Hopecoin.net: Real Charity Project Or ICO Exit Scam?

It is in the world of cryptocurrency where all forms of scam exchanges and wallets, fake crowdsales, and questionable ICOs thrive. The whole industry is filled with scammers posing as ambitious investors hoping to develop a revolutionary ecosystem. And all this happens mainly because the industry is open and decentralized with no legal protection and regulation whatsoever.

Hopecoin.net – Was It A Scam Project?

Disclaimer: At the time of writing this, hopecoin.net/ had been put up for sale at flippa.com/9400471-hopecoin-net, allegedly by its owners COINPROMOTER TEAM.

Though there’s insufficient information about the whole thing, what’s currently available about Hopecoin suggests that it was a scam project. The website has no data about what Hopecoin was, and the only notable sources are conversations available in Bitcointalk.org and concourseq.io/Q/Hopecoin. Even more bizarre is the disassociation of the Counterparty platform from The BitHope Foundation, a fictitious NGO, now defunct.

A Brief History Of The Hopecoin Charity Project

Hope, as it called itself, started as a payment currency for online homeopathic stores and it promised to help everyone buy all forms of homeopathic supplements. It had hopes of getting accepted in as many shops and stores all over the world as possible. Hope was to be the token or currency one would need to make payments.

For online stores that had accepted Hope, this token would have brought profits through the exchange of coins for fiat cash as well as the demand for the token coins rising. Indeed it was to be a great solution to those looking to buy homeopathic supplements conveniently and affordably online!

Details About Hopecoin’s Token Sale And ICO Funding Allocation

They had indicated that they ICO would start on February 1st, 2018 with no end date and that they’d accept AMEX, VISA DISCOVER, MAESTRO, WAVES.

Other essential details including rates of tokens, cryptocurrency available and the blockchain technology used were missing. As for the ICO funding allocation, Hopecoin was to give:

  • 80% – an unknown charity organization.
  • 10% – token development.
  • 10% – its employees.

Why Hopecoin Was A Scam

September 2017, investors began suspecting foul play with its token distribution system. Everything including the roadmap was an as absolute joke, and even when it had a twitter handle, its Whitepaper was a few pages with critical features missing.

Seven Red Flags Of Hopecoin

  1. Unlike what most of the reputable blockchain-based projects and ICOs have, Hopecoin had no functional telegram link.
  2. It had not been listed by any exchange, let alone having a website befitting their status.
  3. Whitepaper that was less than a page was hardly convincing too – what it had was the details of the ICO and token allocation only!
  4. No hard cap or soft cap – it, instead, had lots of data about giving its employees 10% of the proceeds from the Initial Coin Offering.
  5. They marketed it as a project set to benefit charities, yet it included zero information about any registered charity.
  6. They had no physical information about where it was from, though PayPal link suggested they were Serbians.
  7. They had no official communication from its developers or social media activity suggesting that they had an ambitious project.

To sum all these up are the sentiments about its potential investors on bitcointalk.org/index.php?topic=2153167.0

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