The Penchant token is a definite scam. In fact, most ICOs are scams these days. This is why you have to be extremely careful if you pan to invest in any.
With its proliferation, scammers are getting more sophistication in following the trend and the money. So crooks are setting up crowd sales convincing investors to give them money.
What is the Project?
The Penchant token claims to be,
“a decentralized cryptocurrency built with solidity and ERC20 protocol offering the entire cryptocurrency community a seamless and secured mode of transactions for investors within the Penchant environment.”
The project website promised participants exposure to influential platforms and reward for their talents. It went further to say that it plans to solve many problems associated with the crypto industry and stabilize the prize of tokens.
Another objective of the Penchant token is mass adoption of cryptocurrencies and the creation of a platform on which everyday people can safely invest.
What Are the Problems With This Project?
What is obvious about scams is the way they have learnt to press the hot buttons on people. They have realized that the trend in the crypto community world is to use certain words and terms.
These terms are “decentralized”, “smart contract”, “blockchain”, “ERC20” and many other words which the Penchant Token project smartly inserted in their ICO website.
This is just another reason why investors should realize that not every ICO is genuine. Most ICOs are scams these days and you just have to search well and deep to realize that.
The Penchant Token even seemingly criticized scams in its ICO website but ended up being just another scam.
According to the site,
“Any email, website, Telegram or other communication regarding Penchant token sales should be treated as suspicious if not announced on the website and Telegram channel.”
It also spoke from a high moral ground when it said,
“most crypto projects out there have been considered to serve no purpose or utility, just created for the purpose of trading and nothing else that attach values to them, eventually get dumped and the crypto community move on to the next available project, penchant team will try as much as we can to be transparent in our handling of project.”
Penchant Token is Just Another Scam ICO
One of the first signs that the ICO could be fake was that it has no serious problem it seemed to solve. No one person or group can solve the problem of crypto adoption. It had no clear strategy even for rewarding the talents it claimed to have set out to.
The Penchant Token ICO commenced their crowdsale on September 1 through September 20. This is a clear indication that this is a team that is in a hurry to get money from investors and disappear or someone that knows that their ploy was about getting exposed and so wants to get the funds quickly.
Six months is not even enough time for most genuine ICOs to meet their startup funding needs.
Then there is the expected issue of the team. Ordinarily, if an ICO is not genuine then the team must be fake too. However, that you have not found the evidence that the team is fake does not imply that the ICO is genuine.
Who Are the Team Members?
Interestingly, there are presently no team members on the ICO website because the scammers have removed them. A cached version of that site shows that there previously was a team. Investigation shows that the profiles and photos of some of the members are fake.
That Cryptoinfowatch has been unable to prove that all of them are fake does not mean that they are genuine.
Joanna Pitkin is a lawyer and trademark agent whose picture was used by the fraudulent Penchant Token as a member of their team. They christened her Louisa Barnsley, social entrepreneur co-founder.
The picture of another ‘team member’ Magaret Fadlika was culled from an Indian social media. It belongs to a lady whose account name is Margarethajo, a smart coincidence, you’d say.
I would say that the reason ICO scams are getting bolder and more audacious is because there are many investors that never conduct due diligence in choosing the right initial coin offerings to invest in.
It is clear that the Penchant Token is another ICO scam that investors should use as a lesson to always research before investing bearing in mind that most ICOs are scam and not what they routinely present.