ToTheMoon (TMT) ICO Scam: Update and Revelations

Last week, Hacked.com alerted investors that ToTheMoon (TMT) is a scam. A quick Google search reveals that several members of the blockchain community have already exposed the company. As it turns out, the project is a verbatim copy of Giga Watt (GTT) – from the website right down to the whitepaper.

It didn’t take long for TMT to respond. Shortly after we released the article exposing them, Jonas Borchgrevink received an email from a TMT representative claiming we had falsely accused them of fraud. The representative said the company invites anyone to come visit their facility on opening day (October 15).

So, I did a little bit more digging.

Update

As it turns out, one of TMT’s listed advisors is a professor at a major university located three hours from me. It wasn’t very difficult to find his email. I quickly messaged him explaining the situation. He responded the next day saying he had never heard of the company, that they were using his name/picture without consent and that he was only affiliated with one cryptocurrency project. TMT definitely wasn’t it! This should lay to rest any doubt about our initial analysis of the company.

At the time of writing, TMT’s website is still up and running, and so are its social media channels.

The Securities and Exchange (SEC) commission has warned investors about potential scams in the fast-growing ICO market. Although the share of legitimate companies far outweighs the bad apples, we all need to work together to identify firms that are out to steal money.  It bears reminding that investors must tread carefully nonetheless. In the meantime, we will continue to issue ICO Ratings of legitimate companies.

 

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

Leave a Reply