News Denaro ICO Raises $8.7m and Goes up in Smoke

Denaro ICO Raises $8.7m and Goes up in Smoke

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Cryptocurrency ICOs have always been hit-and-miss when it comes to finding legitimate offerings. More specifically, there are quite a few projects out there which raise a lot of questions and concerns, for obvious reasons. The Denaro ICO, for example, seems to have gone up in smoke. None of its team members are actively concerned about the project, by the look of things, which is a not a good sign.

It is evident any initial coin offering is a big risk in many different ways. More specifically, one has to trust random strangers on the internet with their money. It makes no sense to do so unless the project has a working piece of code or tech demo. Most of them do not, which is why they should never raise millions of dollars. Denaro is one of those ICOs which raised over $8.5m in quick succession.

Denaro ICO Turns Into Another Scam

Unfortunately, it seems the money will never be used to build the project whatsoever. Instead, the team has gone dark one week before the crowdsale came to an end. While the tokens were issued to investors, it has become evident there will not be any project to speak of in the future. Ever since the issuance, there has been zero communication from the team. This is especially worrisome despite Newswire verifying and vetting the team accordingly.

As such, the question becomes whether or not Denaro will continue. Some of the team members on the website are fake, which leads people to believe things will not turn out alright. It is not uncommon for ICOs to list fake team members as a way to make it appear more legitimate. If people had done some research beforehand, they could have easily avoided these problems.

It seems the bounty manager for Denaro is growing concerned as well. Nothing about this project appears to be legitimate as of right now. Projects like these only show why ICOs should never be trusted at face value. Investors need to conduct their own research first and foremost. Unfortunately, most people – including Denaro investors – can’t be bothered to do so.

Header image courtesy of Shutterstock

Tags: Denaro, ICO, scam

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