Seele ICO Investors Robbed for $2M by Fake Admins

Investors in the ICO of Seele project have been scammed by Seele employees who turned out to be fake, but nevertheless managed to make $2 million worth of ETH
05 February 2018   1848

Seele project was stated to be empowered by an up-scalable Neural Consensus protocol for high throughput concurrency among large scale heterogeneous nodes and to be able to form unique heterogeneous forest multi-chain ecosystem.

As it was reported by Financial Magnates, the investors in the ICO of the project were scammed and robbed for $2 million worth of ETH. The scammers were the impersonators of Seele ICO employees.

Seele Telegram Group
Seele Telegram Group

The users of Seele ICO Telegram group were attacked by two accounts who presented themselves as the approved admins, stated that the ICO has already begun and that the new users, who joined the group, are already able to participate in the crowdsale and make investments.

The representatives of Seele project claimed that the people who demanded money in the Telegram group were impersonators of the real admins.

We are deeply sorry for the problem caused by the “@seelesupport” and “@nicsmith” scammer and are taking full responsibility for it. We care about our community and are taking all necesarry precuations to prevent something like this from happening again.
 

Seele Official Statement

At the press time the balance of the scammer's wallet is more than $2 million worth of Ethereum.

This is not the first time the ICO investors are loosing their money, for instance, the investors of Bee Token ICO received phishing emails which contained fake cryptocurrency addresses for their contributions, and the hackers were able to steal 700ETH.

CEO AriseBank Admitted to Fraud

Now Jared Rice faces up to 120 years in prison, however, confession may reduce this period to 20 years
22 March 2019   150

AriseBank CEO Jared Rice confessed to deceiving investors for $ 4.2 million in cryptocurrency. The plea agreement filed in the federal court of Dallas, Dallas News кузщкеы.

According to the document, Rice promised investors a "guaranteed return" of up to 20% of the invested funds, as well as opening bank accounts insured by the Federal Deposit Insurance Corporation and Visa-related debit and credit cards, although he did not have agreements with these companies.

The $ 4.2 million received from the ICO Rice spent on his girlfriend, lawyers, as well as on hotels, food and trips by Uber.

It is noteworthy that Jared Rice’s plea for cryptocurrency fraud was one of the first of its kind in the United States.

Now Rice faces up to 120 years in prison. However, confession may reduce this period to 20 years. Also, the organizer of the scheme will have to pay damages to deceived investors.

The final verdict on the case will be delivered on July 11.

Jared Rice was arrested in November 2018 on charges of fraud with unregistered securities and fraud using electronic means of communication. In December, the US Securities and Exchange Commission (SEC) obliged him and Stanley Ford, co-founder of AriseBank, to pay about $ 2.7 million as part of the settlement of the charges.