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 almost nothing.

It is alleged that they preyed on the controversy created recently by Facebook’s data and privacy policies and used it to their advantage to shill investors into funding the ‘development’ of a platform that would never sell your data and offered complete safety and security.

Today, reports show the coin has dropped by over 99% in value and has no significant plans on the horizon.