Expand (GEM)

Overview:

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.

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9 class members

1. Has the project accomplished the goals set out in the white paper?

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.

2. Does the token have any utility in place?

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.

3. How has the team made use of funds? Have funds been used exclusively for the purposes of the project?

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.

4. Does this project require blockchain implementation?

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.

5. Is the token innovative in some way?

No, it’s a mere duplication of the ERC20 token.

FOUNDERS & COMPENSATED ADVISORS

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

ICO data

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

Our rating:

Reply from Issuer

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Important Information about this Class Action:

1.ICO Class Action works with Success-Fee-Lawyers which means Class Action Members are never requested to pay legal fees up front.

2. ICO Class Action acts as Class Plaintiff providing legal counsel, unification of members, communications and branding of the Class Action to gather the highest number of participants.

3. Joining this Class Action using the form aside does not represent any commitment or assignment of power of representation - this form creates no obligation for the participant.

4. By sending this form you agree to receive further communication from us on the class action and its developments.

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Expand (GEM)

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Open ICO Class Action

This class action is accepting class members

Important Information about this Class Action:

1.ICO Class Action works with Success-Fee-Lawyers which means Class Action Members are never requested to pay legal fees up front.

2. ICO Class Action acts as Class Plaintiff providing legal counsel, unification of members, communications and branding of the Class Action to gather the highest number of participants.

3. Joining this Class Action using the form aside does not represent any commitment or assignment of power of representation - this form creates no obligation for the participant.

4. By sending this form you agree to receive further communication from us on the class action and its developments.

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Expand (GEM)

Unknown Funds Allocation

Open ICO Class Action

This class action is accepting class members

Important Information about this Class Action:

1.ICO Class Action works with Success-Fee-Lawyers which means Class Action Members are never requested to pay legal fees up front.

2. ICO Class Action acts as Class Plaintiff providing legal counsel, unification of members, communications and branding of the Class Action to gather the highest number of participants.

3. Joining this Class Action using the form aside does not represent any commitment or assignment of power of representation - this form creates no obligation for the participant.

4. By sending this form you agree to receive further communication from us on the class action and its developments.