Benebit ICO Alleged to be a Scam

According to calculations, Benebit was able to steal from $2.7M to $4M
24 January 2018   2145

Organizers of ICO Benebit, which had positive ratings and significant support from the community, allegedly fled with investors' money. According to the calculation, the cybercriminals stole from $ 2.7 million to  $ 4 million.

The fact that Benebit is not that clear became known when someone found that the photos of the members of the project team were taken from the site of the British school for boys. As Bitcoin. com notes, this case could be the largest scam of its kind in history.

Benebit Team
Benebit "Team"

It was assumed that Benebit will develop a platform to increase customer loyalty. The startup secured broad public support, collecting 9,000 subscribers in Telegram and receiving positive ratings on the ICO review sites.

And on January 22, Benebit ceased to exist: its website and most of the accounts in social networks were deleted. Only Telegram group remained, in which investors continue to share their experiences.

In general, Benebit created a positive impression: the activity in his Twitter was supported for more than a year, which allowed him to collect a significant number of followers.

The saved version of the website allows you to get a general idea of the proposed product. Words "decentralized", "global system", "blockchain", "revolutionary network", etc. were used on it. One of the reasons that made users think that they have a full-fledged project before them are the amounts that the team spent on marketing. It is assumed that Benebit spent up to $ 500,000 on the advertising campaign.

Early investors have already invested their money in Benebit by the time users suspected something was wrong.

CO Watchlist, also evaluating the ICO, wrote: "Benebit was a Junior listed project on our platform and it has been pulled down since this report got to us. Our hearts go out to those who might have lost their funds to this project. As we consistently remind people, ICOs are high risk ventures and it is imperative that investors do their own due diligence before making commitments"

ICO Bench also included Benebit in its listing, and users gave it a rating of 4.1 out of 5.

Benebit Telegram
Benebit Telegram

According to the administrator of the Telegram-channel Benebit , the real organizers of the ICO are in India. He claims that he was deceived just like everyone else.

KuCoin to Unveil First Spotlight IEO Info

First initial exchange offering at Spotlight will be MultiVAC, "a high-throughput and flexible blockchain platform based on trusted sharding computing"
25 March 2019   75

Representatives of the KuCoin marketplace shared some details of the first tokensale on the Spotlight IEO platform.

Let's put our Spotlight on MultiVAC!

It's my pleasure to introduce the pioneering all-dimensional sharding and flexible blockchain to you: MultiVAC, which is also the first project of KuCoin Spotlight.

Michael Gan

CEO, Kucoin

He added that additional details about the first IEO project at KuCoin will appear soon.

As previously reported, a new exchange's token, KuCoin Shares (KCS), will be used to purchase the assets of new projects at Spotlight. To participate in the tokensale users will need to be verified.