.
Many other projects are pursuing similar ideas, but so far none has been able to legally associate the ownership (...read more)
About this ICO:
– High hard cap
– Unclear preposition
– Unqualified team
– No IFSS
– Nothing in place
Overview:
The company behind Reef - claiming to be known as Squid Networks - has an extremely weak incorporation. The majority of their team have nothing but schooling and menial work behind them and have no industry or technical experience. Their company was founded for the sole purpose of raising money for this project. They also have no financial staff listed.
We are very concerned (...read more)
About this ICO:
– Heavy competition
– No IFSS or audit
– No assets
– New company
– Doubtful Team
Overview:
Although the company behind this ICO is long-standing, they've never had any involvement in any technical industry and certainly not in blockchain or crypto. This project is built as a fundraiser for a platform that has a weak premise and foundation, and there are many aspects that stand out as dubious for this ICO.
We are very concerned when examining ICOs which have no supervision of (...read more)
About this ICO:
– Doubtful team
– No IFSS or audit
– No need for token
– Project not viable
Overview:
Dayta project is nothing innovative or benefiting of any IP. The company incorporation is fresh and made for the purpose of their ICO, the project is a startup with nothing in place: no recorded trades, no software infrastructure other than a basic App prototype. The Team does not showcase a specific background in the industry their project is intended for, and nor records of previously successful ventures.
(...read more)
About this ICO:
– Unaudited ICO
– No IFSS
– No innovation
– New company
– Doubtful Team
Insofar as the or any of these ICO claims are proceeded with, we instruct INDEPENDENT LEGAL PROFESSIONALS* to advise and proceed with the claims. Our LEGAL TEAM* comprises (and is not limited to):
EDWARD MILLER
DIRECTOR AT CROFT SOLICITORS
Edward is an experienced solicitor-advocate. After originally training as a barrister, Edward was admitted as a solicitor in 2008. His main areas of expertise are in Financial Services Litigation, Cross-Border Litigation, Property Litigation and Company/Commercial Litigation. He also has experience in Banking Litigation and Offshore Contentious Trusts. Edward’s clients have ranged from bridging lenders, high net worth individuals, international companies as well as sports and media personalities.
https://www.croftsolicitors.com/services/edward-miller
Edward is an experienced solicitor-advocate. After originally training as a barrister, Edward was admitted as a solicitor in 2008. His main areas of expertise are in Financial Services Litigation, Cross-Border Litigation, Property Litigation and Company/Commercial Litigation. He also has experience in Banking Litigation and Offshore Contentious Trusts. Edward’s clients have ranged from bridging lenders, high net worth individuals, international companies as well as sports and media personalities.
https://www.croftsolicitors.com/services/edward-miller
ROWAN PENNINGTON-BENTON
BARRISTER AT 3 HARE COURT
Rowan practises in two main areas – commercial/civil law and public law. He has a busy domestic and international practice. He appears in a variety of courts and tribunals (both foreign and domestic), as well as acting in arbitration and adjudication proceedings. He has a developing practice dealing with crypto-currency and other DLT advisory and litigation work.
Some of Rowan’s cases include:
- A claim against major Market Predictions Platform – loss in investment funds due to alleged leakage of coins, contrary to the vesting schedule. Questions include legal status of White Paper (and representations made therein), and of late amendments to vesting schedules prior to ICO; and
- Advising in crypto-currency payments system dispute –major credit card provider terminating its relationship with digital payment provider, resulting in deactivation of hundreds of thousands of pre-paid cryptocurrency cards (which allow customers to make payments and draw money from ATMs in fiat currency, but ultimately drawn from a Bitcoin or other decentralized currency source).
https://www.3harecourt.com/content/view/rowan-pennington-benton
Rowan practises in two main areas – commercial/civil law and public law. He has a busy domestic and international practice. He appears in a variety of courts and tribunals (both foreign and domestic), as well as acting in arbitration and adjudication proceedings. He has a developing practice dealing with crypto-currency and other DLT advisory and litigation work.
Some of Rowan’s cases include:
- A claim against major Market Predictions Platform – loss in investment funds due to alleged leakage of coins, contrary to the vesting schedule. Questions include legal status of White Paper (and representations made therein), and of late amendments to vesting schedules prior to ICO; and
- Advising in crypto-currency payments system dispute –major credit card provider terminating its relationship with digital payment provider, resulting in deactivation of hundreds of thousands of pre-paid cryptocurrency cards (which allow customers to make payments and draw money from ATMs in fiat currency, but ultimately drawn from a Bitcoin or other decentralized currency source).
https://www.3harecourt.com/content/view/rowan-pennington-benton
* This website is owned and managed by Lawsuits Provider Finex Ltd.
Croft Solicitors and 3 Hare Court Chambers, are independent legal advisors (solicitors, barristers), and are not involved in the management, content, or status of this website. They do not take any responsibility for claims/statements expressed on the website and should not be contacted for matters which do not explicitly refer to them.
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