Investors have lost millions of dollars to ICOs since 2017. ICO scams are not easing up soon according to feelers received by Cryptoinfowatch. In this review, we would look at how Bittrain, a phantom ICO is slowly building up its scam.
I’m sure you have not heard of Bittrain Coin, however that is the token behind Bittrain.org which the team behind the project is promoting as the next best thing after bitcoin.
Two Investment Options
According to the site, investors have two options: these are investing in trading or the Bittrain Coin. In an industry where every coin is defined in mathematical terms, the team did not disappoint.
The site stated that Bittrain coin was born out of the success of Bitcoin which may be an indirect allusion to the BTC code or a supposition that their intention is to create a coin as successful as Bitcoin.
Whatever impression they wanted to create, what is obvious is that the people behind the scheme are peripherally trying to use it as a medium to get investors to send bitcoins.
A Phantom ICO
The Bittrain site claims that it had a 100% successful ICO or a direct allusion that it reached its funding target. However, there is no evidence that the company held an ICO.
None of the ICO rating platforms listed such token sale on their sites. There is no announcement thread anywhere suggesting that there was sale of the Bittrain token despite the claim.
An Anonymous Team
Genuine crypto projects are known to list their team members. The social profiles of such members are also posted with relevant links to show investors that they’re dealing with real people.
This is contrary to what the Bittrain team did by using avatars for images of the team.
The CEO according to site is one Allen Coko who has no LinkedIn profile. However, a Facebook page attached to the project gave the name of the Executive leader as Jonathan Tacad.
Elsewhere on the page, the CEO was mentioned as John Kin who was designated co-founder on the website. The confusion is a clear indication that the team is yet to get their acts together in this scam.
The other members of the team are Max Cerchiari a Nigerian, Joao Victor Silva a Brazilian, Franscisco Barros, a Swede and Basit Ali Khan, a Pakistani.
A background check of the IDs showed that none is authentic. At least there is none with an authentic social profile. They’re all random names.
Weird Team Make-up
An observation of the team composition gives the impression that the project is a supply chain management or a distributorship. Aside the CEO and the co-founder, all the other members of the team were designated Master Distributors.
The absence of a technical team of developers is an indication that the project had no coin but is just a front to get money from uninformed investors.
A search for the Bittrain coin at the code repository GitHub yielded nothing reinforcing the fact that there was no such coin developed or in development.
Trading Investment Packages
The project claims that it creates short-term and long-term profit for its investors. Even though it stated that it is a trading platform, the trading is done by the team for any investor that deposit from $100 upwards.
The highest investment amount is $250,000. Each of the plans has a minimum duration of 2 years and interest of 8 percent weekly.
Coin Price Prediction
The team predicted the value of the Bittrain token. According its chart, the value of the coin would quintuple by May 2019. The analysis posited that by September an investor would gain ten times their original investment in the Bittrain coin.
This is clearly fallacious considering the bearish coin market. This is assuming that such a coin exists somewhere. The outlandish prediction stated that the crypto would be valued $50,000 by 2010.
This is ridiculous because not even Bitcoin the most valuable cryptocurrency was projected to rise in value to that extent considering present market conditions.
The least investment package for the coin is $100 while the maximum is $250,000.
The internet is huge. People use it for all sorts of things so scammers are aware that there are many people that have their wallets in hand ready to make investments.
Unfortunately many of these investors do not conduct research to know the antecedence of the people behind the investments. This is why scams thrive.
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