The Dark Side of the Crypto Market

Your Partner in ICO Research and Portfolio Management

The Dark Side of the Crypto Market

During our work with the crypto market and the ICO market, we have read and analyzed a lot of information about these markets and encountered different projects. Some of them were truly revolutionary while some of them are scams made up by nowadays con artists who tend to take opportunity and enter the market which is growing in popularity in the recent months. Co-founder of Crypto Rating Desk Joppe Sikma wants to share his own experience with these scammers in order to help you keep you and your money safe, but perhaps also have a laugh.

“A quick buck”, now that is a phrase that defines the current state of the crypto market. A problem with anonymity is that people will not be afraid to sacrifice others for their own financial benefit. Internet shams like the Nigerian price have been around for a long time, but people are still falling for similar scams in the crypto market these days.

Here at Crypto Rating Desk we have a big dislike and utter disgust for scammers in the crypto market. There are people out there that impersonate team members from a particular ICO that will actively contact people to make contributions to their own address, with the contributor thinking they are making a contribution to the actual ICO. Of course, people should never believe it when someone contacts them personally and asks for a contribution, but sometimes these impersonators make it just too attractive.

My new favorite hobby; keep these scammers occupied. I am on to them instantly, but I will always pretend to be oblivious and keep them busy for a while. I do this because they will be wasting time on an already lost cause, instead of trying to scam others. I enjoy talking to these people a lot! It is absolutely hilarious some times. I still have to get better at playing the game, because I want to be able to get scammers to pitch me an entire ICO, where I ask very in-depth questions for which they will have to have thorough look at the whitepaper; and thus waste more time.

Listed below are two conversations that I have had with scammers.


This first scammer was someone that impersonated Tony, a team member from the Shping ICO, I think currently that person goes by the name “Yvonne”. Enjoy the read:


Okay, some quick comments here; is obviously a fake e-mail address. “Ontmasker de boef” means “expose the crook” in Dutch.



At the top of this image I told him I would contribute 10 to 15 Ethereum, which at the time was around $800, so at least $8000, I really hope he went crazy for a second there.


Thanks for the compliment in the end, “Tony”, I know I am a great investor because I don’t make contributions to scammers. So, here you see that I asked only a couple of questions, in hindsight I wish I would have asked more. I guess next time I will try to ask the scammer more questions.


A fake ICO

This next story is about a fake ICO so basically this guy is way worse than the previous one, because he has the opportunity to scam many more people than the first person. Let’s take this opportunity away from him! With this guy, I took a more direct approach to exposing him, because here just keeping him busy would not have mattered too much. I was interested to see how he would defend his case.


The best response to being called a scam that I have ever seen: “That’s FUD”. For the folks that don’t know what FUD means, let me save you an awkward trip to Google during which you feel like you are so out of touch with all the lingo; FUD is “fear, uncertainty and doubt”.

Someone asked me if they could punch me in the face, and since I consider myself a sane person, I replied with “No, of course not!”. The person responded with “That’s FUD”. I now saw that he had a good point and let him punch me in the face. It turns out a punch in the face is great, and I was just scared. I don’t possibly know how I could be more sarcastic… Is this the way the person behind a legitimate ICO would respond to being called a scam? Please, Jordan Belfort depicted by Leonardo DiCaprio in the movie “Wolf of Wallstreet”, tell us.

Let us continue.



The three consecutive OK’s remind me of something…..

Not from the Wolf of Wallstreet but still Matthew McConaughey, so it counts, right?



Didn’t I just provide you with an example in the message that took you 30 seconds to read? So what I did here was I copied random segments from the Bithium whitepaper and pasted it into Google, which made me see that this person just copied a bunch of other whitepapers.


He doesn’t believe that he will be in handcuffs at some point, but I surely hope so. I mean, remember what happened to this guy:


As I said above, I started talking to people in their chat and showed them that this ICO is a scam. I did this because these people were being rewarded for spreading the word about Bithium, so they were helping the scammer in this case. I understand that the rewards offered by scams like this one often look very attractive, but I urge people not do blindly go into any ICO and help them promote, for the sake of the whole market and all of its stakeholders.


So this guy was done trying to convince me and is now ready to wage war. I’ll see what he will throw at me.

It has been a blast to write all of this. I sincerely hope you have enjoyed the read as much as I enjoyed the conversations, and creating this article.

As you noticed, there are different types of scams and people who are behind them. Here Joppe had conversations with scammers that are not even good enough at what they are doing, yet we are quite sure that there are people who sometimes fall for this. Besides these amateurs, there are people whose scams and lies are way better and more attractive. Please be aware that nothing comes easily in this life: money, luxurious life, a happy family. All these need a lot of work and energy input, thus when you see that somebody is offering you golden mountains – think twice.

Jordan Belford (in a sense a con artist as well, irony at its best) once said: “I want you to deal with your problems by becoming rich!”

Well we at Crypto Rating Desk want you to become rich, but in order to do it – you have to be cautious with your money and think twice when you want to invest a ICO or Crypto. As people say: Measure 7 times and cut once.

This will conclude our article about scams in the ICO and Crypto market. We hope that we will not have to make articles like this in future, however the amount of scams is way too high.

Read more about the ICO projects that we do like on our Blog.

Crypto Rating Desk on Telegram: @CryptoRatingDesk

The Bithium ICO was brought to our attention by someone in our telegram chat, and we really appreciate this. If you would like to help us with exposing scam ICO’s please join the chat! On a side note, next time we will let the telegram chat members choose the movie that we take GIF’s from.


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