ABLE Project ICO Exit Scam for ABLX Token Sees TrackICO and Coinrail as Culprits
ABLE Project Exit Swindled, and These Virtual Asset Companies are Responsible
It is no longer a secret that an intimidatingly big number of ICOs are duplicitous right from the beginning. However, in a number of cases, it is rather easy for risk-takers to distinguish the scams. Sometimes, money is accumulated from innocent or inexperienced investors since they are the key targets of initial coin offering projects.
It is rather unfortunate that now and again, there are reported cases of people being scammed, with the perpetrators of such crimes disappearing with the ill-gotten money, which sometimes go beyond tens of millions of dollars. ABLE Project (ABLX) is a clear representation of such fraudulent projects.
The project’s team members is made up of stock pictures as well as bogus LinkedIn profiles. On the other hand, the listed investors are industry leaders all over the Southeastern part of Asia, who are mostly not aware that they are recorded as members in the project.
It is quite unfortunate the project was able to raise well over 10,000 ETH all through the many public pre-sale and international sales which went on from April all through to August. At the time innocent people were buying the virtual assets, the amount was equivalent to $6.5 million.
Officially, Able was promoted as an international blockchain financial institution, which was allegedly being supported by industry players all through the SEA region. After the close of the final sale, the founders of the project went silent. They went ahead to delete all Telegam groups as well as social media accounts, in addition to disregarding all the communications users sent to them.
At this point in time, it can confidently be declared that ABLE project founders defrauded the investors, thus taking away huge chunks of money. Additionally, several bounty members who spent countless hours advertising the project and creating content did not get any compensation for their hard work.
Freelance workers like campaign managers have also indicated that they did not get their dues for the services they rendered to the project, during the time the project was live. This is a representation of services all through most of this year.
It is worth noting that misleading websites and skillfully written whitepapers ought not to be equated to successful virtual asset sales. In the case of the ABLE Project, considerable support was garnered from a couple of companies which are in the crypto space.
It is also not a secret that much of the promotions in virtual assets emanate from pay-to-play relationships where a number of entities will offer services to just anyone at a good price. It may not be possible to confirm whether the implicated support ABLE received was bought, however, a number of firms indicated below are definitely culpable.
TrackICO is one of the firms listed on ABLE’S website as a partner, where it was granted by the website with a perfect rating of 5/5. The ICO rating site in most cases have questionable ratings. This is majorly as a result of clandestine payments.
The perfect rating for the members of its team, who are in essence bogus, is a clear indication that TrackICO was paid in order to give Able a perfect rating. As a result, the ratings by TrackICO should not be trusted at all.
Most of the contributions which the public made to Able came as a result of many pre-sales hosted on Coinrail. The crypto exchange based in Korea made the purchase of Able simple to users as well as other investors. It is also unfortunate that the Reuters News Agency also promoted ABLE, thus misleading innocent investors.