Benebit ICO Alleged to be a Scam

According to calculations, Benebit was able to steal from $2.7M to $4M
24 January 2018   1665

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.

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SEC to Cease Simex Securitites Trading

As reported, under the federal securities laws the SEC can suspend trading in a stock for 10 days
23 October 2018   41

The US Securities and Exchange Commission (SEC) suspended trading in securities of the American Retail Group (OTC: ARGB), also known as Simex, Inc. This is reported on the website of the agency.

According to representatives of the regulator, the decision was caused by false statements by the company about partnership with a “qualified and approved custodian”. The company also conducted an ICO, which allegedly "officially registered in accordance with the requirements of the SEC."

The SEC does not endorse or qualify custodians for cryptocurrency, and investors should use vigilance when considering an investment in an initial coin offering.

Robert A. Cohen

Chief, SEC Enforcement Division’s Cyber Unit

As reported, the SEC can suspend trading in a stock for 10 days and generally prohibit a broker-dealer from soliciting investors to buy or sell the stock again until certain reporting requirements are met.

Also earlier this month, the American regulator recommended investors to "be vigilant when considering the possibility of investing in the ICO."