During 2017 and the beginning of 2018, new Initial Coin Offerings entered the market and started offering tokens to investors. Nevertheless, as the market was growing at very fast rates, new scammers tried to steal users funds and investors’ money creating fraudulent or fake Initial Coin Offerings (ICO).
In most of the cases where scammers are involved, founders promise massive returns but through fraudulent or pyramid schemes. A recent report by Nulltx revealed that the Naked Technology ICO is also one of these projects under scrutiny in the last months. It revealed that one of the founders of this ICO is subject to an arrest warrant in the UAE.
Marco Robinson, one of the founders of Naked Technology, has been mentioned in a report released by Bank Negara Malaysia. The ICO is now creating a lot of controversy in Asia after raising funds from several investors that lost most of their investment.
He was promising investors spectacular returns related to the performance of the Initial Coin Offering and the project. In general, when the promises are too big and good to be true, then it might not be real but just a fraud.
Several individuals and investors from Asia, including the UAE, Singapore, Malaysia and other countries place their funds on this ICO. Some other investors are also blaming the LAToken exchange that listed the Naked Technology ICO Token to be traded by users at the platform.
It is not easy to determine what the future will present to this ICO and the people behind it. Several ICOs have been stealing users funds and making exit scams in the space. However, it is possible for investors not to see their funds back again.
Users must perform their own analysis on each ICO that they are going to invest in. Is not easy to do it and it might take time, but it is better to make a good investment rather than losing all the funds.