TL; DR
ICOs are a huge excitement for everyone. But what new comers might miss is that the ICO space is overcrowded and polluted now, by people/companies trying to make a quick buck.
I'll be posting a series of screenshots from the English telegram chat of World WIFI ICO https://t.me/world_wifi
These screenshots will show how investors are taken for granted in such ICOs and how they mislead people to buy their tokens. Also after seeing so many red flags, people did invest. After reading the entire post I hope readers will be convinced that people who lost money with this ICO and other such ICOs actually deserve it, for ignoring the red flags.
FOR THOSE WHO ALREADY KNOW ABOUT THE SINGAPORE OFFICE, PLEASE SKIP THAT PART. UPDATE: Admin Anton Bystrov said the office in singapore will close down. Screenshot attached.
I'll start with world wifi advertising their headquarters in Singapore.
The truth is they have no office in singapore, a member who posted the details got banned.
Sorry for the Ringer notification.
After these posts this guy was banned from the group, and later unbanned due to pressure from other members.
He shared his location that he was actually in singapore.
Larry Cameron who is a Technical Information security officer with the team asked to visit the singapore office and meet the team. Larry has lied & misled people many many times, I'll share more screenshots about his misdeeds later in this post.
The admin wants to confirm if it's larry for real.
Ultimately no meeting was arranged and all these messages are now deleted
When asked about why, the virtual (HEAD) office is expiring in june, the admin told because they will relocate to USA.
To add a more solid evidence, this is the Singapore Government's website where you can check all the entities registered in Singapore. https://bit.ly/2zwF6nj Try different key words and see if you can find world wifi there.
But in the recent AMA they said that they will work in singapore in future. The entire AMA is on medium here https://bit.ly/2NMurYr
So basically there is no Head office in singapore and admins & team members are clueless about what they bluff. And as you see they even said they will close the office to relocate to USA.
To the next topic: Creating false Hype.
The ICO ended on 18th may, and the WORLD WIFI TEAM created a lot of hype that they will get listed on HitBTC and BIT-Z exchange. They even advertised this in their ICO. The sole purpose was to sell all their tokens and reach the hard cap. WORLD WIFI never got listed on either of these exchanges.
A lot of messages have been deleted, fortunately I could get some proofs.
They still have it on their twitter.
https://twitter.com/WorldWifi_ICO/status/996422642990223360
- WorldWifi_ICO
After that they hyped their supporters about listing on top 10 exchanges and also delayed the listings from 19 May to 28 June to 10 july.
After all of this the tokens got listed on IDAX which hovers around 30-40 rankings by volume. When people reacted harshly to this announcement, they were simply told, "Negotiations with Top Exachanges failed, no exchanges list a token without a working product. And listing on top exchanges was never their priority!!!!!!!" Unfortunately I can't find that chat now. Most probably most such messages are deleted.
Now coming to Larry Cameron http://quantus.biz/
You guys already his mail about the singapore office. Now some more goofs and hype by Larry.
Larry said he will deploy wifi hotspots all over canada.
Later when one of the members asked if that's true.
Another case: When people complained about prices dumping on IDEX, Larry came and said he bought more and got a good deal.
And later when IDAX was announced, all of a sudden Larry doesn't know how to trade Tokens on exchanges.
A few people notice all this in the chats and these guys are able to get away with whatever bullshit they throw on their supporters.
Today after hitting on IDAX, WeTokens dumped to <10x the ICO price. People are pissed off and getting threatened to get banned for flood.
After all these red flags, people still invested and world wifi ICO reached it's hardcap of 25 million dollars, which is at this moment worth 2.5 million dollars.
Who is to blame? Aren't we lacking due diligence? FOMO works maybe once or twice but not all the time.
ICOs are not regulated everywhere, but ICOs like this one are begging to get regulated which is against the entire ideology of cryptos.
I hope those who lost their money on this and other such ICOs learn a lesson and do some DYOR for real. At this stage where the ICO markets are flooded and polluted, not losing money is as good as earning.
Protect your investements.
Maybe World WIFI won't do an exit scam but they technically extracted money from their supporters to start there project and willingly left the supporters back in dust.
Oh and yes, they are partnering with Ian Balina...That speaks for itself.
PS: Thanks Jack R for supplying most of the screenshots here.