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 access to meaningful work”, resulted in nothing. It is alleged that even the most basic promises made in their white paper, and goals put in place early on were not realised. Reports confirm that the founders, the O’Reilly brothers, even faced legal proceedings regarding a copyright infringement that gave way to the need to change their name. It is alleged that they were aware of the other company bearing the name in question many years before they themselves used it.
This class action is accepting class members
It is alleged that Expand / Gems failed to accomplish their promise of a vibrant platform in which hiring enterprises and task workers could join together in harmony.
It is alleged that right from the beginning, Gems’ ICO was plastered with suspicion and doubt: reports indicate that they minted eight billion tokens, and kept six billion for themselves, providing no further information on what would happen with these. It’s alleged that they most likely endeavoured to dump these tokens into the market and escape with the proceeds.
Allegations have arisen that the remaining two billion tokens were sold to the public via some despicable methods, employing FOMO tactics and shady Dutch Auctions and furthermore that they attempted to incentivise the sales through misleading whitelisting and a fraudulent bonus system that existed only to put more money into their pockets.
After their name change, reports indicate that Gems (Expand) became a shadow. Reports confirm all social media channels plummeted, no considerable updates or reports were posted, and the company’s website was reduced to a one-pager containing almost no information.
It is alleged that there is no “working ecosystem” and never will be. It is suspected that their “marketing plan” was to build up the highest levels of FOMO, so as to lure unsuspecting investors to buy into the ICO at as high a price as possible. It is alleged that these shill marketing campaigns began in earnest before any viable product even existed, and they manipulated investors into essentially plugging the project for them in order to earn a whitelisting tier.
Reports show Gems (Expand) proposed three key aspects:
- Gems Protocol: assesses the validity of work and trust of network partners.
- Gems Platform: pairs workers and requesters.
- Modules: open-source task interfaces.
It is alleged that none of these goals was realised and Gems (Expand) has absolutely nothing to show for their promises. Reports indicate there are not and haven’t ever been any active users on their platforms.
Reports indicate that the massive funding that Gems (Expand) received in the days of their ICO has apparently disappeared without a trace and the ROI of their token currently stands a loss in value of over 98%.
How can a company draw in 150m USD in funding and after a year have nothing concrete to show for it? Reports consistently show negativity on social media concerning both Gems (Expand) and the O’Reilly brothers as founders, highlighting the alleged path they took to swindle and con investors.
It is alleged that there is no need for Gems (Expand) to even exist as a token. If they wished to host a platform where workers and employers could interact seamlessly, reports confirm there are plenty of existing tokens awaiting adoption that could have sufficed as a payment method.
It is alleged that the token it’s a mere duplication of the ERC20 token.
- MR. RORY O’REILLY
- MR. KIERAN O’REILLY
BOARD OF ADVISORS:
- MR. BIZ STONE
- MR. JOEY KRUG
- MR. BEN MAURER
- MR. LUIS CUENDE
- MR. JOE URGO
Inception Date: Feb 2018
Approx funds raised: USD 150m
Coin value lost since inception: 98%
At a glance:
– No investment returns
– Suspicious inception
– Shill tactics
– 98% of value lost
Rating from allegation:
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