Crypto Startup Blockchain sues fraudulent ICO

Blockchain raises "Red Flags" on imminent ICO

Thursday Blockchain, one of the leading startups in the industry, has published an astonishing announcement on his official blog. For the blog post, the blockchain infrastructure provider had filed a legal complaint in the US federal court against a company that used the resemblance and the name of the cryptocurrency company mentioned above without permission.

Explaining the context of this situation, the Blockchain team first highlighted the MO, emphasizing that it intends to protect encrypted users around the world from fraud, fraud and misleading advertising, since # 39; company (and subsequently its users) are subject to hundreds of dedicated attacks each year.

To protect consumers, the company, which has offices all over the world, explained that it works continuously with search engines, order forces and social media platforms to mitigate most of the risk of attack. Continuing on this theme, the Luxembourg startup explained that it had just filed the aforementioned complaint against blockchain.io, an apparent fraud that would be managed by Paymium, a "defunct Bitcoin company".

For those who are not in the loop, Paymium, better known as "Instawallet", was the victim of a devastating attack in 2013, which saw the service lose millions in BTCs owned by consumers. Following the hack, the company unexpectedly closed the grievance process, leaving the company's creditors blocked, so to speak, with many of the hacks who suffered huge financial losses of various sizes. .

But while this may seem innocent enough, as many believed the company was likely to be subject to bankruptcy proceedings, other cynics believed the company had fled with the BTC owned by consumers and renamed it to blockchain.io, as it is known today to hide this fact. But it does not end there, since the individuals behind the Paymium project are apparently launching a full-fledged ICO, which has already attracted criticism from the official Luxembourg team.

The Blockchain team states that ICO claims to have the technology that claims that "they do not actually exist". Not only is technology a disaster, but it has also been pointed out that while Paymium claims to have SEC approval, there is no "no registration statement in place for the offer" which may attract the negative regulatory attention from the American government agency

Along with claiming to have the green light of the SEC, blockchain.io also says that it is registered with ACPR, a French regulatory body, but then again, this statement is false as well. Not only is the technology and compliance of the ICO with the collapse, but so is the marketing campaign used by Paymium, which is strangely similar to the official Blockchain logo, the combination of colors, etc.

The similarities between the official company and the (probable) fraudulent project is as follows:

• domain name similar to our website (blockchain.io)
• colors similar to our website (shades of blue dark)
• similar logo (a cube instead of a square) composed of similar geometric shapes (circles instead of rounded boxes).
• We rediscovered our slogan "connecting the world to the crypt" through a thesaurus to create "your gateway to the Internet of value".

And it seems that this questionable marketing strategy has worked, with Blockchain revealing that he has received messages on the ICO, with users asking if the official company is actually conducting a token sale. Also, after investigating the social media channels of the project, the startup found that there were dozens of individuals who had the false impression that ICO was actually supported by the start.

Bearing this in mind, Blockchain revealed that he intends to file further complaints if necessary and that "[they] will continue to fight false and misleading statements that endanger the crypts community."

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