Scammers Turn to Threatening in Attempt to Rob ICO Project

Scammers are ready to use any means in order to reach their aim of money extortion, even going as far as directly threatening founders of ICO projects
07 March 2018   626

Just a couple of days ago we have reported about the scammers, who invented new ways of fraud, starting cyber-hate campaigns against the projects which were in their ICO phase and promising to stop false accusations only after they received the reward.

The strategy they used was pretty much the same with all projects they threatened. The scammers started a cyber-hate campaign in social networks and on the bitcointalk forum. They wrote different versions of the same accusations to all the projects, attacked the members of the project team, the project itself, invented non-existent facts. Then, the attackers contacted one of the project team members offering to stop the hate campaign for a reward.

But it turned out that the scammers did not plan to stop only on spoiling the reputation of ICO projects.

Scammers emails to FireLottoFireLotto refusing to pay to the scammers

When FireLotto, which starts its ICO on March 15, and which became the victim of the attack, refused to pay for the cyber-hate campaign being stopped, the scammers started real threats, mentioning health and freedom of ICO representatives.

Scammers requested FireLotto to pay for stopping cyber-hate campaign:

Let me help you. Until tomorrow night no one will post anything. Cover all pages with you banners and advertising. After that I will write a few positive comments. After I do it, you have to make a payment and then we can start working. That is the best deal for you, and I am already really tired of you wasting my time.
 

Scammers email to FireLotto

But FireLotto strongly refused:

We have already responded that there are fair and honest ways to earn money. We will not be able to talk if you continue to threat us with extortion. You can, for example, earn money by offering promotional packages or providing technical support for the projects. Now you are just wasting your time, and, for sure, nobody will pay you for that.
 

FireLotto reply

When the scammers realized that FireLotto does not intend to pay 1,5 ETH which they requested as a reward for stopping attacking project’s bitcointalk forum, DDOS attacks and promoting FireLotto ICO project as a scam, they started sending threatening texts directly to the admins and founders of the project.

Scammers texts to FirelottoScammers texts to FireLotto

As you can see from the chat screenshots, scammers even wrote that being caught by the police will be the least of the problems that FireLotto ICO will face, and started threatening them with hurting their health, promising to show how "soldering iron" works in action.

Fire Lotto project will in no way encourage scammers and give them what they ask for, and the project team will keep the community informed about extortion, hating campaigns, and any threats from the attackers.

We also recommend our readers to trust only official channels of ICO projects, and we will keep track of any news regarding cases of fraud, money extortion and dangerous projects.

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Nishiawakura to Launch First Municepal ICO in Japan

Officials studied the possibility to strengthen the economy of the village thru the ICO since November 2017
19 June 2018   137

The authorities of the Japanese village of Nishyavakura from Okayama prefecture announced the start of the initial coin offering (ICO). Officials studied the possibility to strengthen the economy of the village thru the ICO since November 2017. This is reported by Bitcoin.com.

With the help of the ICO and its own crypto currency, the authorities hope to get money for "a sustainable regional economy in the future, providing the municipal authorities with new financial resources and developing the region with the help of starting investments."

1500 people lives in village, and 95% of area are occupied by woods. In the early 2000s, when all the municipalities of the country joined the city's districts, Nishyavakura managed to remain an economically independent village and since then the authorities have been seeking funds for its development.

In order to promote the creation of a sustainable region in the future, as a means for small local governments to secure new financing resources and to build up regions through upfront investment, tokens issuance, and the creation of virtual currencies, we will introduce fundraising through an ICO for the first time as a municipality in Japan.
 

Nishyavakura Statement

The local economy association will issue tokens called Nishiawakura Coin (NAC). The owners of coins will have the right to vote, which will allow them to participate in decision-making regarding enterprises in the village.