The scam sub industry of crypto sector has evolved from the days when few people knew about Bitcoin through the 2017 massive bull-run that made blockchain topical.
In 2017, the popularity of ICO created fear of missing out that many bought tokens without the slightest understanding of what it entails.
The realization that it takes just a fancy website and a whitepaper to deceive a lot of people and make them donate money to scams was responsible for the ICO scam boom of 2018.
Despite the lower price of Bitcoin and other generally bear market, scam ICOs have not relented in their quest to steal from investors under the pretext of selling tokens.
Juriseum is one of the latest ICOs that launched by scammers poised to sell fake tokens as we shall see in this article.
What is Juriseum?
This is a platform that claims that it is building a global network that would empower the legal system. On its site, it stated that:
“We’re reinventing the legal system through blockchain by creating a platform that is secure, smart and easy-to-use, and completely disrupting the way legal professionals, governments, and individuals interact.”
The platform stated that it was taking advantage of the immutability of the trustless blockchain technology to build a system on which legal records could be stored.
The site further stated that it was integrating all parties in legal issues on the blockchain because of its transparency, stating that:
“At the end, our aim is to integrate records and data between involved parties into a unified blockchain ecosystem, which will make existing legal systems truly efficient, transparent, and reliable.”
It further stated that it is developing the application for different operating systems to enable stakeholders in the legal profession to easily gain access to the network.
Legal Activities On Blockchain
They were confident that users would be able to view court records and initiate legal actions via the blockchain. Although the platform did not explain how it would accomplish this. The fact that it is a novel idea made it feasible to the extent that many crypto enthusiasts would be convinced that this is legitimate.
A laudable project by all standards at face value, but the entity behind the project has not proven that it is reliable so we have made some background checks and discovered that this is not a reliable site that any investors should send buy their token for a number of reasons.
A Fraudulent Token Sale?
Most times, initial coin offering teams devote sufficient time in promoting the token sale. However, what we have observed is that when a team is in a hurry to conduct a quick token sale by making the window period too short, it is a signal that such project may just be another scam.
The Juriseum ICO was just a 2 –week affair. The sales commenced on February 3 and ended February 20. It could be seen from the ICO site that small amounts of crypto was accepted by the project. The minimum was 0.00005 ETH.
This shows that the people behind Juriseum are scammers looking for donation. The Roadmap and whitepaper were tools used to give the ICO some measure of legitimacy. The Juriseum token is worthless and anyone that invests in it should bear that in mind.
The project road-map shows that the people behind this platform either do not really know it takes to launch a blockchain project or they do but have simplified issues to make it attractive to investors.
A platform that announced January as the beginning of the project also launched an ICO in January. The sale of tokens took just 2 weeks. Exchange listing was planned for February and alpha launch by June.
If you are conversant with blockchain projects, you’d agree that it takes teams time and commitment to get alpha versions of their projects launched. Some of these are teams that raised millions of dollars in sales and have developer communities around them.
Blockchain projects are demanding because there is no room for code error, so audits are carried out to make sure of this.
Even though Juriseum showed signs that it is a scam project from its setup and roadmap. The clearest indication of this is that some members of the team as shown on the website are fake. The site used stolen IDs of some random people to create a team and advisors.
One of the ways of concluding that an ICO is a fraud is the composition of its team. If a member is found to have impersonated or stolen the identity of another, it is a clear signal that the people behind the project have sinister motives.
Scammers generally present faked IDs because they wouldn’t want to be tracked easily by law enforcement agents.
The Juriseum team is comprised of people whose IDs may have been faked. There are no social profiles backing up the identities to prove that they are real people.
We are not too concerned with the low quality images on the site as we are with the fact that the marketing advisor of the project is a fake profile. Jay Choi who was listed as the marketing advisor is actually a fellow whose name is Rungym Jaemin. The Juriseum owners stole his Instagram pictures and change the name to Choi.
A domain search at Whois shows that the people behind this project registered the domain on February 3. The same day the purported ICO was launched.
These discrepancies show without evasion that this is a scam ICO. Buying this token means throwing away your money because it worthless.
Scams thrive because there are many investors that do not conduct background checks on projects they plan investing in. This is why we do this.
If you want to know some of the better investment projects for you digital currencies, check our recommendation. Have you bought the Juriseum token? Please send in your report through the comment box below.