ToTheMoon (TMT) ICO is a Scam

Hacked.com has learned through one of its readers that ToTheMoon (TMT) “professional mining” is a scam. The distressed reader phoned the local power cooperative that supports the land where TMT mining pods are supposedly located. Not only does the power company not serve TMT, it hasn’t even heard of it. In a town of 350 people, that simply doesn’t add up.

When our reader questioned TMT, it quickly banned him from both Slack and Twitter.

“My only goal at this point is to prevent others from losing their money,” he told Jonas Borchgrevink, Director of Hacked.com, via email.

Upon further investigation, TMT is a nearly verbatim ripoff of Giga Watt, an East Wenatchee, Washington company. Hacked.com has since contacted Giga Watt informing them that their website content has been used by scammers.

ToTheMoon: Total B.S.

There are few indications that TMT is up to no good. The company operates a clean website with a downloadable link to a 23-page whitepaper describing its upcoming token sale. The supposed Ethereum-backed token was said to have a total supply of 51.75 million.

TMT’s website claims the following:

“ToTheMoon provides turnkey mining services and custom packages tailored to clients’ needs: full range of mining services from equipment sales, maintenance and repair to private blockchain servicing.”

Now compare this with Giga Watt:

“Turnkey mining services or custom packages tailored to your needs: full range of mining services from equipment sales, maintenance and repair to private blockchain servicing.”

TMT was even listed on a number of ICO websites and had already raised significant funds. The scam should remind investors to carefully evaluate every ICO they come across. As the ICO market continues to grow, scammers are going to try to steal their piece of the pie.

To its credit, the U.S. Securities and Exchange Commission (SEC) has warned investors about potential ICO scams, especially “pump and dump” schemes. Very few expected the type of sleaziness that the makers of TMT tried to pull off.

Author:
Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi