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ToTheMoon (TMT) ICO is a Scam

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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.

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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.

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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.

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5 Comments

5 Comments

  1. enthral

    October 6, 2017 at 2:55 am

    Dear Sir,

    The same thing happened with the so called propy. I bought their overvalued tokens when the developers team was very very active in collecting money. Once the crowdsale was over they totally stopped communicating with all their followers. They promised everyone to enroll propy into bittrex and polo. but all was part of the lies. When people started talking about it, and many started suggesting that it was a scam they banned us from telegram, twitter and facebook

    • Sam Bourgi

      October 6, 2017 at 3:16 am

      Enthral, when did this occur?

      • enthral

        October 6, 2017 at 3:27 am

        A week ago, me and almost another 10 guys, were kicked from telegram because we were complaining about their lack of response as people were extremely frustrated because the ICO was overvalued at 1 $ and not it is almost half the price and we were looking for updated from them on enlisting on bitter as they mentioned before.
        The team does not also publish any news on the project or the updates they are taking, they basically stopped talking to people or when they do, they keep posting old information that everyone is aware of. please join their telegram to see for yourself

        • Sam Bourgi

          October 6, 2017 at 3:30 am

          Feel free to send me as much info as you can on this matter. I will research and write a story exposing these fraudsters: [email protected]

  2. dArX

    October 6, 2017 at 10:08 am

    Another one is Polybius, they raised around 27M$… maybe you can get investigation going on that aswell. I came to the conclusion it has to be a scam, I participated in july and sofar no more updates after august. The team seems very suspicious as well all the refered LinkedIn profiles in that time. I asked them for an interview, a person rensponded me that she sended the inquiry to the team. But so far no response

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Jamie Dimon May Hate Bitcoin, but J.P. Morgan Is Embracing Blockchain

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J.P. Morgan Chase CEO has made it abundantly clear that he hates bitcoin, but that hasn’t stopped his firm from adopting the technology that underpins the digital currency system.

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J.P. Morgan Launches Pilot Program 

On Monday, America’s biggest bank rolls out the next phase of its blockchain pilot program. The effort will facilitate a faster, more secure transfer of cross border payments between J.P. Morgan and other banks, including Royal Bank of Canada and Australia and New Zealand Banking Group.

Although the new program will not trade cryptocurrency, it will use the landmark record-keeping technology that underpins it. The Wall Street Journal reports that J.P. Morgan will use the same blockchain technology behind digital currency Ethereum.

Despite widespread concern over cryptocurrency, financiers are enamored with blockchain. They, like many others, say the technology can significantly increase the speed of cross-border payments. The system currently in place is extremely complex, and requires multiple streams of communication between various participants. The blockchain has the potential to cut down transaction time from as much as 15 days to mere hours.

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The pilot program aims to achieve a secure distributed ledger across financial institutions, enabling banks to work together to process transactions. Connecting transaction data through a shared network will greatly reduce the number of steps it takes to verify and process transactions.

J.P.’s embrace of blockchain doesn’t mean he’s going to warm up to cryptocurrency. His latest criticism of bitcoin came on Friday when he said it had “no actual value” and that “governments are going to crush it.” He did, however, give a glowing review of blockchain.

“We actually use it. It will be useful for a lot of different things,” Dimon said at a conference in Washington, as quoted by The Wall Street Journal. “God bless the blockchain.”

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Cryptocurrency Adoption Will Lead to Free Money Transfers, According to Top Tech Investor

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The rapid adoption of cryptocurrency will soon pave the way for free global money transfers, according to a top technology investor.

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Cathie Wood, the CEO of Ark Invest, says cryptocurrencies like bitcoin are going to spearhead a system of free money transfers worldwide. She cites the already huge reduction in conversion fees from fiat currencies into crypto and back again. The current rate for those transactions is 2-3%, which is a fraction of the 7-8% money transfer services like Western Union charge.

But Wood says crypto transfer fees could soon fall to zero as companies prioritize valuable transaction information above anything else.

The cryptocurrency market approached record highs over the weekend, hitting a total value of $176.6 billion. Bitcoin’s market cap surged above $90 billion last week and reached a high of $96.7 billion recently. That surpassed the capitalization of major equities like Goldman Sachs and Morgan Stanley.

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If bitcoin were a stock, it would be the 15th largest member of the Nasdaq and the 58th largest on the New York Stock Exchange.

Computing Power as a Commodity

In Wood’s view, that the growing value of cryptocurrency will lead to the commoditization of bandwidth and computing power.

“It’s interesting that you’ve got corn and oil and copper trading on the exchange but you don’t have computing power, and bandwidth, and storage,” Wood said, according to CNBC. “Well we think that’s going to happen because of blockchain technology and all of the cryptos that are coming along.”

Woods has placed special emphasis on Ethereum, a unique platform that operates more like a “cryptocommodity” than anything else.

Ark Invest is the author of the widely cited whitepaper, Bitcoin: A Disruptive Currency. In it, the firm argues that cryptocurrency has the potential to be the most disruptive development since the Internet. The investment manager controls $1.7 billion of asset funds focused exclusively on emerging technologies.

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Jamie Dimon Doesn’t Want to Talk About Bitcoin Anymore

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Jamie Dimon doesn’t have anything to say about bitcoin anymore. The head of J.P. Morgan Chase & Co has been heckled by the blockchain community since he declared cryptocurrency to be a “fraud,” and that he would fire any employee trading it for being “stupid.”

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Bitcoin’s New Record

Dimon also doesn’t think much of bitcoin’s new record high. The virtual currency spiked more than 8% on Thursday to surpass $5,200.00 for the first time.

“I wouldn’t put this high in the category of important things in the world, but I’m not going to talk about bitcoin anymore,” Dimon said Thursday, as noted by Bloomberg.

J.P. Morgan has taken a less adversarial approach to cryptocurrency. In addition to handling bitcoin-related trades – something that came to light after Dimon’s warning – the financial giant is keeping its options open. J.P. remains “very open minded” to possible uses of cryptocurrencies “if they are properly controlled and regulated,” according to Chief Financial Officer Marine Lake.

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Mainstream Appeal Growing

The growth and widespread adoption of cryptocurrency hasn’t been lost on the financial community. Earlier this month, Goldman Sachs CEO Lloyd Blankfein tweeted that his firm is weighing the possibility of trading cryptocurrency.

Fidelity Investments is also mining cryptocurrency, and making a lot of money doing it. Fidelity says its chief motivation for mining isn’t profit, but learning about the growing cryptocurrency market.

Increased mainstream adoption of bitcoin is seen by many as a necessary precursor to a more stable currency. Countries like Japan are spearheading adoption by introducing favorable regulation of the cryptocurrency space. But regulatory approval has not been uniform.

Russia recently became the third major economy in the span of a month to put the clampdown on cryptocurrency trading. China and South Korea have also implemented new controls on the market, focusing heavily on initial coin offerings.

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