There are many dubious teams that posed as genuine blockchain projects but were in reality, scams designed as ICOs. We investigated Bitboscoin and came to the conclusion that this was an ICO scam.
Bitbosscoin is a project that announced that it is issuing the Boss token which it described as, “the base Token of ERC20”.
Its website went further to said that,
“BOSS is classified as a kind of TRADE TOKEN and as the digital currency or CRYPTOCURRENCY, in the future, BITBOSCOIN will be as an alternative DIGITAL ASSET that enables decentralized applications and highly valuable”
Apparently, it is a project that claims it is building a digital currency as well as a smart contract capacity to host dApps.
What is the State of the Project?
The BitBoscoin project has a presale scheduled for October 22. The ICO is offering 30 million Boss tokens for sale.
That this ICO was yet to commence could be a little comfort considering that investors that did some research about it will discover one or two things before making investment decisions.
Who Are Behind the Project?
In the archived version of the site, there are just four team members. Now, that is a bit weird considering that most ICOs have far more team members.
Interestingly, two of the members had their real images presented while you could view the other team members’ images through their profiles.
Presently, two team members (those with their real pictures displayed) have been removed from the ICO site.
The reason is that one of them has been found to be a fake identity.
Pros and Cons
It is always a challenge speaking about the pros of a project when it is suspected or proven to be a scam. The reason for this is that it is a thin line between making a positive statement or review and encouraging investors to purchase a token.
Nevertheless, the Bitboscoin website is decent enough, responsive and clean.
The project can be described as vague. There is no clear explanation of Boss coin and how they plan to accomplish the vision.
There were a lot of disjointed statements that cannot be linked with the project such as this:
“Cryptocurrency or ERC20 Tokens can scale with global commercial standards. Many parties and projects target scalability solutions including PayPal recently filing patents to accelerate virtual currency transactions, and many crypto projects such as OmiseGo, Cypherium, Thunder Token, Utrust, Lightning Labs, and BOSS are all in scale completion. And this will add value to the price of the token.”
Furthermore, Mark Chew, the advisor on the Bitboscoin ICO site is a fake identity. The real name of the fellow whose photograph was displayed on the ICO site is Alex Chow.
Alex Chow is a jailed student and could not have changed his name to Mark Chew. Neither are there records that he has become a blockchain consultant.
The founder of the ICO when confronted with these anomalies and allegation of presenting a fake team for a fraudulent ICO replied,
“The actual situation is that we pay for the Advisor from Singapore, The pictures and names we show are names and pictures given to us by a man named Mark Chew. Now we have been deceived.”
In any case, there is no guarantee that an ICO that doesn’t know the team it is working with or hiring people to hire team means business.
Cryptoinfowatch marks BitBoscoin a scam. Investors in this project will likely lose their money.