It sure would be tough times for internet fraudsters, especially those involved in crypto because aside greed, most members of the community are increasingly aware of what it means to be a crypto project.
Also, there are many scam combating sites that are dedicated to finding scam sites such as Ethereum card. The reason is to help investors avoid the pitfall of sending money to these sites. Unfortunately, despite all the effort, many investors still fall prey to these scams.
This Ethereumcard review is aimed at providing evidence that this crypto project is not be what it appears to be. It has always been said that if it sounds and looks too good to be true, then it probably isn’t true.
The claimed aim of the project is to create a cyrptocurrency for global shopping, but its 15 page whitepaper gave no details of how it aims to accomplish that objective.
What is the Ethereum card?
According to the website, EthereumCard is a platform meant to serve ecommerce and trading purposes, taking advantage of an in-house escrow system to secure transactions made on its blockchain.
The site which is already working on an ICO is demanding that visitors purchase the Ethereum Card token.
As usual there is the claim that the platform is working on its own blockchain with plans to migrate to a mainnet.
At What Phase is This Project?
We had anticipated a short project road map as usual with sites like this, but EthereumCard has 2 years roadmap with buzzwords. We are aware that suspicious sites always find ways to create the right impression and this one didn’t disappoint.
Even though the purported roadmap started in Q3 of 2018, it claimed that it had accomplished 50 percent of its objectives by Q1 of 2019 which is impossible with most serious projects.
We observed that there was no mention of a team assemblage, which is crucial in every project. It seemed that it is an already made team that automatically started work on the project.
No GitHub Page
There is no real presence on coding sites such as GitHub. A file was opened but there has been no contribution on it at all. This is rather odd considering that the roadmap claims that the testnet has been completed by Q2 of 2019. So where is the code base? The absence shows that this is an unreliable project.
The Domain Age
A Whois search shows that the domain was registered on May 28, 2019 which is barely two weeks. Does it mean that Ethereumcard remembered to launch a site just because it wants to collect investors’ funds in June?
Who is Behind EthereumCard?
One way to know if a project is genuine is to pay attention to the team behind it. If you notice that there seems to be an intentional effort to hide the identity of the team member, then it is likely that the project in question is fraudulent.
Another way to spot a scam is if the project makes use of fake team members. The latter is the case with Ethereumcard as the team members could not be positively identified as real people.
The authenticity of the team profile page is in doubt considering that only two of the four members have Linkedin profiles. The others do not and we found out that one of the team members is a model whose photo may have been computer generated.
Also, the two team members found on LinkedIn has their accounts created at the same period using the same photos used on the website. The CEO’s LinkedIn post about the project was acknowledged only by the second team member.
This shows that this is a poorly organized scam. Even with their effort, they clearly do not have the funds to even make the scam look real to investigators.
The Ethereum card whitepaper has been plagiarised from numerous sources. The first two pages gives a break down on what Blockchain is, but it never actually talks about how this technology links to the project.
This is highly indicative of a scam as if it wasn’t, the contents of the whitepaper wouldn’t have so many grammatical and spelling errors as well as incorrect definitions and terms.
No serious project steals other people’s ideas the way Ethereumcard has done. They’re just in a hurry to receive funds from people in the shady token sale and must not be encouraged.
In all, Ethereumcard and the people behind it have hoped to leverage the trustworthiness of Ethereum to carry out their scam, but lack the necessary skills needed to pull off a scam.
Nevertheless, we are aware that there are still people that could fall for such obvious scams because they never conduct research before investing. This is the reason for this review.
Plagiarizing a whitepaper, an empty page on GitHub and suspicious team members are indicative that sending funds to this site will result in losses. Your best bet is to invest in regulated sites such as this one here. It’s one of the quickest ways to grow your funds legitimately.
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