Another scam-ICO robbed $2 mln worth of cryptocurrency

ICO project called Giza turned out to be a scam after almost a month of drawing in the investors
12 March 2018   253

A startup called Giza allegedly was supposed to develop a secure storage device to act as a digital currency vault. It resulted to be a fraudulent ICO project, as CNBC reported today. An individual or a group of ones behind the scam created a fake LinkedIn account with stolen photos of a complete stranger from Instagram and drew more than 1000 investors over the course of January through February. The central figure in the project - a mysterious COO of Giza Marco Fike: he was recruiting employees at freelancer-oriented job hunting websites, conducted chat interviews on Telegram and Skype (never voice or video), and managed business connections.

Late last year Giza contracted a Russian manufacturer Third Pin LLC that dealt with hi-tech devices. Giza representative provided initial designs, the project was sketched and the price was announced. But after several vague discussions on the matter of the details of the deal (how many units are considered, what specific characteristics should the device have, etc) the CEO of Third Pin, Ivan Larionov cut off the deal suspecting the project is a fraud. Mr. Larionov then posted at a Bitcoin forum explaining the fallout. These 2 facts eventually resulted in the project's compromise.

At the beginning of February Giza raised over 2100 ethereum tokens (~ $2.4 mln). Around mid-February huge discharge of Ether was spotted, it continued for 2 weeks until March, 2. A parallel is considered between Giza and another scam against a digital currency Bee Token: in February, Bee Token conducted an ICO but scammers inserted themselves into the cryptocurrency flow. And one of the wallets associated with Bee Token phishing attempt actually sent money to a wallet associated with Giza.

Giza investors have no clue of how to get their money back, and some have already contacted law enforcement authorities in the UK.

Monetha is about to release first version of its wallet app

Monetha's MVP to be released on March 21 exclusively for MTH holders in order to make a significant step towards fully working decentralized trust and reputation system
23 March 2018   72

Starting from March 31 all of MTH token holders will gain exclusive access to Monetha wallet app - the MVP of the project. The release is considered to be Beta release, and approximately 10,500 of the users of the platform will become the first to test out the product. The app will be available on both iOS and Android.

The wallet itself is based on smart contracts and features

  • making/solving claims;
  • rating merchants;
  • writing reviews;
  • review of purchase history;
  • see clients' and merchants' trust ratings

The integration with Monetha through the app will allow merchants to accept Ethereum based tokens as a payment and then easily convert cryptocurrency into fiat currency. Monetha's mission is 'to develop and deploy the best transaction system that would be based on enforceable contracts without third party between consumer and merchants and a strong decentralised reputation management system'. Its solution is going to be universal, transparent, self-executing and transferable.

To the moment of the publication, Monetha's market parameters are as follows:

Average price: $0.102597

Market cap: $22,274,083

Volume (24): $435,208