The Rise and Rise of the ICO Scammer
This was originally published by IC Sherlock on his medium blog. He gave us permission to share this with you. It does not express our views or opinions.
The 20th century certainly was full of scammers. One would think that by the 21st century we would be far more adept at preventing and catching these scam artists. While the 20th century gave us notable scammers such as the Keating Five and Bernie Madoff, the 21st century has given rise to a new type of scammer.
Mark Karpeles is famous for ‘losing’ more than 200,000 bitcoins from Mt. Gox. Investors have lost bitcoins that are now worth billions of dollars due to his incompetence. The question remains, is he really that incompetent or was it all a scam?
The modern day scam isn’t one that relies upon an intelligent set of actions. We are led by Hollywood to believe that successful criminals are as skillful as the group on Oceans 11 or Catch me if you can. However, the successful criminal scam artist of today follows a two step blueprint to steal the investor’s money.
- Appear to be a competent, successful and intelligent entrepreneur that is embarking on a new business model.
- Do something incredibly stupid to ‘lose’ all of the investors’ money.