The team behind Cryptolancers envision a platform for freelancers that uses its token as the primary form of payment for services offered. In a world where freelancing and remote work is quickly becoming the preferred method of working, it’s no surprise startups are attempting to get involved, but there’s an immense amount of competition on the market and Cryptolancer’s project falls very short of the requirements.
The company has dodgy incorporation and no project development to date.
We are very concerned when examining ICOs which have no supervision of funds, and no exit scam proofing.
Cryptolancer’s project is a risky investment. It has not been audited and no ICO Fund Supervision Scheme has been set up.
An expert review of Cryptolancers' upcoming ICO
The incorporation and registration information behind Cryptolancers is mysterious. There is one company registered as “Cryptolancer” on Companies House, based in a faceless location in Central London, but the people associated with this filing aren’t connected to the ICO in any regard. One of the personnel listed currently resides in Pakistan. The date of the incorporation of this company clearly aligns with the dates of profiles on LinkedIn.
The company was incorporated with 2GBP of capital, meaning the company likely has no tangible assets at present.
The only financial member of staff on the roster is the Chief Financial Officer, but a rudimentary glance through his LinkedIn profile reveals that he’s never had anything to do with finances or credit in his working or educational life.
There is no third party regulating the raising of funds for this ICO and as Cryptolancers completes their ICO, any funds raised will be unsupervised and there is no promise yet of transparency.
These points establish that any investment in this project will be accompanied by a high-risk level. The team and their project remain unaudited and without IFSS.
The purpose of this ICO is to raise funds for the development of their envisioned platform, and the company doesn’t appear to have any liquid assets of their own to use.
This is a flawed premise – there is far too much competition in the world of freelancing, and some of the platforms that already exist have millions of users and massive declarations of revenue. The plan they’ve put forth in their whitepaper is almost a word-for-word copy of Upwork’s standard of operation and terms of service. As of yet, their roadmap hasn’t been fulfilled.
The only competitive advantage put forward by the team is the use of the standard ERC20 token, that is very little. If the platform will not be successfully delivered, the token will be worthless.
Utility tokens do not represent any rights to the project on the part of the purchaser, and should not be considered as an investment. In general, the chances of appreciation are less than what expected. Investors should be aware of the risks associated with the ‘failure to deliver’ of white papers promises, which can subsequently nullify the utility of the token.
Only 55% of the token will be distributed among the sale, with the remaining 45% going to the team and being kept in reserve – this is a massive amount to retain in any case.
The hard cap of this project is 20m USD, and this amount is the value of the service fees granted by the team to the tokens purchasers. We believe given the present competition in the market and the lack of competitive advantages, it will be very hard for Cryptolancers to sell the corresponding amount of services to its prospective users.
The team have stated a soft cap of 2m USD but they haven’t confirmed what they will do should this amount not be reached. There is no clause written into this project that details a potential returns of investors’ funds, which stands as a clear red flag.
Cryptolancers is registered in the United Kingdom but the entire team is international, with the majority of its staff coming from Algeria.
CEO: https://www.linkedin.com/in/nadjib-bouhaddi-483b53164/ This profile confirms he’s from Algeria and suggests that Cryptolancers is Russian, dating back to 2017.
CFO: https://www.linkedin.com/in/mahdi-mohammedi-/ The profile claims he’s working as a Project Manager for ‘ICO’ but has been with Cryptolancers since 2017. Again, the profile confirms his location as Algeria.
COO: https://www.linkedin.com/in/menidjeloussama/ Profile claims he has been working with Cryptolancers since 2018, while based in London, yet there is also a suggestion of him being located in Algeria.
CTO: https://www.linkedin.com/in/feriel-taferhit-a04b5312a/ No connection with Cryptolancers – Algerian.
Second CTO: https://www.linkedin.com/in/shehzad-khan-95224b160/ No attachment to Cryptolancers but his LinkedIn reveals connections to many other projects.
Strangely, there is another website that already exists with almost the exact same name and premise: https://cryptolancers.io/our-team/ The website for Cryptolancers doesn’t open to anything other than a blank screen.
There are too many red flags involved in this project for it to be considered a risk-free investment. Unless more measures are taken by the team to prove their sincerity and intentions, we cannot endorse their project.
ICA is committed to warning investors against ICOs which have no third party safeguarding the allocation of the funds derived from ICOs, no ICO Funds Supervision Scheme deployed.
Mr. Nadjib Bouhaddi
Mr. Mahdi Mohammadi
Mr. Oussama Menidjel
Ms. Feriel Taferhit
Mr. Shehzad Khan
Mr. Bogdan Fiedur
Mr. Giacomo Arcaro
Mr. Giovanni Casagrande
Mr. Timo Trippler
Mr. Gagandeep Singh
ICO begins: 07/07/2019
ICO ends: 08/08/2019
Token Name: CLT
Soft Cap: 2m USD
Hard Cap: 20m USD
– Heavy competition
– Doubtful team
– No IFSS or audit
– Low token
– Unreliable premise
The issuers of this ICO have not commented on this review. If you represent Cryptolancers, please contact us to request auditing and subscription to IFSS.