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ToTheMoon (TMT) ICO Scam: Update and Revelations

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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.

 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.7 stars on average, based on 738 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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Threat Allegations Made Against Path Network Following Report of Extortion

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We received an anonymous tip regarding accusations of untoward conduct on behalf of Path Network, a blockchain token economy fueled platform which claims to be “redefining internet visibility through distributed monitoring”.

This activity was reported via Twitter by Josh Leroux (@JoshTheGod) of Luxr LLC and includes video evidence. This footage (contained in the Tweet, presented beow) purportedly depicts Path Network media advisor Eric Taylor (@CosmoTheGod) threatening Milad Sarwari (aka ‘notspoof) on behalf of CTO and co-founder Marshal Webb.

These threats are, apparently, in response to Sarwari broadcasting reports of Webb using investor funds to sustain a “lavish lifestyle” – which to this writer sounds akin to accusations of embezzlement.

The message was later retweeted by Troy Woody who added additional comments of his own…

Is Path On Track?

Path Network is a project which ran its ICO public crowd sale event earlier this year that aims to “use commodity electronics already located around the world to monitor the health of the internet”.

Funding closed on the 24th of August 2018, relatively recently: with the network having launched (according to the whitepaper) just one month prior, but despite this you would be forgiven for not having heard of it. A Cursory web-search yields only results from articles and official marketing communications pertaining to its ICO period.

Roadmap and Blog Check Out, If Little Else

The only publicly available white-paper at present (version 0.9.3.2) is a little outdated and appears to have been released between the beginning of this year and the launch of the team’s ICO.

As such, the technical roadmap can be used as a reference against which we can measure the project’s current progress. For August 2018 it lists milestones like ‘production launch’ in addition to the release of the iOS mobile application and Chrome Sockets support. This is what is referred to as ‘Phase 2’.

Phase three is planned to come to fruition in January 2019 onward and includes the release of a free public internet monitoring map, in addition to the Android counterpart to the iOS application, the expansion of the website’s analytical features, as well as the roll out of ‘raw-socket features’ (“proxies, post support, etc”).

Looking at the official website at present, we can see that the app has been released on Android but not iOS, contrary to the plan but supporting any argument that progress is being made.

The official blog suggests that all operations are progressing fine with regular content postings, whilst the Twitter account hasn’t received any updates since November 2018. The pinned post for Path Network contains two further allegations among its replies…

Threats of Extortion?

It could potentially be related to an article posted to the Path blog in October 2018 entitled ‘Someone Tried to Extort Path’. The post was written by company CEO E.J. Hilbert and describes an instance in which he asserts that he was extorted via Telegram by an unknown individual for the amount of $1.6million.

Hilbert stated that the malicious actor

“claim[ed] he has compromising data about Path and our negotiations and threaten[ed] to go public with the information.”

Before concluding that

“The attacker later admits that he is in the UK, that he is promoting ICO’s, and that he has done no research on Path Network. In the end he claims he just wants the list of people who per-bought Path utility tokens (those used for credits on the Path and Path Connect service lines) so he can pitch those “investors” on his ICO’s. He even agrees to send me an email, so we can discuss who he should contact.”

And even suggesting a veiled threat of his own…

“He also admits that he is trying to extort me, an ex-FBI agent. (I know I have been out for 10 years but come on, is that really a smart move?)”

Evidence Behind The Claims

We have since attempted to get in touch with all of the people named to be involved from the above Tweets, and have yet to receive a response.

Because of this, the source of the dispute that appears to be going on right now is unclear and we cannot confirm whether we are witnessing a scam in progress, or a bitter defamation attempt.

Keep an eye on this article and our front-page for updates on the situation. If you have witnessed any issues or experience with Path please let us know in the comments section or shoot us a message.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Scam Alert

Investors Be Warned: ICO Market Is Attracting Scammers

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It hasn’t taken very long for initial coin offerings (ICOs) to revolutionize investment. In less than a year, the new crowdfunding model has already surpassed early-stage venture capital. As the market expands, investors can expect more exciting opportunities in the fin-tech domain. They can also expect a huge influx of imposters looking to take advantage of the hype.

The author has taken special interest in ICO scams in recent weeks after it came to light that ToTheMoon (TMT) essentially lifted, verbatim, Giga Watt’s entire whitepaper and website copy. The imposters also listed several professionals as part of their managerial and advisor teams. These individuals have since been alerted that their name and/or picture has been used by the TMT scam. 

Cryptonomos Statement Regarding TMT Scam

Cryptonomos, the platform that hosted the Giga Watt token sale, recently contacted Hacked.com regarding the latest developments. In an email to Jonas Borchgrevink, the Cryptonomos team had the following to say in reference to TMT:

[W]e would like to caution people that the market for ICOs is now being targeted by scammers and fraudsters who can frequently be identified by red flag behaviors such as the one’s described above.”

In addition to the verbatim copy/paste job and stealing of individual profiles, investors can expect these elaborate schemes to contain an active social media presence, sleek websites and a responsive PR team. That’s exactly what TMT delivered, even going as far as contacting Jonas over the initial story we ran last week.

 

Although it’s not always easy to spot an ICO scam, running a simple Google search of the website copy or whitepaper content is a good idea. Looking up the team members on LinkedIn is another good approach. Carefully evaluating the business plan as well as escrow conditions  are also important.

Hacked.com has a growing list of legitimate ICOs listed here. Be sure to check this page for the latest ratings on legitimate ICOs.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.7 stars on average, based on 738 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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