ICO scams are becoming a large problem within the crypto world, as many are taking advantage of investors with false white papers, teams and projects altogether.
The Wall Street Journal also published a study in which of the 1450 crypto offerings considered, at least 270 were either scams or have been marked as “red flags”. In addition, investors found themselves stating losses of over $200 million. This is where TruStory’s role in being able to identify such scams comes into play.
TruStory is a platform where users can reassess claims that have been made regarding a crypto project, team, blog posts, anything posted on social media platform and the whitepapers themselves. This can supposedly help users better identify the red flags associated with scams, while ensuring that their investments do not turn into losses.
According to the founder of TruStory, the main goal is to “bring authenticity back into the digital and decentralized world.” While the potential goal is to focus solely on crypto information, over time, TruStory will work towards validating all types of information surfing the internet.
As for the TruStory ICO, it is believed that $3 million was raised. Several companies are also believed to have partnered up for the sole purpose of the project at hand, some of which include Abstract Ventures and former TechCrunch co-editor, Alexia Tsotsis, Coinbase Ventures, Homebrew, Kindred Ventures, Pantera Capital and Wonder Ventures. Moreover, highly influential figures have also invested in the project including Fred Ehrsam – Coinbase co-founder, Scott Belsky, and Jessica Verrilli, General Partner at GV.
Preethi Kasireddy: TrueStory Founder
The founder of TruStory is Preethi Kasireddy. Kasireddy has undergone several positions prior to starting this project. After having graduated from USC, she went from being a banking analyst at Goldman Sachs, to developing her engineering skills with Andreessen Horowitz. Her experiences have all stemmed from learning – from her work environment and on her own.
Kasireddy said, “I just started to teach myself how to write code that runs on Ethereum. I was contributing to different blockchain projects and just listening, learning and observing.” As she was bettering herself, she was keeping track of the different ICO scams that have been spotted and discussed upon.
When asked how TruStory plans to tackle the issue under consideration, Kasireddy did not think it was appropriate to disclose such matters, as they are prone to theft for other person’s benefits. However, she was open about the fact that she has taken the necessary measures to meet up with scientists and researchers. She went to state that those who are able to identify a scam, they will “earn tokens and reputation and influence for their efforts.” Any dishonesty will also be punished.
When will TruStory begin its work towards analyzing shared information? At the moment, Kasireddy believes that TruStory has not reached its highest potential as of yet. This is mainly because the team only consists of her. However, she is in the process of getting some individuals who possess operation-related skills as well as some engineers. All of which is said to be funded personally, as opposed to creating another ICO event.
Once the tokens are working as they are designed to be, then “the engine starts up”, says Kasireddy – implying that the future team will start its ongoing search for ICO scams.