The ICO market has experienced phenomenal growth in the last 15 months. ICOs have opened up significant opportunities for startups by providing them with a simple way of raising funds compared to traditional venture capital. They offer a fast, low-cost option that does not require intermediaries. According to coinschedule.com, close to $5Billion has been raised in 2018. Due to its decentralized and open nature, the cryptocurrency world offers minimal protection to the players. Consequently, scammers and con artists have invaded the ICO market by introducing fake ICOs, wallet scams, email scams, and fake exchanges. Social media networks have a high number of users, making them natural grounds for the perpetuation of these frauds. A prime example is the Blocksims ICO – Blocksims stole the business model, and database content from a legitimate ICO, and have tried to pass it off as their own. People who invest in Blocksims ICO will soon find out they have been swin...
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