Foneex: This Scam Commences Presale in 12 Hours

foneex

One of the greatest challenges in hunting out scams is getting there on time. Foneex has been declared a scam by Cryptoinfowatch yet the ICO presale is just 12 hours away.

This means that investors have just 12 hours to take note of this and keep off the scam. 12 hours to put back their crypto in their wallets of face possible losses.

foneex

Betrayed Trust

The quest to hunt scammers is a race against tome and losses. If you have been scammed before, I assure it is not a pleasant experience knowing that people you trusted enough to give money or render a service to have betrayed your trust.

It really is pathetic seeing so many bounty hunters working very hard to make these scam ICOs succeed in selling their tokens only to be given worthless tokens and becoming tools through which thousands of people have been scammed as we are about to see in the Foneex ICO.

What Is Foneex?

According to the Foneex website, this is a multi exchange where users will be able to trade cryptocurrencies at zero fees. They claim their engine has the capacity to transact more than a million orders in a second.

According to the website,

“Foneex Exchange is shaping up as a web and app-based multi crypto asset exchange platform. Here users can buy and sell Bitcoin or Alt coins at zero fees.

Insurance on the rate will be given by default on this exchange. Our engine is capable of sustaining 1,000,000 orders/second, making Foneex one of the fastest exchanges in the market today.

Another El Dorado Exchange

You can be certain that, on our exchange, your orders will never be stuck due to the matching engine being overwhelmed. Foneex is a hybrid crypto exchange with a fiat gateway and integrated merchant services.

The Foneex Exchange is a regulated, licensed and centralized entity which allows crypto to crypto, fiat to crypto and crypto to fiat trading. The users can also use the debit card to pay the vendors used by Foneex API.”

So far so good right?

There Are Ways of Detecting Scams

Nevertheless, one of the ways of finding scams in the ICO space is checking up the originality of their ideas and the presence of plagiarized content in their claims.

A close scruitiny of the Foneex project shows that they have plagiarized content in their ICO website and whitepaper.

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Photo credit: Tuthienloc92bk

They even went further to plagiarize everything else they could. For instance, the above introductory copy of the Foneex website was copied in some places word to word from three other ICO projects which are Cremit and Ternion, another section was copied from GreenX.

foneex

Photo credit: Tuthienloc92bk

Now listen:

Plagiarism is a very serious offence and it point to a dishonest mind when people steal other people’s work and pass them off as theirs without due credit.

Approved By Review Sites

One problem the ICO ecosystem faces is that there are many ICO listing sites that do not conduct any sort of background checks on these ICOs before listing them thereby aiding them to deceive investors.

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These sites will rate them 3, 4 or 4.5 star without even knowing the identities of the people behind them only to delete these ratings when these ICOs have been declared scams.

A look at the Foneex ICO site shows some of these review sites displayed as partners or as having gotten some sort of permit or approval from them.

Team Members Profiles Plagiarized Too

The Foneex plagiarism did not end with whitepaper and web copy. The team bio was also copied from other LinkedIn profiles of individuals that have no affinity to their project.

Team member, Amit Kumar’s profile was plagiarized from the LinkedIn bio of Awanish Rajan who is a member of Idap ICO team.

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Photo credit: Tuthienloc92bk

Vipin Kumar, the CTO of Foneex had his own profile copied from Murali Thakur also of Idap.

foneex

Photo credit: Tuthienloc92bk

Chella Shankar, another team member’s LinkedIn profile has no information showing that he is associated with Foneex while another member Davendar Kumar has no LinkedIn profile.

Conclusion

The Foneex ICO is just another scam that has been cleverly set up to steal digital currencies from invetors. All efforts has been exerted to ensure that the scam succeeds. It is our responsibility to see that it doesn’t and we have just 10 hours to let every potential investor see this. 

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Author: Jofor Humani

Peddling words has been a passion beneath the surface. I speak less than I write...naturally. Aside speaking and writing, I walk too...good for your heart they say. I sometimes do not feel like writing. Then I enjoy quiet times which I use to think and stay with family.

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