The team at MenuBuzz envision the creation of an app that will revolutionise dining, offering customers the ability to purchase food and beverages with a simple app that converts their cryptocurrency to fiat currency for the vendors. Using mobile apps to purchase food and drinks isn’t a new premise and it is one that is rife with competition. The project has very little to offer in terms of technology and innovation.
We are very concerned when examining ICOs which have no supervision of funds, and no exit scam proofing.
MenuBuzz’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 MenuBuzz' upcoming ICO
There are many red flags in the registration – or lack thereof – of MenuBuzz as a company. It’s not possible to track them down on company registers, and the registered location they are showing at their stated address is a faceless, blank location used by many as an alleged base of operations.
MenuBuzz haven’t completed any KYC procedures and at present they remain unaudited.
There are no financial staff listed on MenuBuzz’ team roster, suggesting that there are no personnal to oversee, regulate or manage the dispersal of funds post-ICO. This is a massive red flag and may indicate improper control of funds raised.
The company remains unaudited and has no IFSS in place as of yet.
MenuBuzz’ project has a premise that isn’t viable, owing to the mass of competition present in the industry. They will have to compete with the likes of UberEats, JustEat, Deliveroo, etc. They have claims that a working prototype has been released to eight countries worldwide, but there is no proof of this.
Their roadmap from May 2018 to May 2020 is merely a suggestion of incremental increases of the app’s availability in the world. There are no suggestions of what they plan to do with the money raised in the ICO.
In marketing their ICO, MenuBuzz have been deliberately misleading – they have images of Cnet, CNBC and Vimeo logos (amongst others), giving way to a suggestion that they are in some way partnered with these companies, or have been featured on their sites. This is comprehensively false.
The team at MenuBuzz claim that their token will serve as pre-paid vouchers made redeemable against food and beverages, quite an unlikely concept. In the ICO, their token will be priced as 1 MENU = 0.05 USD.
There are 800m tokens being created in total – a massive amount – and all funds from the presale of a portion of these tokens has been pre-assigned to the marketing of the ICO, the legal and consulting team, and the advisors. If succesful, this could equate to a huge amount of money. Further to this, 77m tokens are assigned to the founders and 84m are set aside for the advisory team.
The team have stated a soft cap of 1m 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. Their hard cap is a huge 27m USD.
There are many red flags attached to the MenuBuzz team:
https://www.linkedin.com/in/scott-kirk-7925a5/?originalSubdomain=pt – CEO: not present at MenuBuzz despite it ‘existing’ for two years. He’s made recent changes in his account.
https://www.linkedin.com/in/james-ovuike-6789021b/ – CLO: Not present in the company but listed as a freelance legal consultant.
https://www.linkedin.com/in/chris-barber-146aa063/ – BlockChain Architect: not present in the company, but works at other similar companies.
https://www.linkedin.com/in/yeffrydiaz/ – BlockChain Developer: freelancer on Upwork and no connection to the company.
https://www.linkedin.com/in/sagar-lunagariya-82111068/ – Senior Web Developer: the only person with a connection to MenuBuzz on LinkedIn.
There is no mention of the team in the whitepaper, suggesting a clear effort at distancing the project from the people behind it.
MenuBuzz’ project has too many red flags surrounding its team, incorporation and premise for us to endorse this as a fair investment. If the company were to put more transparent measures in place and provide deeper informaiton on their intentions, it would be a clear move towards sincerity and legitimacy.
ICA is committed to warning investors against ICOs which have no third party safeguarding the allocation of the funds derived from ICOs, no Funds Supervision Scheme deployed, and no exit scam proofing.
Mr. Scott Kirk
Mr. James Ovuike
Mr. Chris Barber
Mr. Yeffry Diaz
Mr. Don Miller
– Heavy competition
– No KYC
– No IFSS or audit
– High hard cap
– No working product
ICO begins: 07-05-2020
ICO ends: 18-06-2020
Token Name: MENU
Soft Cap: 1m USD
Hard Cap: 27m USD
The issuers of this ICO have not commented on this review.
If you represent MenuBuzz, please contact us to request auditing and subscription to FSS.