Blockchain Startup Prodeum Strangest 'Exit ' For A Scam Ever


The startup Prodeum that wanted to link fruit and vegetables to a blockchain has disappeared during the ICO with the money from its investors. But nothing is what it seems around this extremely strange exit scam.

Since this morning there are wild stories about Prodeum, and that is / was a 'company' that wanted to arrange fruit and vegetables tracking via a blockchain (see the Google cache of the website).

But last night the company's website suddenly disappeared and the homepage was replaced by a completely white page with only one word: 'Penis':

The Prodeum page this morning


This of course looks like a middle finger towards the investors in Prodeum. It also seems a reaction to the observation of some Redditors that Prodeum did not seem to be entirely what the company itself said it was. So the photos of the founders were fake.

Investors could of course already have a suspicion, because Prodeum apparently paid people to write their name on their bodies, and that they put it on their Twitter channel for marketing. The substantive nature of this is of course questionable:

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Anyway, all terrible and shitty. But not entirely surprising in the ICO world, which is completely unregulated and offers plenty of space for cowboys and cyber criminals. There are now stories about the fact that the company with the tokensale, which is only a few days old, would have collected 'millions', and that the unknown founders have now disappeared with the money.

But not everything is what it seems. Because the tokensale took place via this Ethereum address, which we have found on the still-Google-cachete page. Well: if you look at the statistics for a moment, you see that the address has been emptied, but millions are not yet available. The transaction history shows that barely 5 ether has been deposited, € 5,000. Is all along. It was probably the makers after the announcement that their profiles were fake too hot under the feet and they have the whole thing up.

Meanwhile, the penis page has also been replaced, the page now refers to a popular cryptotwitter account. Hacked website? Unclear. Nevertheless, it certainly does look like this is an exit scam, which also comes down to the exit scam of Benebit.

But let this be a good lesson for money-hungry investors; do your research. That is more important than ever before in the crypto world.

Pro tips: how to find a good ICO

How do you prevent that as an investor you sink your money in what turns out to be no more than a money-burner?

1. Do your research
Make sure you discover yourself with what kind of organization you are dealing with. Read their whitepapers, think carefully about the market opportunities of their product. Many risks are based on no more than a plan, is it wise to invest in it? When we invest, that is almost always in a company that already has a product. This also applies to the entrepreneurs, we often visit ourselves, or skype with the founders. That way you get to know them and you can feel whether they are serious. If you do little or no research, you have to realize that you are in the casino.

2. Never put more money in it than you are willing to lose.
An investment can always disappoint, just like with regular companies. You are in the highest risk category with ico's, there is always the chance of a total loss.

3. Do not make your portfolio too wide
Spread within your portfolio is good. But even after your investment you have to keep track of the companies you invest in, even if it's only possible to discharge your tokens if you see it go wrong. Do not make your basket too wide for that reason.

4. Make sure you have a strong stomach in this volatile market
Do not invest with emotion, keep your distance. The price jumps of crypto coins and tokens can be nauseating, you do not want to make impulsive decisions in those times.

5. Become premium member at The New Research Group, we research blockchain projects for a living :-)
Did you know that only 5% of cryptocurrency investors make profit? 95% fails. The do not have the time to do the right research and make bad decisions every day. All our information is based on good fundamental research, technical analysis and market information.


John Daluso1 Comment