Introduction

Granted, ICOs are no longer as popular as they were a couple of years ago. There is no doubt that the many exit scams contributed in the loss of interest in this type of startup funding. Our emphasis has been on scam prevention on this platform, especially initial coin offering scams. We feel particularly elated when new scams are detected before they wreck havoc as in the case of Xeonbit. However, our investigations show that whoever is behind this scam is not new to the ‘scam industry’ because their trail leads to another shady crypto project.

Nevertheless, the Xeonbit project has barely taken off when it became obvious that this was a preempted scam intended to steal people’s money. This project is a confirmed scam ICO, however, it is important that you understand what to look out for in determining that a crypto project is dubious.

What is the Xeonbit Project About?

This project claims intent at providing a payment platform that is secure and partly anonymous. It went on to say that it would give users the option of editing what information third parties have access to thereby giving them control over their financial transactions details.

The website claimed that users will be able to send transactions using whatever device they have access to through a system that is compatible with a wide range of devices.

At What Stage is the Project?

Xeonbit has a roadmap that commenced winter 2018 with what they termed “wallet UI overhaul, VISP, bloom filter…” and other largely technical terms.

The four-staged developments of the project were all explained with technical terms making it seem that the promoters of the project know what they are talking about.

It is interesting to note that the payment platform’s roadmap needed just a few months to be accomplished. This is not surprising because scam projects usually do not have long-term prospects.

This is not a rule though because there are many smart scammers that will preempt investigative reviews. One of the interesting features of this scam is that they paid for the domain until 2023. That is 5 years and the intention is obvious.

A cursory research would create the impression that this is a site that is in business long term. Believing this would make the investor lower their guard and invest in this project.

Like all scams, the promoters of the Xeonbit will be gone as soon as they raise enough funds from people or as soon as their fraudulent intentions are discovered.

Proofs That Xeonbit is Another Scam

One of the ways to know a project that has nothing to offer the community or society is that the promoters of such projects will not be able to explain what values the project offers.

They will not be able to explain how the project is better than similar programs that have been launched in the past. They also will have a hard time explaining in their own words the uniqueness of the project without plagiarizing the work of others.

A look at the Xeonbit website and whitepaper will leave every investigative reviewer with little doubt that they are dealing with another scam.

Nevertheless, suspicions and incompetence are not enough to label a project a scam. Rather, they raise the signals that create unease to investigate further.

One foolproof evidence that you are dealing with a fraudulent ‘team’ trying to perpetrate an initial coin offering scam is that they would almost always not use their true identities in the profiles they upload on their website.

As expected, the Xeonbit team profiles are bogus. There is no evidence that any of the team members is genuine.

However, we have to realize that even when there is a traceable genuine profile in an ICO website, we must not conclude that it is a genuine project. Sometimes, fraudsters recruit honest everyday people to join their teams. These people may not even know that they are involved in a scam.

So as a rule, any ICO that has a fake team member is declared a likely scam. That the investigators were unable to uncover the others does not mean that they have not used fake IDs as well.

The Xeonbit team’s case is that all the members in the team have unverifiable profiles. The pictures used by all the members were photos of random people pulled from the internet.

If a team has something to hide, they’re doing it because their intent is bad – steal people’s money and disappear. With fake IDs, the investors have no one to hold accountable. The law enforcement will be at a loss where to start.

Conclusion

Xeonbit is just another scam that should be avoided. The team is just stealing people’s identity to perpetrate scams.

When the promoters were contacted concerning the fake profiles on their website, one of them wrote,

“Hi mate, I can assure you that the project is real but some members of the team do not want to appear on the website because of various reasons. About mining pending payments, again I can assure you that everybody received their mining payments and nobody faced problems.

“You can check Wayback Machine (archive.rog) for GoldenHillPool.com the same way you did with team section on the website (the website was not ready at that moment), and you will notice a lot of payments that have been sent every few hours. Please stop “finding problems” on this project. The team is busy now with the rebranding and all the stuff. Cheers!”

Really? People would want to collect money from investors without revealing their identities? What if something goes wrong? How would the investors know that the people they are handing their money are competent?

Scammers are really getting very smart and investors should be wary while investigators should be one step ahead, always to frustrate them. The Xeonbit team have changed some of the photos on their website that have been proven to be fake. People should not allow themselves to be fooled by this project.

It is a good thing that Xeonbit is yet to launch their ICO (although entity behind it is not new to initial coin offering scam). Another promoter is claiming they were not planning an ICO.

Whatever the case, investors should beware of this project. There are better ways to invest your funds such as our top recommendation. 

What is your experience with this project? Send in your comments in the comment box below.

  

Some archived photo credit: Tuthienloc92bk