Initial Coin Offering Scam Seems Not Abating As Seen With Xeonbit, Another Cryptocurrency Scam

initial coin offerings scam

Introduction

Our emphasis has been on scam prevention on this platform, especially initial coin offering scam. 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.

What is the Xeonbit Project About?

initial coin offerings scam

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 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 interest 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 outlook.

initial coin offerings scam

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 creates 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 the upload on their website.

initial coin offerings scam

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.

initial coin offerings 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 have 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.

 

initial coin offerings scam

initial coin offerings scam

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.

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

  

 

 

 

 

Some archived photo credit: Tuthienloc92bk

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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.

7 thoughts on “Initial Coin Offering Scam Seems Not Abating As Seen With Xeonbit, Another Cryptocurrency Scam

  1. Hi there, do find this website very good, sometimes we fall into scams and we don’t even notice, it is really good to recognize scams and this websites.
    Appreciate this websites to give people the knowledge to don’t trust websites like xionbit!
    Cheers,
    Lily

    1. Thank you Lily for appreciating our work. Your kind words are appreciated. We are working to help as many investors as possible.

  2. I started doing some research on cryptocurrency a few months ago, so I found this article to be very interesting. It was well written and very informative. It would be very beneficial for anyone looking to invest in Xeonbit.

    Nice job,

    Michele

    1. Yes Michele, our purpose is to make sure that these individuals do not continue to scam people. That’s why we encourage investors and everyone in the crypto community to make some research before investing.

  3. Great review.
    I am trying to take a good look on cryptocurrency— but it seems that this is not the right time to invest. And I haven’t heard of Xeonbit either. Good thing I came across to your site!

    Scams are almost everywhere, so we should be really careful on choosing a business– make sure to do a lot of research and read reviews like yours, to avoid it.
    Hope your site reach more people especially those who are just starting out.

    1. Hopefully you’ll decide to invest in cryptocurrencies in the future. It can be worthwhile venture. Just read up and ask questions before making any investments.

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