The company behind Reef – claiming to be known as Squid Networks – has an extremely weak incorporation. The majority of their team have nothing but schooling and menial work behind them and have no industry or technical experience. Their company was founded for the sole purpose of raising money for this project. They also have no financial staff listed.
We are very concerned when examining ICOs which have no supervision of funds, and no exit scam proofing.
The Reef project is a risky investment. It has not been audited and no ICO Fund Supervision Scheme has been set up.
An expert review of Reef's upcoming ICO
Squid Networks created their company with the sole purpose of launching an ICO to raise funds for their project. On their website (which is unresponsive) they claim they’ve been in business since 2017, but the company was only registered on the 15th March 2018.
The registered address of this company is hundreds of miles from the locations of any staff, as per LinkedIn profiles. They have written in their Google business statement that the company was “created to make Reef”.
Their “partners” are small gaming organisations with no assets or real liability. They incorporated the company with just 3 GBP.
Squid Networks has no financial experts listed in their team – they have no staff capable of managing or regulating any finances accrued from the ICO.
There is no third party regulating the raising of funds for this ICO and as REEF complete 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 project remains unaudited, with no IFSS in place.
In their roadmap, they claim that they managed to secure the funds for the startup that consisted of creating a website and register the company, all of which can be done for a very low cost.
This project is in place merely as a fundraising act.
Reef is a platform designed to reward gamers with SQUID tokens simply for playing games on their service. This is a flawed premise as there is so much competition out there already with similar ideas: uPlay, Origin, Steam, Epic, etc. This project has a weak inception and low level of viability.
They claim to have support from 35 game developers, but have negelcted to list exactly who these develoeprs are.
Their premise is unactionable and doesn’t have legs: there is no incentive for big developers to come on board.
This project has a huge hard cap with very little evidence of intent. They’ve requested a hard cap of over 20m USD but have no assets with which to create any working platform until the funds have been recieved.
A huge amount of tokens will remain unsold – 40% in total. These will likely transition to the founders and development team. There are huge pre-sale bonuses of up to 50% that may open the door for a pump and dump scheme.
The team have stated a soft cap of 6m 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.
The team has extremely weak and foundations and is comprised almost entirely of staff that haven’t ever held technical roles, and who have finished high school education within the last year or two. The CEO isn’t present on LinkedIn, and the profiles of the other staff cast strong doubt on this project.
https://www.linkedin.com/in/isaacbosher/ – CIO and Director, he has nothing present in his history but minor work experience and school.
https://www.linkedin.com/in/radd-seiger-15a40b1a/ – COO and CLO, he has no experience with blockchain or crypto and really stands out against the team.
https://www.linkedin.com/in/luke-bosher-575a4762/ – CFO, no experience in finance and works for the NHS at the moment. There is no reference to Squid or Reef in his profile.
https://www.linkedin.com/in/matt-girard-98b911167/ – Marketing Manager, the history of his profile is blank.
There is nobody present with the technical expertise to build the platform that they’re aiming for here, and no advisors of any sort listed in the team sheets, suggesting that they’re sorely undereducated on the industry and on their goals.
Squid Networks’ platform has a very doubtful premise. Their incorporation is flawed and the company has no assets or financials of which to speak of. This is a clear fundraising scheme with no working product.
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. George Brookfield
Mr. Isaac Bosher
Mr. Luke Bosher
Mr. Radd Seiger
Mr. Callum Nisbett
No advisors listed
Pre-ICO begins: 17-06-2019
Pre-ICO ends: 24-06-2019
Token Name: SQUID
Soft Cap: 6m USD
Hard Cap: 20m USD
– Heavy competition
– No FSS or audit
– No assets
– New company
– Very doubtful Team
The issuers of this ICO have not commented on this review.
If you represent Squid Networks, please contact us to request auditing and subscription to FSS.