Expand (formerly ‘GEM’) set themselves on a path of deceit and manipulation from the early inception stages, employing the use of despicable shill tactics in order to raise as high a volume of funds as possible to fill their own pockets with.
Their project was penned as an “ecosystem that allows workers to have access to meaningful work” and resulted in nothing. Even the most basic promises made in their white paper, and goals put in place early on were not realised. 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.
They’re shady characters through and through, and the miserable performance of their company following an enormous ICO further cements them as con artists.
This class action is accepting class members
Expand / Gems has accomplished nothing. They promised a vibrant platform in which hiring enterprises and task workers could join together in harmony, but the end result was blank and non-existent.
Right from the beginning, Gems’ ICO was plastered with suspicion and doubt: they minted eight billion tokens, and kept six billion for themselves, providing no further information on what would happen with these. It’s clear that they most likely endeavoured to dump these tokens into the market and escape with the proceeds.
The remaining two billion tokens were sold to the public via some of the most despicable methods, employing FOMO tactics and shady Dutch Auctions. 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, Gems (Expand) became a shadow. 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.
There is no “working ecosystem” and never will be. 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. Their 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.
Gems (Expand) proposed three key aspects:
- Gems Protocol: assess the validity of work and trust of network partners
- Gems Platform: pairs workers and requesters
- Modules: open-source task interfaces
None of these goals was realised and Gems (Expand) has absolutely nothing to show for their promises. As far as we can see, there are not and haven’t ever been any active users on their platforms.
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? Social media is rife with negativity concerning Gems (Expand) as an entity and the O’Reilly brothers as founders, highlighting the clear path they took to swindle and con investors.
Essentially, 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, there are plenty of existing tokens awaiting adoption that could have sufficed as a payment method.
No, 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%
About this ICO:
– No investment returns
– Suspicious inception
– Shill tactics
– 98% of value lost
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