Making claims is so easy when you’re hiding behind the web. This is why we strive to know the motive of the team behind a project through every means available to us. Today we shall have a look at the Origin Foundation to assess if this is a worthy project to invest funds in,
Luxury goods industry is valued at billions of dollars. It is not surprising that there are entities thinking about the possibilities of tokenization in this age in which people are searching for ways to authenticate what they buy.
What is Origin Foundation?
Origin Foundation claims that this is their objective – to build a blockchain that secures the integrity of luxury goods, something that the rich would love and possibly pay for.
However, when we encountered this project, we were eager to prove to users that this is something they shouldn’t overlook, however as usual, we always advocate due diligence before parting with your money.
In the words of the owners, they claimed they are a global alliance tasked with the duty of building the world’s first blockchain for luxury goods.
Who is Behind Origin Foundation?
A close examination of the website and its whitepaper shows that the founder and CEO is Mike Chay. The same person is supposedly behind Bodying Watch Company, a luxury retail company. According to his introduction on the Origin Foundation whitepaper, he said:
“My name is Mike Chay, I am the Founder of Origin.Foundation. I have been involved with the luxury watch industry for more than 20 years. My founding team and I started BODYING WATCH COMPANY back in the year 2000, a renowned pioneering Online Watch Retailer since the beginning of the Internet era.”
However, we searched through the data provided by the luxury retail chain, Bodying Watch Company and found a social collaboration between the two entities, even though there was no mention of Mike Chay as an executive of the Bodying Watch Company. Also, there was no social profile linked with him which raises a lot of suspicion on this project.
It is rather weird that a company that owns a luxury brand could not link its CEO and founder to it on any of its social channels. Also Chay seemed to have just pop up for the Origin Foundation project and would likely disappear after the project.
Thinking along this line is the safest for investors who we believe should not spare thoughts and their funds with companies that cannot be proven to be authentic.
Background Check of the Site
The domain, Origin.foundation was registered on January 29, 2019. This means that the concept was basically to raise fund for the supposed project. However, the entity behind the site has not proven that it has credibility to back its claims.
The origin ICO commenced on May 7 and it is possible that there are investors who may be deceived to buy this token. This is why at Cryptoinfowatch, we advise people to always conduct some research before making any investments online.
Red Alert – Phishing Site
One of the fist signals that we got that showed that this site may be hazardous was an alert from MetaMask stating that the Origin Foundation site located with the origin.foundation domain pointing to it is an Ethereum phishing site. This happens when a site is hunting for private keys to steal digital currencies from users.
We are all aware that many investors have lost millions of dollars to phishing scams, so it is of essence to alert investors about sites like Origin Foundation where you could lose your investment or worse.
Origin Foundation Team
Compounding issues for this project is that the team as shown on the ICO site is definitely faked profiles. One of the images used is obviously too young to be a team member of a project unless they’re trying to prove that Calvin Luo in charge of Business Development is a genius of sorts or that he isn’t just another teenager.
Some of the images of team members are simply computer generated and the purpose is to evade detection by investigative reporters of scams such as Origin Foundation.
For instance, Ivan Koval, the Origin Foundation CTO was actually a Ukrainian developer, Andrew Onyshchuk. Whoever is behind the site stole his photo from a freelance website.
Aito Watanabe, the Community Developer Director of the Origin Foundation is actually the photo a Japanese programmer stolen from Freelancer. The real name of the freelancer is VinsantV.
We wouldn’t waste your time posting all the other stolen IDs used by Origin Foundation. What I clear is that this is an elaborate but not too clever plan to deceive investors and make them part with funds that they would later regret.
Thousands of cyber criminals launch fake crypto site daily. The responsibility is on the investor to conduct research to be sure that they won’t send money to scammers.
Remember that it is very difficult to track crypto scammers half-way across the globe. Your best bet to grow your cryptocurrency assets is to use a regulated site such as our top recommendation. Learn to invest in sites where you won’t regret.
Origin Foundation is an ongoing scam. If you have more information or views about it, please send them through the comment box below.