Most ICOs Are Scams As Seen With Penchant Token

most ICOs are scams

Introduction

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.”

Most ICOs are scams

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.

 most ICOs are scams

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.

Most ICOs are scams

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.

most ICOs are scams

 

 

Conclusion

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.

 

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Author: Jofor Humani

Peddling words has been a passion beneath the surface. I speak less than I write...naturally. Aside speaking and writing, I walk too...good for your heart they say. I sometimes do not feel like writing. Then I enjoy quiet times which I use to think and stay with family.

12 thoughts on “Most ICOs Are Scams As Seen With Penchant Token

  1. Wow, I’m actually speechless and happy you shared this. I was just now getting into cryptocurrency and investments and for someone like myself, it would be way too easy to fall into the tricks they pulled. I never would have guessed nor done investigations to verify that “the members” are real people and I honestly don’t think most of us take the time to even question that. I appreciate your thorough review and time you took to share this with us. As a new invester, I can say that we need more website like yours that offer credible resources and advice.

    1. Thank you so much for your kind words Mutsumi. People are actually carried away by the prospect of making profit from ICOs that they do not investigate them. There are many things that ordinarily can go wrong, but when the intent of the ICO is to defraud, the investor loses everything.

  2. thanks for confirming your thoughts on The Penchant token , I was on the site a few times and had a funny feeling about it .. you probably just saved me some frustration thank you again …

  3. Damn! How do these people get away with this stuff? My older brother is really into Crypto Currencies so I’ll be sure to let him know to keep away from this stuff for sure! They went to all the trouble of creating fake experts and employees to populate their site with; I respect the effort they put into this scam, but it also scares me that some folks will got this far to make a quick buck! Thank you for this report, you’ve probably just saved some folks from getting ripped off!

  4. Thanks for your article. I am new to cryptocurrency. Now I am aware of penchant token! Newbies defintely should read your blog to understand and before buying cryptocurrencies.

  5. Wow this is crazy. I feel like I’m gonna need your help in this new world of cryptocurrency that I’m trying to get into…

  6. As soon as I read you title I knew I had to read this. I agree, most ICOs certainly are a scam. I’d say well over 95% are not legitimate.
    I’ve been very disillusioned with cryptocurrencies in general these last few months. Have you seen the way it’s just tanking all the time to newer lows? I got in at the wrong time (December 2017) when everything was at an all time high.
    Thanks for the warning on these ico offerings. Stand guard folks. Many youtubers who SHILL these icos are making a couple of bitcoin for promoting them. They have ZERO conscience. Look out for Suppoman (I’ve seen videos where he gets a message telling him that an ico has agreed to pay him in bitcoin if he shills for them).

    1. Thank you for your contribution James. ICOs are the weak link of the industry. Not just that no one really takes closer look at them but fraudsters have been stealing from people again and again. I’m sorry for your loss joining in December. The hype would have been irresistible with Bitcoin’s massive bull run. It is better the was prices of coins are correcting so that there’s nothing to hype about to deceive more investors.

  7. Great post man. I couldn’t agree more that ICOs are complete scams. They are providing no value to advancing crpyto technology. They are there so companies make sure profit for nothing. People who invest into crypto need to do their homework before investing. Thank you for spreading the good word.

    1. Definitely so Jeremiah. The fact is that the drive behind most ICOs is greed, people wanting to lay hold on other people’s money even though they have nothing to offer in return.

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