10 Jul '18, 10am

#blockchain

#blockchain

Earlier this year, fans of the Belgian micro-hydropower plant developer Turbulent were surprised to see the company was launching an initial coin offering. Co-founder and Chief Innovator Geert Slachmuylders was surprised too when he was contacted for more details. That was because the ICO, an unregulated form of crowdfunding used by blockchain companies, had nothing to do with Turbulent. The whole thing was a scam. The fake ICO had its own website, Turbulent.energy (since taken down), plus a Facebook page and a Twitter account . The branding and product information for all three was lifted directly from Turbulent’s own site. Even the founders’ profiles had been copied. Despite the fact that Turbulent’s business has nothing to do with blockchain, people were taken in. This was February 2018, when ICO fever was in full swing. The month set a new record for ICO fundraising, w...

Full article: https://www.greentechmedia.com/articles/read/the-ico-scam...

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