Initial Coin Offerings (ICOs) could be described as one of the banes of the cryptocurrency revolution mainly because most of the projects were front for fraudsters seeking to steal funds from investors. We have decided to take a look at Isiklar Coin, a new project that plans to sell its token soon. The essence is to find out if this is a good investment opportunity that you should consider or just another ploy to make investors lose money.
The presale is starting in just 6 hours and it is essential that you read through this before sending your funds to the site.
What is Isiklar Coin?
According to the content on the ICO site, this is a token of a Turkish conglomerate founded by Turgut Isik, a Turkish national who built a number of businesses that operate in fields such as education, health and construction, direct selling and shipping.
The release stated that the tokenization project operates from out of Bulgaria with the ERC 20 coin created as a utility token meant to serve the suppliers and partners of the business. In other words, participants in the upcoming presale and main sale of the token can be sure that they are buying into a worthwhile project.
As seen on the ICO site:
“Basicly the idea behind ISIKC is simple customer loyalty program , it is developed on blockhain because of all the pros that the technology gives. We believe that after the ISIKLAR application we can implement this idea worldwide.”
However, a deeper search into the project shows that there are a number of issues with it which every investor should be wary of.
It is a fact that no reputable business or organization would present ideas of other as theirs. When this happens, it puts in doubt the integrity of the firm involved. This is the first evidence that the Isiklar Coin team is not reliable.
Large portions of the website and whitepaper were plagiarized from sources from the internet. That they did not make attribution means that wanted to pass off other people’s ideas as theirs.
This is a dishonest action and if the team behind an ICO is dishonest, you should know that the fund that you send them is not safe. In fact, even if they’re serious to work on the project, they would end up abusing the trust that people had in investing in the project through possible misapplication or misappropriation of the funds.
Every experience token investor who has participated in ICOs knows that most projects work for months before they come up with workable project token that is listed in an exchange.
The Isiklar Coin team claims they could accomplish this in just few months. This is despite the fact that they did not present a team that is identifiably competent. A look at the roadmap shows that it is nearly empty. There are no identifiable projects that are measurable. It is akin to saying that you can build a tower without an architectural plan.
A Fake Team
Scam projects mostly operate with fake teams. Sometimes, the fraudsters among them hire genuine professionals and list them while providing fake identity for themselves. This has resulted in seeming good projects turning exit scams down the line.
In the case of Isiklar Coin, none of the team members could be verified because the owner used non-existent people without adding links to their profiles. This was intentionally done to make sure that no one traces them to expose them for the fake that they are.
You can see that under the “Executive Team” section of the site, what was written was just random names of individuals that could belong to anyone. You can also observe that the team never conducted KYC to verify their identities. The reason is obviously that there is no team but fraudsters hoping to get money from people and take down the site down the line.
Domain Expires October 2020
For a project that claims that it is building a utility token, it is instructive that the domain was registered for just one year. It is even more astounding that it claims that it could accomplish what is in its roadmap within a short period.
Our conclusion is that this is a site that would be gone in a short time as soon as the owner gets funds from the token sale. This is also the type of project that would have the tokens dumped on the investors if it gets to the listing stage.
We always advise investors to never make investments without conducting proper researches on the investment proposals they were offered. There already are thousands of tokens in the coin market and many new projects have nothing new to offer.
It is even better to invest your assets in reputable investment sites that could help you grow them than risk losing them to fraudsters. The investment site that we recommend is a trading site where you take advantage of the activities of seasoned professionals to copy their results.
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What is your experience with ICOs in general and Isiklar Coin in particular? Share them using the comment box below.