Scammers will use any tricks to get money from people, so that the Idacpro ICO is promoted by a team of scammers in the guise of helping charities to raise money is not surprising.
The Project according to website is wants to create an international disability assistance chain (IDAC) ostensibly to help charities that raise money for disabled and disadvantaged people.
This ordinarily would have been a good project except that the promoters do not care about charities and raising money for any other persons except themselves.
In introducing the project, the website stated:
“We aim to create the world’s first cryptocurrency eco-system with a fully transparent and decentralized donating platform. Donations made on the platform will remain fully traceable to the donors, hugely reducing the risk of fraudulent activities and corruption in management.”
Interestingly, these days most ICO fraud project always lay a lot of emphasis on preventing scams. This is clearly to divert attention from themselves and the possibility that they are the scammers that investors should be wary of.
Going further, the website stated that IDAC is comprised of international disabled virtual community, technology developers for the disabled, government bodies and non-profit organizations.
Expectedly, they did not present any evidence of being associated with any other entities talk less the government bodies. It is a known fact that most governments do not back random initial coin offerings, so the claim by the IDAC is another attempt to gain some legitimacy in their quest to steal investors’ money.
It is a well-known fact that the drive behind fake ICOs is the money they plan to raise from people. There are very few projects that are interested in adding value to the society.
The bad news is that the scams end up making investors disenchanted with this novel system through which good startups could have raised funds.
There are a number of good projects these days struggling to raise funds but have been hampered because the fake ones have dominated the ICO sphere leading to apathy.
Any Pros for This Project?
One thing you give the IDAC team is that they have understanding of the advantages of the decentralized system that blockchain powers and were they an honest project should have been supported. We’ll come to that in a moment.
One thing with scam ICOs is that many are in a hurry to get money from people that they do not conduct proper research or even put in money to hire professionals to run their scam campaigns.
A look at the Idacpro scam show that the promoters clearly outsourced some aspects of the project development leading to their creating a passable website that will actually deceive any gullible investor into thinking that the project is genuine.
Fraudsters Criticizing Corruption
For instance, they accurately identified the problem of centralization as seen in their “Conventional Versus Revolutionary” description of the project in which they stated:
“Conventional charity organizations are highly centralized and it is often impossible to get a full picture when it comes to the management of charitable funds. This can lead to undesirable results such as corruption in management, bad decision making, etc. With the emergence of blockchain technologies, we are confident that the conventional way of charity can be challenged and changed, for the better.”
This is a pointer that the individuals behind this scam are not new to the blockchain and cryptocurrency ecosystem. This may not even be their first attempt at scamming using initial coin offerings.
Going through the website, one of the striking observations you’ll come out with is the way this project painstakingly pointed out the flaws of centralized management of charity organizations all in the attempt to defraud people.
Now check this, the project mentioned of corrupt practices within the Red Cross which led to misappropriation of donations for the Haiti earthquake relief. The site also mentioned that donors will be discouraged in the future.
Is this not exactly what this Idacpro scam wants to do to the ICO ecosystem? Would investors not be discouraged in the future after encountering scams like this one?
Who is Behind The Project?
The Idacpro project like all scams will never present the real IDs of the promoters. This is what all scam ICOs have in common – they present profiles of other people as theirs so that no one will be able to find them after stealing investors’ money.
Now note this, when an ICO site has photos of team members that are not linked to real and corresponding social profiles such as LinkedIn, you can bet that you are dealing with a scam.
In the case of Idacpro, they stole the identities of people such as a German physicist and a British high school teacher among others whom they claimed were members of their team.
When it became obvious that the ICO team is stealing people’s IDs, they removed those and replaced them with a new team of mostly Asians pictures.
A background check on the linked social profiles show that these are newly created accounts at LinkedIn. Some of the pictures used are pointers that they were not initially meant for a professional profile such as LinkedIn.
Other LinkedIn links lead to empty profiles, a clear plan to deceive any investors that are not painstaking enough to carry out due diligence.
What is obvious is that most of those pictures are stock photos pulled from the internet. One of the new photos has already been linked to a stolen ID.
The team in a bid to attract investors for the phantom ICO has employed the services of thread bumpers to create the impression that the ICO is genuine and popular.
Another obvious thing is that any investors putting money in this project have lost their funds.
Idacpro is another scam ICO. The essence of making this known is that investors beware and keep off shady projects such as this.
The internet is full of criminals whose trade is simply to steal money from the gullible. What better channel is there than digital currencies that is difficult to link with the crook?
Before you put your money in any initial coin offering or any other venture for that matter, be sure that you conduct appropriate research to ensure that you are not handing them over to fraudsters such as the team behind the Idacpro ICO.
They have planned a private sale this month. There is a lot of information on the internet on legitimate ways of investing.
If you have doubts about any ICO, contact us at firstname.lastname@example.org to investigate them.