Crackdown: Colorado Regulator Takes Down Four More ICOs



Get Automated Sales + $15K Commissions >>
Very Limited Offer. CLICK HERE



Affected ICOs

The four ICOs named in the order are Global Pay Net, Cred, CrowdShare Mining and CyberSmart Coin Invest. Interestingly, Global Pay Net, which purportedly sells “GLPN Coins” to investors was mentioned in the previous DORA regulatory action from August. Like in its initial mention, the company was cited for inducing investors to market the scam and making unsupported promises to investors including a promise of up to 80 percent of the company’s profits. It also made false claims including referencing professionals purportedly involved in its operations who have denied any knowledge of it, and an SEC filing claim which cannot be verified as the phone number attached to the 2011 filing is disconnected.

The second entity listed is known as Cred or Credits LLC, using a website https://credits.energy to promote a scam that purports to be a tokenised mobile mining app supporting green energy. Based on these claims, the company markets a supposed ICO for its cryptocurrency known as “Cred” (CX). Apart from promising investors outsized future returns on their investment, it also makes a direct claim that CX tokens will have guaranteed tangible value at some point in the future, which makes it a security offering. Luke Ingraham, an individual listed as President and Director manages the security offering.

Speaking about the regulatory action, Commissioner Rome said:

“The sheer number of orders entered against ICOs should be a red flag to all investors that there is a real risk that the ICO you are considering is a fraud. Our investigations show that there are fraudsters who will simply create a fake ICO to steal investors’ money, or spoof a legitimate ICO to trick investors into wrongfully paying them.”

The other two entities listed are CrowdShare Mining, which operates an ICO for “CrowdShare Mining Coin (CSM) through the website https://crowdsharemining.org/#, and CyberSmart Coin Invest, which offers “CyberSmart Coin (CBST) through the website http://cybersmartcoin.com/default.aspx. Both scams use similar tactics, promising steady and unusually high returns ranging from 20 percent to 1000 percent through “secret” or specialist investment tactics.

Featured image from Shutterstock.


Get in FIRST as a FOUNDER >>
Claim a 220% BONUS... CLICK HERE


For More Latest & Breaking Cryptocurrency News
>>>> CLICK HERE


Leave a Reply

Your email address will not be published. Required fields are marked *