The perfect song that comes into mind when you hear stories of ICO’s disappearing into thin air is “Another one bites the dust” by the famous rock group Queen. This time is a company which promised a global common community and a decentralized asset digitization platform and tool – ACChain.
A Reddit user by the name of ‘slinterfence’ posted a picture of the office of ACChain in Shenzen, China. The picture was not your busy office with blockchain nerds running around but an empty room with not a shadow insight!
Reports indicate that the people operating left the office in February, leaving their computers behind. Three weeks after the sudden disappearance, ‘mafia-like’ gangsters came into the office taking all the leftover items.
What’s weird is the ACChain telegram and twitter are operating as usual but with no developments whatsoever. It’s like a thrilling Hollywood movie where the end is not certain!
What happened? According to the State Administration for Market Regulation illegal and false advertising by three ICO’s namely ACChain, Puyin Coin and BioLifeChain.
Tax haven Jersey has given information that a company called ACChain Technology International Services Limited is operating in its country. Most probably the money is being hidden here.
Who are involved?
A picture of names along with images of who were involved in ACChain’s scam is posted on Reddit thanks to the same user ‘slinterfence.’
It is indicated that almost $60 million has been scammed out from investors, with a majority of $40 million from ACChain plus Puyin and $20 million from BioLifeChain. A number of them have been arrested so far while some of them are already on to another ICO called Themis. (You can see the details on the whitepaper – here)
Toshi Times recommends a number of precautions to take before investing in an ICO.
One such way to be careful is by looking at the team that’s involved in the project. For example, Onecoin was a Ponzi scheme which marketed as a crypto coin on a private blockchain selling educational packages. However, it was uncovered when people in Onecoin were already linked to previous Ponzi schemes. OneCoin Exchange which was the only place where Onecoin could be converted to other cryptocurrencies was shut down in January 2017 leading to a massive loss for investors.
We are guessing the ACChain team took the crypto slang ‘to the moon’ quite literally!
Image Source: “Flickr”