The premise of VR Park’s project is to enable the development of games and software that uses VR and to host conventions and expositions centred around the technology. However, the offer relies on doubtful incorporation, non-existent development to date, sparse team and unconvincing token economics.
We are very concerned when examining ICOs which have no supervision of funds, and no exit scam proofing.
VR Park’s project is a risky investment. It has not been audited and no Fund Supervision Scheme has been set up.
An expert review of VR Park's upcoming ICO
VR Park was created for the sole purpose of raising funds in an ICO, and has had no previous ventures or projects. The ICO itself is registered in the United Kingdom but almost the entire team is Ukrainian or Russian. While the company alleges that their foundations stretch back to 2017, the company itself was only registered in January 2019, according to Companies House.
Their registered company headquarters doesn’t correspond with any locations of the staff’s profiles on LinkedIn.As per their team list, the CEO – Kirill Granev – is their only shareholder and/or investor.
The only redeeming point about this registration is that the company was incorporated with 500k GBP in capital, meaning the company does have liquid assets.
The project and team remain unaudited and have no IFSS in place. There are no financial experts or advisors listed on their team list, suggesting that there is nothing implemented to control, regulate or oversee the intake and distribution of funds.
Projects which tackle technological areas such as VR, should showcase a comprehensive audit to investors, to make sure the goals of the project are realistic and viable; VR Park, unfortunately, does not display any third party audit.
As of yet, there is nothing to show for this project. The company have proposed that they will advance the distribution and integration of virtual reality into various processes, but this isn’t a viable suggestion. The technology itself is yet to be perfected and the industry that does exist is dominated by tech giants such as Facebook and Sony.
There is too much competition for this project to work, and the company hasn’t developed anything in the way of a working prototype.
The ICO price is higher than that of VR Park’s competitors: 1 USD to 1 VR. Although the premise of this project is based almost entirely on hypotheses and conjecture, the company are asking for an enormous hard cap of 64m USD.
It’s difficult to determine what the team wishes to do with these funds, and with the token itself, as their main website doesn’t load successfully, neither does the whitepaper.
The team have stated a soft cap of 2.2m USD, which is a small amount compared to the 64m of hard-cap, 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 potential returns of investors’ funds, which stands as a clear red flag.
The majority of the team listed on ICO listing websites are generic technical personnel that can be tied to any number of projects. The man at the top is Kirill Granev, who is also the company’s sole shareholder.
https://www.linkedin.com/in/kirill-granev-a43019163/?originalSubdomain=sg Granev was also listed as the CEO of Monreto, another company that ran an ICO last year. However, their platform stands unused and they’ve refused to declare finances raised in the ICO. Their social media outlets have been abandoned, except for the most recent posts which consist of copy and paste spambots.
https://www.linkedin.com/in/herman-molchanov-a20609176/ CCO – although he’s listed as working for VR Park, he has a very little history and the content in his profile is practically non-existent.
Overall, only three profiles on LinkedIn are associated with the project, none of which are located in the United Kingdom. Their chief legal advisor is a man located in Cyprus, a common location from which shell companies employ name lenders.
The two main ‘advisors’ for this project are Dmitry Musersky and Dmitry Teryomenko, both Ukrainian sports personalities that have little-to-no relevance in this project.
This project doesn’t seem like a premise that can be realised, owing to the dramatic level of competition present in the industry. The lack of information available, suspicious construction of the team and lack of any working prototype are clear red flags. The company has also yet to complete any audit or KYC.
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. Kirill Granev
Mr. Dmitry Musersky
Mr. Dmitry Teryomenko
ICO begins: 24-08-2019
ICO ends: 17-04-2020
Token Name: VR
Soft Cap: 2.2m USD
Hard Cap: 64.5m USD
– Doubtful team
– Heavy competition
– No FSS or audit
– Website inaccessible
– Massive hard cap
The issuers of this ICO have not commented on this review. If you represent VR Park, please contact us to request auditing and subscription to FSS.