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.
Not only is the issuer to blame for deploying poor security measures, but having opted for an ICO funding, is responsible for delivering to investors all the promises made in the white paper, which it has failed to do.
This class action is accepting class members
Bee token has unquestionably failed to deliver the goals of the project, mostly because there is no confidence in the security of the assets. The hack occurred at the time of the ICO has deprived the issuer of any credibility. The discomfort with Bee token is obvious: only one minor exchange is hosting Bee market pair, there are almost no traded volumes, and the value has lost 98% of its initial offer.
Overall, Beenest website is displaying only a few listings, proving there is no web traffic and no consumer interest in the core idea of the project.
The Team raised approx 20m USD from the ICO, and it is clear that funds were not allocated as promised in the white paper:
- 5% of overhead = $1m does not reasonably correlate with current numbers
- 35% Marketing and Biz Dev = 7m expenditure but we haven’t seen any results from such a hefty budget
- 40% the same as the above.
The overall assessment of Bee token is that it looks like an abandoned project: there is no activity, no attempt to create a successful business, and because of that, investors should act fast to claim back their funds
The white paper listed tried hard to convince investors of the high potential of the token, stating, the strong correlation between utility and token value appreciation.
Either way you look at it, a token that loses 98% of its value lost has shown no utility at all.
It does not take complex analysis to realise that: no listing in the website -> no fees paid -> no traded coins at exchanges -> no value & no utility of the token.
We believe it is unfair that the issuer pocketed 20m USD and delivered so little to investors.
There is no reason for creating a newly dedicated token for Beenest: payment can be done with already existing coins such as Bitcoin, Ether, etc.
The only reason Bee token was created was to finance the project, but the issuer has been the only beneficiary of the venture so far.
No, – Bee token is just a duplication of the ERC20 token, wrapped in hype.
- MR. JONATHAN CHOU
- MR. TONY TRAN
BOARD OF ADVISORS:
- MR. MIKO MATSUNURA
- MR. RICHARD LI
- MS. ANASTASIA ANDRIANOVA
- MS. YISEUL CHO
- KEVIN ZHOU
Approx funds raised:
Coin value lost since inception:
98% value lost
About this ICO:
– Poor network security
– Deserted website
– Unknown use of funds
– 98% of value lost
– Undelivered project
– No token utility
– No value for investors
The ICO issuer has not replied to this post yet.
If you are acting on behalf of the issuer and wish to contact us please click here